The Big Sky Market Report 2012, Year in Review

BIG SKY 2012 YEAR-END REPORT COVERING BIG SKY RESORT, MOONLIGHT BASIN RESORT, GALLATIN CANYON, MEADOW VILLAGE, THE CLUB AT SPANISH PEAKS AND YELLOWSTONE CLUB

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Post Office Box 160056 Big Sky, Montana 59716 bigskysothebysrealty.com

Welcome to the Big Sky Sotheby’s International Realty Market Report. This report was designed as a comprehensive analysis of the entire Big Sky real estate market with data compiled from whole calendar years beginning with 2007. These figures, charts and graphs are offered without interpretation.

In January of 2008 all Big Sky area real estate companies, with the exception of YC Realty, became members of the Gallatin Association of Realtors. Use of the comprehensive MLS enables us to track listings and sales in our market area. Numbers prior to 2008 may be a little skewed, as we had to rely on information based on limited MLS membership reporting.

I am pleased to report that our market is in a real and positive transition, as you will see in the pages that follow. Unlike the recent upward trend in the stock market, we can clearly understand the change in our market.

In early 2008, Big Sky felt the effects of the US economic collapse and sales began to fall off. After both Moonlight Basin and The Yellowstone Club filed Chapter 11 in the autumn of 2008, real estate sales and property values plummeted to lows not seen since the 1990’s. Then, in 2011 The Club at Spanish Peaks (Spanish Peaks Holdings) stunned residents and second homeowners when they filed Chapter 7 Bankruptcy.

The Yellowstone Club quickly emerged out of bankruptcy after being acquired by Cross Harbor in the summer of 2009. Moonlight Basin is now owned by Lehman Holdings and is for sale. The property is being operated by a management company that offers their guests the same quality experience that they enjoyed for over a decade under Lee Poole’s ownership. Big Sky Ski Resort, the foundation of our resort community, has had no financial difficulties throughout this difficult period. They continue to provide the exciting world class skiing that put Big Sky on the map. We hear that The Club at Spanish Peaks will be sold at auction in the next few months. In all, the future of Big Sky looks very bright. Our visitors see this too.

In the first quarter of 2013, we already see an increase in the number of sales and as the real estate inventory dwindles, property values are beginning to rise.

We hope that you find this report as interesting and informative as we do. We believe this in-depth analysis will help you make the most of this market whether you are buying or selling.

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.

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THE GREATER BIG SKY AREA

{

TOTAL # OF SALES 116

171

212

219

}

About the same number of properties sold in 2012 as compared to 2011. 219 properties sold, 23 properties sold over a million dollars and half of them (51% ) sold under $300,000.

Single family home sales in most areas of Big Sky remain steady in 2012. Average and median sales prices are still stabilizing as a result of distressed properties marketed and sold throughout the year.

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THE GREATER BIG SKY AREA

{ 12%

Inventory was down

If you price your property correctly when introduced to the market your chances of selling increase exponentially.

More affordable houses/condos are moving.

{

from Q4 - 2011.

Prices dropped on average

9% before they sold.

}

}

The newer listings are getting the most action. Pricing them correctly at the time of listing can make the difference between a quick sale and a property that languishes in the market.

It still holds true in even in this market... the well priced, well appointed home will sell quickly.

The trend continues in 2012, list

prices typically come down before properties actually have buyer interest or offers. Buyer’s confidence in the market is up and they are all well educated about the real estate market as a result of the internet.

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THE GREATER BIG SKY AREA SINGLE-­‐FAMILY

