2010 Big Sky Sotheby’s International Realty Market Report
19 Meadow Village Drive 123 Lone Peak Drive, Unit 5 Big Sky, Montana 59716 866.995.2211 | bigskysothebysrealty.com
Post Office Box 160056 Big Sky, Montana 59716 bigskysothebysrealty.com
Welcome to the second annual Big Sky Sotheby’s International Realty Market Repor t. This
repor t was designed as a comprehensive analysis of the entire Big Sky Real Estate market with data compiled from whole calendar years beginning with 2006. These figures, char ts and graphs are offered without interpretation although we do point out the emerging trends. As you read the repor t please note that it wasn’t until January of 2008 that all of the local real estate companies became members of the Gallatin Association of Realtors Multiple Listing Service. The 2006 and 2007 numbers may be a bit skewed as we relied on facts and figures based on our limited MLS membership. In 2008 the average sales price was $998,273 while in 2009 it was $558,081, a drop of nearly 45%. In 2010 the downward trend continued as the average sales price was $481,731, a drop of approximately 27% from the previous year. The drop was the direct result of a number (48) of shor t sales and bank owned proper ties that sold at prices substantially less than previously seen in this market. While these distressed proper ties were primarily of lower end homes and condos we saw foreclosures in all four resor ts and in all price ranges. Sales of distressed proper ties comprised 28% of all real estate sales in 2010. The good news is that the statistics clearly show an upward trend as both the 2010 number of sales and dollar volume are up substantially from both 2008 and 2009. In addition, there is a higher level of interest in real estate this winter than we have seen since before January of 2008. We hope that you find this repor t as interesting and informative as we do. We believe that this in depth analysis will help us understand where this market is going. We hope that it will give you confidence with all of your real estate decisions in the Big Sky area. Best regards, Catherine Gorman Owner and Managing Broker, Big Sky Sotheby’s International Realty cathy.gorman@sothebysrealty.com
Source of all data contained in this report is the Gallatin Association of Realtors, Multiple Listing Service. Information is consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. Consult your Big Sky Sotheby’s Int’l Realty sales associate for more information.
2010 Big Sky Sotheby’s International Realty Market Report 1
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THE GREATER BIG SKY AREA The total proper ties closed for all of Big Sky in 2009 was 116 and in 2010 this number rose by 30.11% to 171. In contrast, the total dollar volume for 2009 was $64,737,415.00 and up only 26.04% in 2010 a total dollar volume of $86,663,117.
Big Sky, Montana
Comparison of 2006 thru 2010 $160,000,000
200
$140,000,000
180 160
$120,000,000
140
$100,000,000
120
$80,000,000
100
$60,000,000
80 60
$40,000,000
40
$20,000,000
20
$0
0 2006
2007
2008
SALES VOLUME
2009
2010
UNITS SOLD
Of considerable notice is that the number of single family homes sold was up almost 27.27% in 2010 as compared to 2009. Average as well as median sales price continues to drop as a direct result of all the distressed proper ties sold in 2010.
