Big Sky Real Estate Report – Market Trends
Big Sky Real Estate Market Report: Residential Forecast: Prices & Sales Rising. Forecast For Homes, Condos & Townhouses.
Chart 1: Q2, 2023, median sales prices for all residential real estate is moving down.
Presently, median sales price for all Big Sky residential is $1,300,000.
This is ⇓ $1,1750,000 or ⇓ 52.5% below to the Q4, 2022 price of $2,475,000.
The Q2, 2023 median price for a Big Sky home is down to $3,550,000, which is down ⇓ $539,004 or ⇓ 13.2% from Q1 2023’s beginning price of $4,089,004.
The Q2, 2023 median price for a Big Sky condo is $1,200,000, which is down ⇓ $780,000 or ⇓ 39% lower than the Q1 2023 price of $1,980,000.
The Q2, 2023 median price for a Big Sky townhome is too small to register, but the Q4, 2022 price of $2,575,000 was up ⇑ +$500,000 or ⇑ +24% above Q4 2022’s $2,075,000.
Big Sky residential prices have significantly decreased in the last quarter.
Chart 2: The number of residential dwellings for sale began decreasing in Q2 2020, bottomed in Q4 2021, topped in Q3, 2022.
The number of residential dwellings for sale has been mixed, with condos for sale increasing.
(Since before 2014, the trend of homes for sale in Big Sky had been decreasing, except for the period of Q4 2018 to Q3 2020, when numbers increased from 173 to 295.)
The total number of all residential properties for sale in Big Sky in Q2, 2023 is 194: 47 homes, 146 condos, and 1 townhouse for sale.
Chart 3: Overall closed residential sales ⇑ began increasing in Q2 2020, three months after the
onset of the pandemic, increased to record levels in Q4 2020, but have been decreasing in since.
Chart 4: Pending sales for all residential properties began decreasing in May 2021 and have turned upward in early 2023.
Pending sales numbers for all residential have almost dropped 50% since October 2021, dropping from 440 in October 2021 to 235 in October 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.