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Big Sky Condo and Townhouse Median Sales Price History, 2014 to 2020
September 2020 update: Since June 2020, Big Sky’s real estate market has picked up, as indicated by the uptick in closed sales (chart 3). This increase in closed sales should continue upward for the remainder of 2020.
Sales Price Data Comparison: “Month-to-Month” (chart 1)
When viewed on a month-to-month frequency (chart 1), fluctuations in median sales prices for Big Sky condos appear dramatic.
Using month-to-month data to assess whether or not it’s wise to invest in or divest of a Big Sky condo (or any Big Sky real estate, for that matter) is risky.
Using month-to-month data as a method either to purchase your condo when prices are low or to sell your condo when the prices are high is risky.
Sales Price Data Comparison: “Year-to-Year” (chart 2)
Viewed on a year-to-year frequency (aka twelve-month), chart 2’s graph displays less dramatic but more logical data to use in analyzing sales price variations when buying or selling your Big Sky condo.
Looking at median condo prices based upon the year-to-year perspective (chart 2), sales price fluctuations do not look as pronounced as those done month-to-month.
Nonetheless, as indicated by chart 1 and chart 2, during the past 6+ years median condo prices in Big Sky have increased dramatically…by around 200%.
And, though you shouldn’t be fooled by short-term data, long-term data suggest it continues to be a good time to get into your Big Sky condo!
Consequently, a year-to-year data perspective is perhaps the most reasonable and logical perspective to consider when looking at sales price trends from either a buyer’s or a seller’s perspective.
Interestingly, the greatest one-month percentage drop in median sales prices in the last 6 years (via the year-to-year perspective) was almost one year ago–between November and December 2019–when median sales prices fell about 9%.
From May to September 2020, median sales price has been rising, from $485,000 to $525,000 and looks as though, by year’s end, it may break the November 2019 record of $545,000.
It will be interesting to see how this median sales price trend continues with Covid-19, the economy, and the 2020 election.