Single Family Homes, Average vs Median Sold Prices $1,600,000
20 18
$1,400,000
16 $1,200,000 14
Big Sky, Montana
$1,000,000
12
$800,000
10 8
$600,000
6 $400,000 4 $200,000
$0
2
1ST QTR 2009
2ND QTR 2009
3RD QTR 2009
4TH QTR 2009
1ST QTR 2010
2ND QTR 2010
3RD QTR 2010
4TH QTR 2010
AVG. SALE
$895,000
$1,074,302
$786,667
$1,323,125
$966,000
$679,286
$1,356,250
$370,000
MEDIAN SALE
$728,000
$775,000
$562,500
$762,500
$924,000
$604,500
$647,500
$362,500
5
9
12
8
8
18
8
10
# OF SALES
0
All Areas Comparison | 2010 Big Sky Sotheby’s International Realty Market Report 2
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THE GREATER BIG SKY AREA Active Inventory, Sold, Pending and Distressed Sales
60
700
600
50
500 40 400 30 300
20 200 10
0 # OF SALES
100
1ST QTR 2009
2ND QTR 2009
3RD QTR 2009
4TH QTR 2009
1ST QTR 2010
2ND QTR 2010
3RD QTR 2010
4TH QTR 2010
20
25
34
38
35
43
48
43 13
DISTRESSED
1
3
4
8
11
14
7
PENDING
10
14
14
20
30
22
33
20
UNITS FOR SALE
562
542
561
485
613
626
644
594
The 171 sold listings in 2010 revealed some • interesting facts. The average days on market for the sold proper ties in 2010 was 245 days. The average original asking price was $631,225 and was reduced • to $558,421 before selling. •
0
It would appear that the newer listings are getting the most action, leaving us with a hefty amount of picked over proper ties. It still holds true in even in this market...the well priced, well appointed home will sell quickly and sometimes with multiple offers.
The more affordable houses/condos are moving, as evidenced by the sold stats for 2010.
Original List, List (at point of sale), Sold Price Comparison $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2006
2007
2008
AVG. SALE
2009
AVG. ORG. LIST
2010
AVG. LIST
All Areas Comparison | 2010 Big Sky Sotheby’s International Realty Market Report 3
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THE GREATER BIG SKY AREA SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
$76,070,500 -13.99 $65,425,750 -16.57 $54,583,500 -36.77 $34,512,715 15.80 $39,965,150
47 -4.26 45 -33.33 30 10.00 33 33.33 44
98 85.71 182 36.26 248 3.23 256 -5.86 241
AVG. SALE
HIGH SALE
LOW SALE
$1,603,448 -12.28 $1,406,515 43.27 $2,015,173 -51.59 $975,645 -14.50 $834,146
$4,250,000 1.18 $4,300,000 15.70 $4,975,000 -16.11 $4,173,715 16.20 $4,850,000
$330,000 -54.24 $151,000 55.63 $235,000 6.38 $250,000 -67.60 $81,000
MEDIAN SALE # OF LISTINGS $1,590,000 -22.17 $1,237,500 46.16 $1,808,750 -59.75 $728,000 -1.79 $715,000
* * * 138 2.17 141
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES AVG. DAYS VOLUME # OF SALES ON MARKET $48,239,626 96 68 14.25 -25.00 183.82 $55,115,238 72 193 -31.84 -19.44 71.50 $37,564,284 58 331 -46.76 1.72 -16.31 $19,998,150 59 277 55.18 61.02 -5.05 $31,033,026 95 263
AVG. SALE $479,209 36.64 $654,776 -1.09 $647,660 -46.72 $345,042 -9.35 $312,774
HIGH SALE $2,500,000 -11.00 $2,225,000 24.94 $2,780,000 -46.04 $1,500,000 26.67 $1,900,000
LOW SALE $129,900 7.78 $140,000 -70.00 $42,000 66.67 $70,000 -35.71 $45,000
MEDIAN SALE # OF LISTINGS $390,000 * 16.54 $454,500 * 3.40 $469,950 * -46.80 $250,000 235 -6.00 10.21 $235,000 259
