After red-hot start, Gallatin County real estate market closes year with more typical numbers
BOZEMAN, M.T. — Gallatin County’s residential real estate market entered 2022 in an extreme seller’s market, with historically low inventory and lightning fast sales. While still in seller’s market territory, the market closed out 2022 with more typical numbers.
“After an extended period of time in uncharted seller’s market territory, the Gallatin County real estate market closed out 2022 at a more normal pace,” said Jim Gingery, 2023 GAR Board President. “In December we saw fewer sales, fewer new listings, and increased inventory with homes spending more time on the market. While those may look like indicators of a downturn, it’s important to remember that our market has been performing at unprecedented levels. Our market is still in seller’s market territory, and prices increased once again as we closed out the year.”
December 2022
Single Family Market – Gallatin County
Compared to December 2021, median sales prices increased 8.5%, from $725,000 to $786,951. Closed sales fell 38.5%, from 117 to 72. The median number of days homes spent on the market jumped 366.7%, from 12 to 56. The average percent of list price received by sellers fell slightly by 1.1%, from 99% to 97.9%. The median price per square foot sold increased 10.3%, from $331 to $365. Pending sales decreased 28.4%, from 74 to 53. New listings dropped 47.5% from 59 to 31. End of month inventory increased 147.1%, from 102 to 252. The months supply of inventory, which is an estimate of the time it would take to sell off the existing inventory, jumped 301.4%, from 0.9 to 3.5 months.
Condo/Townhouse Market – Gallatin County
Median Sales prices decreased 25.6%, from $469,900 to $349,500. The number of closed sales dropped 32.2%, from 59 to 40. The median number of days on the market increased significantly by 2,066.7%, from 3 to 65. The average percent of list price received fell slightly by 1.5%, from 100.1% to 98.6%. The median price per square foot sold also decreased slightly by 2.4%, from $334 to $326. The number of pending listings fell 44.4%, from 45 to 25. The number of new listings was the same as December 2021, at 40. End-of-month inventory increased 208% from 50 to 154. The months supply of inventory jumped 354.3% from 0.8 to 3.8 months.
2022 Year-End Numbers
Single Family Market – Gallatin County
Compared to 2021’s year-end numbers, median sales prices increased 15.3% in 2022, from $685,000 to $790,000. Closed sales decreased 27.5%, from 1,580 to 1,145. The median number of days on the market jumped 57.1%, from 7 to 11. The average percent of list price received fell slightly by 1.1%, from 100.2% to 99%. The median price per square foot sold increased 17.7%, from $317 to $373. The number of new pending listings fell 29.8%, from 1,548 to 1,087. The number of new listings decreased 8.8%, from 1,768 to 1,613. Inventory and months supply of inventory are not calculated for year-end numbers.
Condo/Townhouse Market – Gallatin County
2022’s median sales price increased over 2021 by 20.7%, rising from $435,000 to $525,000. Closed sales fell 36.4%, from 983 to 625. The median number of days on the market jumped 40% from 5 to 7 days. The average percent of list price received fell slightly by 1.4% from 101.2% to 99.9%. The median price per square foot sold increased by 13.1% from $312 to $353. Pending sales dropped 34.1% from 911 to 600. The number of new listings dipped 6.3%, from 952 to 892.
