2020 Big Sky Real Estate Report – 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.
More than likely due to Covid-19, Big Sky’s overall real estate market has slowed a bit, as indicated by flattening of closed sales for condo and townhouse and a decline for single family in early May 2020 (Chart 4).
Closed sales for all residential Big Sky real estate has increased from 264, January 2020, to 290 early May 2020. An upward sales progression should continue into the summer unless the economy has a further decline.
In May 2020 median sales prices, all real estate were at $750,000 and had increased about $55,000 from January’s $695,000 (chart 1).
Median home sales prices are $1,900,000 in May 2020 and median condo sales prices, $398,000.
Median sales prices for all real estate were $707,00, January 2019 and dropped $12,000, to $695,000, in January 2020 (chart 1).
In August 2019, median sales prices, all real estate 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.
The 2020 Big Sky Residential Real Estate Future
On the one-hand, an uptick in Big Sky homes for sale in late January 2020 and continuing into May 2020 could be due to concerns of a long-range downturn in the Big Sky vacation rental market due to the Coronavirus.
On the other-hand, an uptick in Big Sky homes for sale could indicate sellers are anticipating an increase in buyers considering secluded places like Big Sky for a place in which to retreat during Covid-19.
Pending sales have steeply declined since February 2020, from 265 to 229 in late April 2020 (chart 3).
Looking Back At The Big Sky Real Estate Market
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.
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.
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.