Big Sky Homes For Sale: Ski Homes
Big Sky Homes …Perhaps a Condo?
Median Sales Price, Number Homes For Sale, Days On Market – Big Sky, Montana Housing Market
SALES PRICE | MEDIAN PRICE | CLOSED SALES |
Q1 2024 | $2,499,000 | 21 |
2023 | $3,460,000 | 8 |
2022 | $2,875,000 | 20 |
2021 | $1,910,000 | 31 |
2020 | $2,250,000 | 23 |
![Yearly sales prices for Big Sky, Montana homes, ten years. Photo Yearly sales prices for Big Sky, MT homes, ten years.](https://www.taunyafagan.com/wp/wp-content/uploads/2023/07/Yearly-sales-prices-for-Big-Sky-MT-homes-ten-years.png)
Chart 1: After a mostly uphill climb, Big Sky home prices have come down in 2024.
In Q3 2023, home price was $4,210,250.
Today, near the close of Q2 2024, price is at $2,637,500.
This is a ⇓ $1,572,750 price drop in the last ~9 months.
Looking Back At The Big Sky Market
Looking from April 2021’s price of $1,987,500 to December 2021’s price of $3,000,000, Big Sky homes increased ⇑ $1,012,500 or ⇑ 51% by the end of 2021.
Covid-19, construction materials inflation, labor shortages, and low inventory were the major drivers of price increases in Big Sky in 2020 and 2021.
![Yearly closed sales numbers for Big Sky, Montana homes, ten years. Photo Yearly closed sales numbers for Big Sky homes, ten years.](https://www.taunyafagan.com/wp/wp-content/uploads/2023/07/Yearly-closed-sales-numbers-for-Big-Sky-homes-ten-years.png)
In 2022, the data suggested demand and prices for Big Sky homes would continue to rise in 2022.
Chart 2: Closed sales are up to 21 in mid-2024, headed, perhaps, for 2021’s record of 31.
Chart 3: So far in 2024, Days on Market (DOM) are 111.
The median DOM for year 2023 was a very low 35.
Determining Absorption Rate in Real Estate Using Average Days On Market
Absorption Rate helps determine how long it may take a type of property to sell in a particular area and in a specific time range.
![Median days on market for Big Sky homes, ten years. Photo Median days on market for Big Sky, Montana homes, ten years.](https://www.taunyafagan.com/wp/wp-content/uploads/2023/07/Median-days-on-market-for-Big-Sky-homes-ten-years.png)
Average days on market (chart 3) will generally decrease as the Absorption Rate (AR) increases.
This AR is determined by dividing the number of active homes for sale in a given month by the number of homes sold in a given month.
A rate above ~18-20% suggests a seller’s market and a rate below ~15-17% signals a buyer’s market.
Absorption Rate = Active Listings/Sold Listings
LISTINGS IN OTHER SOUTHWEST MONTANA CITIES: BOZEMAN REAL ESTATE LISTINGS – BELGRADE MT REAL ESTATE LISTINGS – BIG SKY REAL ESTATE LISTINGS – GALLATIN GATEWAY MONTANA REAL ESTATE LISTINGS – LIVINGSTON MONTANA REAL ESTATE LISTINGS – MANHATTAN MT REAL ESTATE LISTINGS – THREE FORKS MONTANA REAL ESTATE LISTINGS – BRIDGER CANYON REAL ESTATE JACKSON CREEK HOMES
Taunya Fagan, Big Sky Real Estate – Boutique Luxury @ ESTATE House, 3960 Valley Commons Drive, Suite 1, Bozeman, MT 59718 – Call 406.579.9683