SALES VOLUME

2007 $65,425,750 % CHANGE

-­‐16.57

2008 $54,583,500 % CHANGE

-­‐36.77

2009 $34,512,715 % CHANGE

15.80

2010 $39,965,150 % CHANGE

45.77

2011 $58,256,984 % CHANGE

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

# OF LISTINGS

45

182

$1,406,515

$4,300,000

$151,000

$1,237,500

*

-­‐33.33

36.26

43.27

15.70

55.63

46.16

30

248

$2,015,173

$4,975,000

$235,000

$1,808,750

10.00

3.23

-­‐51.59

-­‐16.11

6.38

-­‐59.75

33

256

$975,645

$4,173,715

$250,000

$728,000

138

33.33

-­‐5.86

-­‐14.50

16.20

-­‐67.60

-­‐1.79

2.17

# OF SALES

-­‐8.44

2012 $53,341,275

44

241

$834,146

$4,850,000

$81,000

$715,000

141

25.00

19.92

26.98

9.28

-­‐7.41

-­‐66.08

-­‐24.11

55

289

$1,059,218

$5,300,000

$75,000

$242,500

107

1.82

-­‐34.26

-­‐11.18

-­‐36.60

133.33

188.66

-­‐1.87

56

190

$940,844

$3,360,000

$175,000

$700,000

105

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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME $55,115,238 -­‐31.84 $37,564,284 -­‐46.76 $19,998,150 55.18 $31,033,026 28.16 $39,771,347 -­‐10.30 $35,673,088

# OF SALES 72 -­‐19.44 58 1.72 59 61.02 95 37.89 131 -­‐12.98 114

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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME $20,790,750 32.97 $27,644,937 -­‐63.01 $10,226,550 53.18 $15,665,000 -­‐26.04 $11,586,050 27.86 $14,813,900

# OF SALES 22 45.45 32 -­‐25.00 24 33.33 32 -­‐18.75 26 88.46 49

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TOTAL SALES YEAR 2007 2008 2009 2010 2011 2012

*

AVG. DAYS ON SALES VOLUME UNITS SOLD MARKET $141,331,738 139 201 -­‐15.24 -­‐13.67 51.24 $119,792,721 120 304 -­‐45.96 -­‐3.33 -­‐16.78 $64,737,415 116 253 33.87 47.41 -­‐3.16 $86,663,176 171 245 26.48 23.98 -­‐0.41 $109,614,381 212 244 -­‐5.28 3.30 -­‐2.05 $103,828,263 219 239

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AVG. DAYS ON MARKET 193 71.50 331 -­‐16.31 277 -­‐5.05 263 -­‐17.49 217 6.91 232

AVG. SALE $654,776 -­‐1.09 $647,660 -­‐46.72 $345,042 -­‐9.35 $312,774 -­‐2.93 $303,598 3.07 $312,922

HIGH SALE $2,225,000 24.94 $2,780,000 -­‐46.04 $1,500,000 26.67 $1,900,000 26.32 $2,400,000 -­‐40.42 $1,430,000

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AVG. DAYS ON MARKET 262 28.24 336 -­‐36.61 213 -­‐7.98 196 47.45 289 10.38 319

AVG. SALE $945,034 -­‐5.75 $890,667 -­‐54.29 $407,116 12.47 $457,900 -­‐2.68 $445,617 -­‐32.16 $302,324

HIGH SALE $2,000,000 250.00 $7,000,000 -­‐88.57 $800,000 72.88 $1,383,000 124.15 $3,100,000 -­‐19.35 $2,500,000

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AVG. SALE $1,016,775 -­‐1.82 $998,273 -­‐44.10 $558,081 -­‐13.78 $481,173 7.46 $517,049 -­‐8.88 $471,115

HIGH SALE $4,300,000 62.79 $7,000,000 -­‐40.38 $4,173,715 16.20 $4,850,000 9.28 $5,300,000 -­‐36.60 $3,360,000

LOW SALE $140,000 -­‐70.00 $42,000 26.19 $53,000 -­‐15.09 $45,000 -­‐46.67 $24,000 66.67 $40,000

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LOW SALE $140,000 -­‐70.00 $42,000 66.67 $70,000 -­‐35.71 $45,000 -­‐46.67 $24,000 66.67 $40,000

MEDIAN SALE $454,500 3.40 $469,950 -­‐46.80 $250,000 -­‐6.00 $235,000 -­‐22.55 $182,000 9.89 $200,000

# OF LISTINGS * * 235 10.21 259 -­‐41.31 152 14.47 174

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LOW SALE $225,000 -­‐38.67 $138,000 -­‐61.59 $53,000 79.25 $95,000 -­‐35.79 $61,000 19.67 $73,000