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES AVG. DAYS VOLUME # OF SALES ON MARKET $25,972,000 34 114 -19.95 -35.29 129.82 $20,790,750 22 262 32.97 45.45 28.24 $27,644,937 32 336 -63.01 -25.00 -36.61 $10,226,550 24 213 53.18 33.33 -7.98 $15,665,000 32 196
AVG. SALE $763,882 23.71 $945,034 -5.75 $890,667 -54.29 $407,116 12.47 $457,900
HIGH SALE $2,175,000 -8.05 $2,000,000 250.00 $7,000,000 -88.57 $800,000 72.88 $1,383,000
LOW SALE $249,000 -9.64 $225,000 -38.67 $138,000 -61.59 $53,000 79.25 $95,000
MEDIAN SALE # OF LISTINGS $620,000 * 36.49 $846,250 * -28.80 $602,500 * -35.68 $387,500 237 16.13 -37.97 $450,000 147
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TOTAL SALES
SALES AVG. DAYS VOLUME UNITS SOLD ON MARKET YEAR 2006 $150,582,126 177 86 -6.14 -21.47 133.72 2007 $141,331,738 139 201 -15.24 -13.67 51.24 2008 $119,792,721 120 304 -45.96 -3.33 -16.78 2009 $64,737,415 116 253 33.87 47.41 -3.16 2010 $86,663,176 171 245
AVG. SALE $850,746 19.52 $1,016,775 -1.82 $998,273 -44.10 $558,081 -13.78 $481,173
HIGH SALE $8,925,000 -51.82 $4,300,000 62.79 $7,000,000 -40.38 $4,173,715 16.20 $4,850,000
LOW SALE $708,900 -80.25 $140,000 -70.00 $42,000 26.19 $53,000 -15.09 $45,000
AVG. ORG. LIST $902,009 25.67 $1,133,532 -4.22 $1,085,691 -29.26 $768,053 -17.81 $631,225
AVG. LIST $892,847
$665,631 -16.11 $558,421
Sale Price/Org Units Listed 94.32% 769 -4.90 -1.04 89.70% 761 2.51 -21.42 91.95% 598 -20.98 -0.67 72.66% 594 4.91 8.42 76.23% 644
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The Greater Big Sky Area | 2010 Big Sky Sotheby’s International Realty Market Report 4
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THE MOUNTAIN SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
$51,146,000 -36.53 $32,461,250 20.17 $39,009,500 -53.76 $18,037,715 48.56 $26,797,250
28 -50.00 14 28.57 18 -27.78 13 46.15 19
63 260.32 227 16.74 265 38.87 368 -22.55 285
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$1,826,643 26.94 $2,318,661 -6.53 $2,167,194 -35.98 $1,387,517 -10.85 $1,236,956
$3,375,000 27.41 $4,300,000 -6.98 $4,000,000 4.34 $4,173,715 16.20 $4,850,000
$700,000 5.00 $735,000 4.08 $765,000 -28.89 $544,000 -15.44 $460,000
$1,700,000 16.18 $1,975,000 -6.42 $1,848,250 -39.94 $1,110,000 -10.36 $995,000
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $26,708,950 51.04 $40,342,082 -36.46 $25,632,980 -55.66 $11,366,500 65.41 $18,801,152
AVG. DAYS # OF SALES ON MARKET 47 65 -27.66 180.00 34 182 -17.65 69.23 28 308 -7.14 19.48 26 368 57.69 -40.49 41 219
AVG. SALE $568,276 108.80 $1,186,532 -22.85 $915,464 -52.25 $437,173 -1.14 $432,209
HIGH SALE $2,500,000 -11.00 $2,225,000 24.94 $2,780,000 -46.04 $1,500,000 26.67 $1,900,000
LOW SALE $129,900 7.78 $140,000 46.43 $205,000 -67.56 $66,500 -32.33 $45,000
MEDIAN SALE $330,000 257.20 $1,178,750 -46.34 $632,500 -40.71 $375,000 12.00 $420,000
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $14,780,000 3.74 $15,332,500 -24.05 $11,645,000 -58.12 $4,876,750 100.99 $9,802,000
AVG. DAYS # OF SALES ON MARKET 11 51 0.00 403.92 11 257 18.18 -0.78 13 255 -7.69 2.75 12 262 50.00 -49.24 18 133
AVG. SALE $1,343,636 3.72 $1,393,684 -35.73 $895,769 -54.63 $406,396 26.97 $516,000
HIGH SALE $2,175,000 -8.05 $2,000,000 -9.00 $1,820,000 -56.04 $800,000 72.88 $1,383,000
LOW SALE $610,000 36.07 $830,000 -45.78 $450,000 -62.22 $170,000 -4.12 $163,000
