Home Construction

A new house goes up for sale on Auger Lane on Thursday, Sept. 17, 2020.

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Inventory continued to drop and prices continued to rise year-over-year in January for houses, condos and townhomes in Gallatin County. But month-to-month, median sales prices in the county are lower than they have been for several months.

The inventory of available single family homes dropped 66.8% between January 2020 and January 2021, according to the monthly market report compiled by the Gallatin Association of Realtors and the Big Sky Country Multiple Listing Service. In other words, in January 2020, there were 364 single family homes for sale, while last month there were 121.

During that same time period, the median sales price for single family homes increased 24.4%, jumping from $450,000 to $560,000.

That’s less than the median sales prices has been for the past several months, according to the GAR and Big Sky MLS monthly market reports, though still significantly higher than a year ago. January’s median sales price is closer to September 2020’s median sales price of $550,000 than it is to what prices were in December ($699,000), November ($615,000) and October ($599,950).

The inventory of for-sale townhomes dropped 71.9% last month, with 78 homes of that style for sale compared to 278 the year prior.

Median sales price increased by 9% in that time period, from $338,000 in January 2020 to $368,500 in January 2021.

Similar to single family homes, the median sales price for January 2021 was less than it was the month prior, when condos and townhomes were selling for a median of $412,200. But it’s still more than the median price was in November ($344,975) and October ($350,000).

“Sometimes these reports sound like a broken record, but our market has demonstrated remarkable consistency month over month,” said GAR Board President Lacy Browne in a news release announcing the most recent market reports. “Homes are spending significantly less time on the market, and sellers are receiving nearly 100% of their asking price.”

January’s median sales prices for single family homes inside Bozeman city limits were lower than the county-wide median, at $533,595, while condos and townhomes inside city limits were more expensive than the county median at $405,000.

Median prices for single family homes in January are the lowest that number has been since July 2020, when the median sales price was $510,000. Meanwhile, the prices for condos and townhomes have fluctuated month-to-month, with prices in September 2020 actually being lower than they were in the same month the year prior at a median of $317,500.

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Melissa Loveridge can be reached at mloveridge@dailychronicle.com or at (406) 582-2651.

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