MEDIAN SALE $846,250 -­‐28.80 $602,500 -­‐35.68 $387,500 16.13 $450,000 53.33 $690,000 -­‐68.84 $215,000

# OF LISTINGS * * 237 -­‐37.97 147 30.61 192 -­‐19.79 154

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AVG. ORG. LIST $1,133,532 -­‐4.22 $1,085,691 -­‐29.26 $768,053 -­‐17.81 $631,225 7.03 $675,621 -­‐11.37 $598,810

AVG. LIST

$665,631 -­‐16.11 $558,421 6.02 $592,033 -­‐8.06 $544,344

Sale Price/Org List Price Units Listed 89.70% 761 2.51 -­‐21.42 91.95% 598 -­‐20.98 -­‐0.67 72.66% 594 4.91 8.42 76.23% 644 0.39 0.00 76.53% 644 2.80 -­‐32.76 78.68% 433

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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

SINGLE-­‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$32,461,250

14

227

$2,318,661

$4,300,000

$735,000

$1,975,000

20.17

28.57

16.74

-­‐6.53

-­‐6.98

4.08

-­‐6.42

$39,009,500

18

265

$2,167,194

$4,000,000

$765,000

$1,848,250

-­‐53.76

-­‐27.78

38.87

-­‐35.98

4.34

-­‐28.89

-­‐39.94 $1,110,000

$18,037,715

13

368

$1,387,517

$4,173,715

$544,000

48.56

46.15

-­‐22.55

-­‐10.85

16.20

-­‐15.44

-­‐10.36

$26,797,250

19

285

$1,236,956

$4,850,000

$460,000

$995,000

24.91

-­‐5.26

31.93

50.33

9.28

-­‐17.39

20.60

$33,472,009

18

376

$1,859,561

$5,300,000

$380,000

$1,200,000

1.58

55.56

-­‐48.94

-­‐30.51

-­‐36.60

6.58

-­‐21.21

$34,000,500

28

192

$1,292,278

$3,360,000

$405,000

$945,500

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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $40,342,082 34 -­‐36.46 -­‐17.65 $25,632,980 28 -­‐55.66 -­‐7.14 $11,366,500 26 65.41 57.69 $18,801,152 41 40.04 36.59 $26,329,484 56 -­‐14.76 -­‐3.57 $22,442,425 54

AVG. DAYS ON MARKET 182 69.23 308 19.48 368 -­‐40.49 219 20.55 264 -­‐1.52 260

AVG. SALE $1,186,532 -­‐22.85 $915,464 -­‐52.25 $437,173 -­‐1.14 $432,209 8.78 $470,169 -­‐11.61 $415,600

HIGH SALE $2,225,000 24.94 $2,780,000 -­‐46.04 $1,500,000 26.67 $1,900,000 26.32 $2,400,000 -­‐40.42 $1,430,000

LOW SALE $140,000 46.43 $205,000 -­‐67.56 $66,500 -­‐32.33 $45,000 -­‐33.56 $29,900 33.78 $40,000

MEDIAN SALE $1,178,750 -­‐46.34 $632,500 -­‐40.71 $375,000 12.00 $420,000 -­‐22.02 $327,500 4.58 $342,500

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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $15,332,500 11 -­‐24.05 18.18 $11,645,000 13 -­‐58.12 -­‐7.69 $4,876,750 12 100.99 50.00 $9,802,000 18 -­‐27.84 0.00 $7,072,700 18 -­‐7.05 -­‐33.33 $6,574,400 12

AVG. DAYS ON MARKET 257 -­‐0.78 255 2.75 262 -­‐49.24 133 103.76 271 22.88 333

AVG. SALE $1,393,684 -­‐35.73 $895,769 -­‐54.63 $406,396 26.97 $516,000 -­‐23.85 $392,928 39.43 $547,867

HIGH SALE $2,000,000 -­‐9.00 $1,820,000 -­‐56.04 $800,000 72.88 $1,383,000 -­‐9.62 $1,250,000 100.00 $2,500,000

LOW SALE $830,000 -­‐45.78 $450,000 -­‐62.22 $170,000 -­‐4.12 $163,000 -­‐23.31 $125,000 12.00 $140,000

MEDIAN SALE $1,200,000 -­‐31.25 $825,000 -­‐63.23 $303,375 55.75 $472,500 -­‐48.68 $242,500 43.81 $348,750

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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