MEDIAN SALE $1,400,000 -14.29 $1,200,000 -31.25 $825,000 -63.23 $303,375 55.75 $472,500
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PRICE PER SQUARE FOOT COMPARISON - MOUNTAIN HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $999 $1,153 $820 $1,147 $443 $469 $539 $526 $684 $732
2008 $890 $855 $412 $500 $637
2009 $566 $554 $165 $208 $361
2010 $808 $673 $184 $209 $403
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $631 $682 $1,145 $379 $625 $614 $750 $367 $253 $267 $185 $109 $263 $243 $203 $159 $438 $459 $455 $248
2010 $522 $400 $102 $114 $225
The Mountain area includes: Alpenglow, Alpine Meadow Chalets, Alpine Meadows Duplex, Arrowhead, Beaverhead, Beehive Basin, Big Horn, Big Horn, Black Eagle Lodges, Cascade, Cedar Creek, Cowboy Heaven, Diamond Hitch, Elkhorn Creek, Elkridge (The Club), Hill, Homestead Cabins, Lone Moose Meadows, Luxury Suites, Moonlight Mountain Homes, Powder Ridge, Saddle Ridge, Settlement Cabins, Shoshone, Ski Tip Glades, Skycrest Condos, Snowcrest, Stillwater, Strawberry Ridge, Summit Hotel, Summit View, The Yellowstone Club, Timber Ridge, Ulery’s Lakes, Village Center, etc.
The Mountain | 2010 Big Sky Sotheby’s International Realty Market Report 5
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THE MEADOW VILLAGE SINGLE-FAMILY
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
2006 $12,475,000 % CHANGE 116.90 2007 $27,058,500 % CHANGE -64.50 2008* $9,605,000 % CHANGE -13.39 2009 $8,319,000 % CHANGE -14.50 2010 $7,113,000
9 155.56 23 -78.26 5 120.00 11 9.09 12
159 28.30 204 42.65 291 -16.84 242 -34.71 158
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$1,386,111 -15.13 $1,176,457 63.29 $1,921,000 -60.63 $756,273 -24.79 $568,800
$2,750,000 39.45 $3,835,000 29.73 $4,975,000 -52.76 $2,350,000 -51.06 $1,150,000
$615,000 -26.83 $450,000 17.78 $530,000 -38.30 $327,000 -15.90 $275,000
$1,295,000 -43.98 $725,500 65.40 $1,200,000 -42.92 $685,000 -18.98 $555,000
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010
SALES VOLUME $20,935,676 -33.91 $13,835,656 -13.76 $11,931,304 -27.66 $8,631,650 41.71 $12,231,874
AVG. DAYS # OF SALES ON MARKET 48 74 -22.92 163.51 37 195 -18.92 81.03 30 353 10.00 -48.73 33 181 63.64 31.49 54 238
AVG. SALE $436,160 -14.27 $373,937 6.36 $397,710 -34.23 $261,565 -14.47 $223,724
HIGH SALE $845,000 5.92 $895,000 16.20 $1,040,000 -16.83 $865,000 -38.73 $530,000
LOW SALE $140,000 25.71 $176,000 -76.14 $42,000 138.10 $100,000 -31.75 $68,250
MEDIAN SALE $413,500 -16.57 $345,000 7.54 $371,000 -35.98 $237,500 -14.11 $204,000
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LAND 2006 % CHANGE 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010
SALES VOLUME $8,187,000 -43.10 $4,658,250 168.62 $12,513,000 -75.05 $3,121,800 30.79 $4,083,000
AVG. DAYS # OF SALES ON MARKET 17 124 -47.06 131.45 9 287 22.22 53.31 11 440 -45.45 -71.82 6 124 83.33 110.48 11 261
AVG. SALE $481,588 7.47 $517,583 119.78 $1,137,545 -54.26 $520,300 -33.93 $343,778
HIGH SALE $1,047,500 -17.66 $862,500 711.59 $7,000,000 -90.69 $651,800 30.41 $850,000
LOW SALE $360,000 -37.50 $225,000 -38.67 $138,000 99.28 $275,000 -65.45 $95,000
MEDIAN SALE $370,000 66.22 $615,000 -18.70 $500,000 10.00 $550,000 -46.36 $295,000
