April 2022 Big Sky Real Estate Report – Market Trends
Big Sky Real Estate Market Report: Residential Forecast: Prices & Sales Flattening. Forecast For Homes, Condos & Townhouses.
Chart 1: Q2, 2022, median sales prices for all residential real estate except homes is flattening.
April 2022, the median price for a Big Sky home is $3,131,750, which is up ⇑ $1,987,500 or ⇑ 58% from the April 2021 price of $1,987,500.
April 2022, the median price for a Big Sky condo is $974,000, which is up ⇑ $244,000 or ⇑ 33.4% higher than the April 2021 price, $730,000.
April 2022, the median price for a Big Sky townhome is $1,740,000, which is up ⇑ $672,500 or ⇑ 63% from April 2021’s $1,067,500.
Presently, median sales price for all Big Sky residential is $1,260,000. The April 2021 price was $1,120,000.
Now, in Q2, 2022, residential price has dramatically increased in 5 years, when it was $465,000, which is up ⇑ $655,000 from today’s price of $1,120,000.
Chart 2: The number of residential dwellings for sale has been decreasing since August 2020 and flattening in Q2, 2022.
Since before 2014, the number of homes for sale in Big Sky has been decreasing, except for the period of June 2019 to August 2020, when numbers increased from 140 to 216.
The total number of all residential properties for sale in Big Sky in Q2, 2022 is 70: 25 homes, 44 condos, and 1 townhome for sale.
Chart 3: Overall closed residential sales ⇑ began increasing in June 2020, three months after the onset of the pandemic, and has continued upward into Q2, 2021.
Chart 4: Pending sales for all residential properties began skyrocketing two years ago in April 2020.
Pending sales numbers for all residential have more than doubled in two years, rising from 220 in April 2020 to 520 in April 2021, dropping to 340 in April 2022.
Looking back at the Big Sky, MT residential real estate market
In January 2018 sales prices were at $510,000 and one year later, January 2019, they had risen ⇑ $193,000 to $703,000.
By January 2020, all residential property prices had dropped to $694,500.
By January 2021, residential prices had risen ⇑ $475,500, in one year, to $1,170,000!
In the past 3 years, Big Sky residential prices have increased from $699,000 in April 2019 to $1,260,00 in April 2022! That’s a ⇑ $561,000 or ⇑ 80.3% rise.
From January 2017 to January 2018, the price for residential real estate went from $415,000 to $515,000, a ⇑ $100,000 increase in one year.
The number of properties for sale in Big Sky generally increases in late summer/early fall as owners anticipate the winter season.
The number of homes for sale began dropping in September 2015 and continued until June 2019.
The number of homes for sale began dropping in July 2020 and continues into Q3 2021.
In Q4 2016, sales prices began climbing and for the most part have continued upward but are flattening out in Q2, 2022.
In July 2015, inventory began declining and continued decreasing until June 2019.