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 |
| APR 2022 | $3,137,500 | 74 |
| JAN 2022 | $2,997,500 | 82 |
| OCT 2021 | $2,536,200 | 100 |
| JUL 2021 | $2,400,000 | 139 |
| APR 2021 | $1,987,500 | 110 |
Chart 1: April 2022: The median sales price of Big Sky homes from April 2021 to the present has risen, from $1,987,500 to $3,137,500.
This is an ⇑ $1,150000 or a ⇑ 57.9% increase in sales price in the last year. The last 3 year’s the pace of price increases continues in 2022.
Chart 1: 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% to 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.
Today, in 2022, the data suggest demand and prices for Big Sky homes will continue to rise in 2022.
Chart 2: For years, the number of Big Sky homes for sale dropped until turning upward in October 2019, topping out at 71 in July 2020.
The number of Big Sky homes for sale in late Q4 2021 continues dropping. Presently there are about 28 homes for sale in Big Sky.
Chart 3: Since July 2017, the duration of time–average days on market–has decreased for a Big Sky home, dropping from 247 days to 82 days in April 2022.
(Not charted): Since July 2020, when month’s supply of homes was 9.9 months, this number has been declining. In Q2 2022, supply is 2.8 months.
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.
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