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PRICE PER SQUARE FOOT COMPARISON - MEADOW HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $765 $721 $567 $600 $198 $193 $272 $288 $422 $363
2008 $948 $438 $221 $299 $444
2009 $547 $277 $147 $150 $239
2010 $301 $238 $87 $132 $177
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $367 $411 $302 $644 $365 $394 $289 $247 $174 $198 $164 $106 $192 $203 $170 $108 $262 $280 $222 $182
2010 $241 $235 $43 $63 $129
The Meadow Village / Town Center area includes: Antler Ridge, Aspen Groves, Big EZ Estates, Deer Run, Firelight Meadows, Grey Drake, Hidden Village, Lost Trails, Meadow Village, Moon Dance, Moose Ridge, Northfork, Ousel Falls Estates, Pinewood Hills, Skywood Preserve, Sleeping Bear Road, Southfork, Spanish Peaks North, Sweetgrass Hills, The Ranches, Town Center, Westfork, Wildridge, etc.
The Meadow Village / Town Center | 2010 Big Sky Sotheby’s International Realty Market Report 6
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GALLATIN CANYON SINGLE-FAMILY
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
2006 $12,449,500 % CHANGE -52.56 2007 $5,906,000 % CHANGE 1.07 2008 $5,969,000 % CHANGE 36.64 2009 $8,156,000 % CHANGE -25.76 2010 $6,054,900
10 -20.00 8 -12.50 7 28.57 9 44.44 13
145 -31.03 100 18.00 118 -37.29 74 195.95 219
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$1,244,950 -40.70 $738,250 15.50 $852,714 6.28 $906,222 -51.90 $435,900
$4,250,000 -61.18 $1,650,000 39.39 $2,300,000 80.43 $4,150,000 -71.59 $1,179,000
$300,000 -49.67 $151,000 55.63 $235,000 6.38 $250,000 -67.60 $81,000
$687,500 -16.18 $576,250 17.14 $675,000 -33.33 $450,000 -35.58 $289,900
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $895,000 4.75 $937,500 -100.00 $0 0.00 $0 $0
AVG. DAYS # OF SALES ON MARKET 1 82 0.00 36.59 1 112 -100.00 -100.00 0 0 0.00 0.00 0 0 0
AVG. SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0
HIGH SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0
LOW SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0
MEDIAN SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0
$0
$0
$0
$0
0
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $3,005,000 -73.38 $800,000 335.87 $3,486,937 -36.10 $2,228,000 -38.33 $1,374,000
AVG. DAYS # OF SALES ON MARKET 6 200 -66.67 -7.00 2 186 300.00 39.78 8 260 -25.00 38.08 6 359 -50.00 -44.29 3 200
AVG. SALE $500,833 -20.13 $400,000 8.97 $435,867 -14.81 $371,333 23.34 $458,000
HIGH SALE $825,000 -33.33 $550,000 35.44 $744,937 -6.03 $700,000 -35.14 $454,000
LOW SALE $250,000 0.00 $250,000 -28.00 $180,000 -70.56 $53,000 711.32 $430,000
MEDIAN SALE $427,500 -6.43 $400,000 2.75 $411,000 -2.68 $400,000 12.50 $450,000
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PRICE PER SQUARE FOOT COMPARISON - CANYON HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $893 $625 $566 $593 $226 $332 $229 $372 $374 $397
2008 $426 $342 $133 $172 $261
2009 $617 $239 $89 $150 $216
2010 $365 $286 $39 $48 $159
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0
2010 $0 $0 $0 $0 $0
The Gallatin Canyon area includes: Bear Paw Ponds, Beaver Creek South, Beaver Creek West, Beckman Flats, Buck Ridge Ranch, Cinnamon, Danza Estates, Elk Ridge Ranch, Michner Meadows, Parkview West, Porcupine Park, Rainbow Ranch, Ramshorn View Estates, San Marino, etc.
