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Shortage of available homes challenging Gallatin Co. buyers

Posted at 11:47 AM, Sep 22, 2021
and last updated 2021-09-22 13:47:09-04

BOZEMAN — There's definitely a shortage of homes in Gallatin County.

The Gallatin Realtors Association says Wednesday morning that homes in the county sold on average, in just 14 days in August and sellers got more than the asking price.

The inventory of homes is down more than nine percent from a year ago, so, fewer homes sold and prices were driven up. The median price of a home in Gallatin County rost almost 22 percent from a year ago and now stands at $706,500.

Here's a look at the latest information from the realtors' group:

The Gallatin County residential real estate market continues to see strong demand, higher prices and a tight inventory of available homes. Single-family homes only spent an average of two weeks on the market in August. Additionally, last month marked the sixth consecutive month in which sellers received more than 100% of their list price in both the single-family and condo/townhome markets.

"Our market continues to roll out statistics that historically we've never seen before," said Lacy Browne, GAR Board President. "With strong demand and consistently tight inventory, we are likely to see an ongoing seller's market as summer winds down."

Single-Family Market – Gallatin CountyThe number of new listings increased 2.1% in August compared to last year, from 189 to 193. Pending sales decreased 20.5%, from 220 to 175. The number of closed sales fell 22.2%, from 221 to 172. The average days on market dropped 73.1%, from 52 to 14. The median sales price rose 21.8%, from $580,000 to $706,500. Sellers received 100.4% of their list price, up from 99.0% last August. The inventory of available homes decreased 9.1%, from 254 to 231, while the month's supply of inventory dropped 5.6%, from 1.8 to 1.7.

Condo/Townhouse Market – Gallatin CountyNew listings decreased 5.7% compared to last August, from 123 to 116. Pending sales dropped 28.4%, from 155 to 111. The number of closed sales in August increased 3.3%, from 120 to 124. The average number of days on market fell 24.4%, from 45 to 34. Median sales prices rose 28.1%, from $347,900 to $445,795. Sellers received 100.7% of their list price compared to 99.5% last August. The inventory of available homes decreased 61.6%, from 224 to 86, and the month's supply of inventory fell 62.5%, from 2.4 to 0.9.

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