August 7th, 2020

Big Sky Real Estate Report

Big Sky Real Estate Report

2020 Big Sky Real Estate ReportTM – Big Sky Market Data

Big Sky Real Estate Market Report: Median Home Prices, Sales Trends, Forecast, Big Sky Homes, Big Sky Land, Big Sky Condos and Townhouses.

Big Sky Real Estate Report: Residential Median Sales Price History
Chart 1: Median Sales Price: Homes, Condos, Townhomes And Combo Of All Residential.

Since late 2015, the number of homes for sale (chart 2) in Big Sky has been decreasing, but in the last 12 months, the number of homes for sale in this period has been increasing.

One would be hard-pressed to pin the increase on Covid-19 (perhaps people wanting to cash in on the pandemic?), because the number had been rising 9 months before the Coronavirus concern.

Big Sky’s overall closed residential sales (chart 4) began slowing March 2020 at the onset of the Coronavirus scare, but began increasing in June 2020, perhaps in response to the pandemic and people’s desire to flee densely-populated regions of  the US.

The number of homes for sale August 2020 has seen a 24% increase over the number in August 2019.

Big Sky Real Estate Report: Number Big Sky Residential Properties For Sale
Chart 2: Big Sky Residential Properties: Single Family, Condo, Townhouse.

Closed sales for all residential Big Sky real estate (chart 4) decreased from 295 in March 2019 to 271 in March 2020 (this trend had been on the decline prior to the Covid-19 scare).

In June 2020 an upward closed sales progression, overall residential, began and continued into August 2020. (Note: Closed sales of Big Sky real estate have not and more than likely will not follow the trend of the DOW and NASDAQ.)

In May 2020 median sales prices, all residential, began dipping from May’s high of $761,000 and fell about $17,000 by the end of July 2020 (chart 1).

At the beginning of the pandemic, median home sales prices were at a high of $1,875,000 (March 2020) and median condo sales prices were at $485,000.

Big Sky Condo/Townhome Market Report Here

Pending Sales All Big Sky Residential Properties, Single Family, Condo, Townhome
Chart 3: Pending Sales Big Sky Residential Properties: Single Family, Condos, Townhouses

Median sales prices were $707,00, January 2019 and dropped $12,000, to $695,000, in January 2020 (chart 1).

In August 2019, median sales prices, all residential began dropping and continued until January 2020 (chart 1).

In September 2017, the Big Sky real estate report found median sales prices trending upward and continuing until August 2019.


Looking Back At The Big Sky Real Estate Market

Big Sky Closed Sales By Property Type
Chart 4: Big Sky Closed Sales By Property Type

In January 2018 median sales prices were at $515,000 and one year later, January 2019, they had risen $192,000 to $707,000 (chart 1)

From January 2017 to January 2018, the median sales price for residential real estate in Big Sky went from $4150,000 to $515,000, a $100,000 increase in one year.

The number of properties for sale in Big Sky generally increases in late summer/fall as owners anticipate the winter buying season.

Big Sky Real Estate Report: Residential Median Sales Price by Square Footage
Chart 5: Big Sky Median Residential Sales Price By Square Footage

The number of homes for sale (chart 2) began dropping in September 2015 and continued until June 2019. Number of homes for sale has continued to rise since June 2019.

In 2016, the median sales price topped in Q1, declining through Q2, Q3, and Q4, dropping about a total of $50,000.

In June 2016, Q1 and Q2 Big Sky Homes and Land inventory was declining and median home sale prices continued increasing.

The median sales price for residential real estate in Big Sky was about $465,000 by mid-year 2016.

In early 2015 and 2016, Big Sky median home sales prices began at about $460,000 and $475,000 respectively. 

Big Sky Real Estate Report: Residential Median Sales Price by Price Range
Chart 6: Big Sky Real Estate Report: Residential Median Sales Price by Price Range

Since early 2014, median real estate sales prices for Big Sky have doubled, and the number of homes for sale has dropped by more than 30% (chart 2 below).

In 2015, the fickle year, median real estate sales prices topped at roughly the end of Q1 and start of Q2.

During these second and third quarters, median sales prices bottomed twice, once in May, once in August, both to about $425,000.

But by late 2015 (Q4), Big Sky median real estate prices climbed to their highest point in 2015.

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