Gallatin Canyon | 2010 Big Sky Sotheby’s International Realty Market Report 7
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RESORT AREA COMPARISONS Average Sales Price Comparison by Resort $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000
$0 2006 Big Sky Resort
2007
Moonlight Basin Resort
2008
2009
The Club at Spanish Peaks Resort
2010
*Yellowstone Club
Resort Comparison
Sales Volume Comparison by Resort
2006
2007
2008
2009
2010
Big Sky Resort
$17,694,950
$24,898,332
$18,247,630
$18,408,250
$13,808,002
Moonlight Basin Resort
$71,450,000
$64,735,000
$29,690,850
$6,639,000
$17,054,400
The Club at Spanish Peaks Resort
$1,047,500
$6,581,250
$38,424,000
$11,090,515
$16,345,000
$1,300,000
$7,333,000
*Yellowstone Club
Units Sold Comparison by Resort 50 45 40 35 30 25 20 15
10 5 0 2006
2007
Big Sky Resort
2008
Moonlight Basin Resort
2009 The Club at Spanish Peaks Resort
2010 *Yellowstone Club
*The Yellowstone Club numbers are Big Sky Sotheby’s Int’l Realty/MLS Sales Only
Resort Areas | 2010 Big Sky Sotheby’s International Realty Market Report 8
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THE MOUNTAIN VILLAGE / BIG SKY SKI RESORT SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
$0 0.00 $8,643,750 -75.70 $2,100,000 341.67 $9,275,000 -74.48 $2,367,000
0 0.00 5 -80.00 1 700.00 8 -75.00 2
0 0.00 115 -93.04 8 4975.00 406 -54.19 186
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$0 0.00 $1,728,750 21.48 $2,100,000 -44.79 $1,159,375 2.08 $1,183,500
$0 0.00 $2,037,500 3.07 $2,100,000 11.90 $2,350,000 -48.51 $1,210,000
$0 0.00 $1,422,500 47.63 $2,100,000 -67.86 $675,000 71.41 $1,157,000
$0 0.00 $1,800,000 16.67 $2,100,000 -52.50 $997,500 18.65 $1,183,500
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $16,339,950 -0.52 $16,254,582 -15.39 $13,752,630 -43.89 $7,716,500 39.71 $10,781,002
AVG. DAYS # OF SALES ON MARKET 35 60 -42.86 210.00 20 186 10.00 39.78 22 260 0.00 32.31 22 344 31.82 -45.93 29 186
AVG. SALE $467,713 73.77 $812,729 -23.08 $625,120 -43.89 $350,750 3.55 $363,185
HIGH SALE $1,800,000 6.94 $1,925,000 -31.17 $1,325,000 -18.87 $1,075,000 -13.49 $930,000
LOW SALE $129,900 7.78 $140,000 46.43 $205,000 -67.56 $66,500 -32.33 $45,000
MEDIAN SALE $290,000 180.17 $812,500 -32.31 $550,000 -45.45 $300,000 21.67 $365,000
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $1,355,000 -100.00 $0 0.00 $2,395,000 -40.85 $1,416,750 -53.41 $660,000
AVG. DAYS # OF SALES ON MARKET 2 41 -100.00 -100.00 0 0 0.00 0.00 4 107 25.00 22.43 5 131 -60.00 -60.31 2 52
AVG. SALE $677,500 -100.00 $0 0.00 $598,750 -52.68 $283,350 16.46 $330,000
HIGH SALE $745,000 -100.00 $0 0.00 $1,000,000 -69.33 $306,750 10.84 $340,000
LOW SALE $610,000 -100.00 $0 0.00 $450,000 -44.44 $250,000 28.00 $320,000
MEDIAN SALE $677,500 -100.00 $0 0.00 $472,500 -36.51 $300,000 10.00 $330,000
