Big Sky Real Estate Listings & Prices
Residential real estate in Big Sky drops over $1 million in one quarter, from $2,300,000 (Q4, 2022) to $1,300,000 (Q1, 2023)
Chart 1: Median residential real estate sales prices (homes, condos, townhouses only) are falling precipitously as we enter Q2, 2023.
Compare today’s median price of $1,300,000 with Q4 2022’s $2,475,000 price.
The Q4 2022 residential sales price (homes, condos, townhouses only) of $2,475,000 was ⇑ $1,150,000 or ⇑ 86.8% above the December 2021 price of $1,325,000.
In 2020, residential prices flattened in December and continued flat until June 2021, jumping by $100,000 in July and then flattening again until late 2021.
Q4 2022: the price for residential real estate (homes, condos, townhomes) had been climbing for 6 years, rising from $378,750, Q4, 2016, to Q4 2022’2 $2,475,000, a ⇑ $2,096,250 or ⇑ $553.5% increase in 24 quarters.
Condo and townhome prices continue down, moving from $1,987,500, Q3 2022, to the present $1,200,000, down ⇓ $787,500 or ⇓ 65.6% in 2 quarters.
Quarterly median sales price for vacant land has been falling since Q3 2022, rising from over $1,125,000 in Q3 2022 to the present $4,700,000.
The Big Sky real estate report holds more data and charts.
Chart 2: Big Sky closed residential sales figures continue dropping and, overall, have been dropping since the fourth quarter 0f 2020.
Reasons? Fewer people want to leave Big Sky, increased mortgage rates have dampened sales, fewer people are cashing in on the recent (~3 year) upward price trend.
Highest quarters/year for residential sales going back to 2019: Q1 2022, 68; Q2, 2021, 107; Q4 2020, 171, Q2, 2019, 90.
Chart 3: In concert with the recent closed sales performance, pending residential sales in Big Sky, Montana have been declining since the third quarter 0f 2020.
Big Sky, MT Real Estate Factoid:
Mid-winter and mid-summer are often the highest periods for pending sales (note “pending sales” chart 3).
Perhaps these periods top the charts because March hosts spring break, which brings a great number of skiers and snowboarders.
And August tends to be the top summer tourist month, a time for golf, fishing, hiking, biking, and more.