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PRICE PER SQUARE FOOT COMPARISON - BIG SKY RESORT HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $0 $638 $0 $511 $0 $377 $0 $456 $0 $488
2008 $412 $412 $412 $412 $412
2009 $415 $332 $165 $209 $280
2010 $292 $239 $239 $292 $265
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $631 $682 $638 $379 $601 $627 $585 $332 $258 $191 $185 $106 $263 $249 $203 $159 $424 $424 $386 $222
2010 $340 $332 $102 $114 $209
The Mountain Village / Big Sky Resort | 2010 Big Sky Sotheby’s International Realty Market Report 9
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MOONLIGHT BASIN RESORT SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
$48,446,000 -27.29 $35,227,500 -49.29 $17,865,500 -77.39 $4,039,000 183.99 $11,470,250
27 -44.44 15 -40.00 9 -55.56 4 200.00 12
63 253.97 223 45.74 325 -56.62 141 63.12 230
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$1,794,296 30.89 $2,348,500 -15.48 $1,985,056 -49.13 $1,009,750 -7.58 $933,200
$3,375,000 27.41 $4,300,000 -6.98 $4,000,000 -63.75 $1,450,000 10.34 $1,600,000
$700,000 5.00 $735,000 4.08 $765,000 -28.89 $544,000 -5.33 $515,000
$1,700,000 19.12 $2,025,000 -8.64 $1,850,000 -44.73 $1,022,500 -9.63 $924,000
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $9,579,000 68.47 $16,137,500 -51.79 $7,780,350 -72.04 $2,175,000 117.02 $4,720,150
AVG. DAYS # OF SALES ON MARKET 9 63 11.11 209.52 10 195 -60.00 204.10 4 593 -50.00 2.53 2 608 400.00 -34.38 10 399
AVG. SALE $1,064,333 51.62 $1,613,750 20.53 $1,945,088 -44.09 $1,087,500 -60.80 $426,269
HIGH SALE $2,500,000 -11.00 $2,225,000 1.12 $2,250,000 -33.33 $1,500,000 -35.00 $975,000
LOW SALE $779,000 54.04 $1,200,000 6.70 $1,280,350 -47.28 $675,000 -50.37 $335,000
MEDIAN SALE $850,000 79.41 $1,525,000 39.34 $2,125,000 -48.82 $1,087,500 -60.23 $432,500
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $13,425,000 -0.41 $13,370,000 -69.75 $4,045,000 -89.49 $425,000 103.29 $864,000
AVG. DAYS # OF SALES ON MARKET 9 53 0.00 381.13 9 255 -66.67 -45.10 3 140 -66.67 172.86 1 382 100.00 -48.43 2 197
AVG. SALE $1,491,667 -0.41 $1,485,556 -9.24 $1,348,333 -68.48 $425,000 1.65 $432,000
HIGH SALE $2,175,000 -8.05 $2,000,000 -9.00 $1,820,000 -76.65 $425,000 9.41 $465,000
LOW SALE $750,000 40.00 $1,050,000 -18.86 $852,000 -50.12 $425,000 -6.12 $399,000
MEDIAN SALE $1,500,000 -15.00 $1,275,000 9.80 $1,400,000 -69.64 $425,000 1.65 $432,000
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PRICE PER SQUARE FOOT COMPARISON - MOONLIGHT BASIN HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $999 $1,058 $820 $855 $443 $568 $545 $578 $689 $751
2008 $890 $748 $534 $577 $679
2009 $566 $496 $302 $496 $455
2010 $660 $641 $184 $297 $383
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $625 $742 $750 $361 $588 $693 $688 $321 $465 $521 $536 $321 $466 $563 $556 $361 $514 $626 $633 $341
2010 $390 $256 $190 $210 $228
Moonlight Basin Resort | 2010 Big Sky Sotheby’s International Realty Market Report 10
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THE CLUB AT SPANISH PEAKS RESORT SINGLE-FAMILY
SALES VOLUME
AVG. DAYS # OF SALES ON MARKET
2006 $0 % CHANGE 0.00 2007 $1,118,500 % CHANGE 2047.43 2008 $24,019,000 % CHANGE -70.55 2009 $7,073,715 % CHANGE 8.15 2010 $7,650,000
0 0.00 4 125.00 9 -77.78 2 50.00 3
0 0.00 283 -11.31 251 128.29 573 0.52 576
AVG. SALE
HIGH SALE
LOW SALE
MEDIAN SALE
$0 0.00 $2,796,250 -4.56 $2,668,778 32.53 $3,536,858 -27.90 $2,550,000
$0 0.00 $3,835,000 29.73 $4,975,000 -16.11 $4,173,715 -29.32 $2,950,000
$0 0.00 $1,700,000 -1.00 $1,683,000 72.31 $2,900,000 -35.34 $1,875,000
$0 0.00 $2,825,000 -34.64 $1,846,500 91.54 $3,536,858 -20.13 $2,825,000
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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $0 0.00 $0 0.00 $4,100,000 -100.00 $0 $3,300,000
AVG. DAYS # OF SALES ON MARKET 0 0 0.00 0.00 0 0 0.00 0.00 2 258 -100.00 -100.00 0 0 2
346
AVG. SALE $0 0.00 $0 0.00 $2,050,000 -100.00 $0
HIGH SALE $0 0.00 $0 0.00 $2,780,000 -100.00 $0
LOW SALE $0 0.00 $0 0.00 $1,320,000 -100.00 $0
MEDIAN SALE $0 0.00 $0 0.00 $2,050,000 -100.00 $0
$1,650,000
$1,900,000
$1,400,000
$1,650,000
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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010
SALES VOLUME $1,047,500 421.50 $5,462,750 88.64 $10,305,000 -61.02 $4,016,800 34.31 $5,395,000
AVG. DAYS # OF SALES ON MARKET 1 127 600.00 115.75 7 274 100.00 66.79 14 457 -50.00 -55.80 7 202 57.14 -18.81 11 164
AVG. SALE $1,047,500 -25.50 $780,393 -5.68 $736,071 -22.04 $573,829 -12.63 $501,333
HIGH SALE $1,047,500 8.11 $1,132,500 19.21 $1,350,000 -40.74 $800,000 -10.00 $720,000
LOW SALE $1,047,500 -41.29 $615,000 -30.89 $425,000 -30.59 $295,000 -44.75 $163,000
MEDIAN SALE $1,047,500 -25.50 $780,393 -10.62 $697,500 -18.28 $570,000 -6.14 $535,000
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PRICE PER SQUARE FOOT COMPARISON - THE CLUB AT SPANISH PEAKS HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE
SINGLE-FAMILY 2006 2007 $0 $709 $0 $570 $0 $385 $0 $554 $0 $554
2008 $948 $754 $565 $754 $756
2009 $554 $538 $538 $554 $546
2010 $673 $503 $441 $503 $539
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $0 $507 $1,145 $361 $0 $507 $577 $321 $0 $507 $145 $321 $0 $507 $577 $361 $0 $507 $861 $341
2010 $522 $400 $400 $522 $461
The Club at Spanish Peaks Resort | 2010 Big Sky Sotheby’s International Realty Market Report 11
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“A RTFULLYäUNITINGäEXTRAORDINARYäPROPERTIESäWITHäEXTRAORDINARYäLIVES ”
Meadow Village Center Location
“A RTFULLYäUNITINGäEXTRAORDINARYäPROPERTIESäWITHäEXTRAORDINARYäLIVES ”
Town Center Location