2011 $755 $571 $320 $326 $419

2012 $595 $172 $347

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $631 $682 $1,145 $625 $614 $750 $253 $267 $185 $263 $243 $203 $438 $459 $455

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2009 $379 $367 $109 $159 $248

2010 $522 $400 $102 $114 $225

2011 $623 $555 $43 $63 $221

2012 $457 $91 $230

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The Meadow Village / Town Center area includes: Antler Ridge, Aspen Groves, Blue Grouse, Brownstone, Crail Creek, Crail Ranch, Deer Run, Essentia, Firelight Meadows, Glacier, Grey Drake, Hidden Village, Lost Trails, Madison Court, Meadow Village, Moondance, Moose Ridge, Northfork, , Ousel Falls Estates, Park, Pinewood Hills, Skywood Preserve, Silverbow, Sleeping Bear Road, Southfork, Spanish Peaks North, Sweetgrass Hills, The Ranches, Town Center, Westfork, Wildridge, Yellowstone Condos, etc.

THE MEADOW VILLAGE

SINGLE-­‐FAMILY 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$27,058,500

23

204

$1,176,457

$3,835,000

$450,000

$725,500

-­‐64.50

-­‐78.26

42.65

63.29

29.73

17.78

65.40

$9,605,000

5

291

$1,921,000

$4,975,000

$530,000

$1,200,000

-­‐13.39

120.00

-­‐16.84

-­‐60.63

-­‐52.76

-­‐38.30

-­‐42.92 $685,000

$8,319,000

11

242

$756,273

$2,350,000

$327,000

-­‐14.50

9.09

-­‐34.71

-­‐24.79

-­‐51.06

-­‐15.90

-­‐18.98

$7,113,000

12

158

$568,800

$1,150,000

$275,000

$555,000

104.14

91.67

29.11

10.99

104.35

-­‐18.18

-­‐2.88

$14,520,201

23

204

$631,313

$2,350,000

$225,000

$539,000

17.47

-­‐13.04

25.00

28.66

13.19

22.22

-­‐12.80

$17,056,900

20

255

$812,233

$2,660,000

$275,000

$470,000

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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $13,835,656 37 -­‐13.76 -­‐18.92 $11,931,304 30 -­‐27.66 10.00 $8,631,650 33 41.71 63.64 $12,231,874 54 9.89 38.89 $13,441,863 75 -­‐1.57 -­‐20.00 $13,230,663 60

AVG. DAYS ON MARKET 195 81.03 353 -­‐48.73 181 31.49 238 -­‐23.95 181 12.15 203

AVG. SALE $373,937 6.36 $397,710 -­‐34.23 $261,565 -­‐14.47 $223,724 -­‐19.89 $179,225 23.07 $220,571

HIGH SALE $895,000 16.20 $1,040,000 -­‐16.83 $865,000 -­‐38.73 $530,000 -­‐9.43 $480,000 68.23 $807,500

LOW SALE $176,000 -­‐76.14 $42,000 138.10 $100,000 -­‐31.75 $68,250 -­‐50.18 $34,000 73.53 $59,000

MEDIAN SALE $345,000 7.54 $371,000 -­‐35.98 $237,500 -­‐14.11 $204,000 -­‐26.47 $150,000 12.00 $168,000

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LAND 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $4,658,250 9 168.62 22.22 $12,513,000 11 -­‐75.05 -­‐45.45 $3,121,800 6 30.79 83.33 $4,083,000 11 -­‐15.18 -­‐63.64 $3,463,350 4 71.27 600.00 $5,931,750 28

AVG. DAYS ON MARKET 287 53.31 440 -­‐71.82 124 110.48 261 -­‐31.80 178 82.02 324

AVG. SALE $517,583 119.78 $1,137,545 -­‐54.26 $520,300 -­‐33.93 $343,778 -­‐97.51 $8,569 2372.32 $211,848

HIGH SALE $862,500 711.59 $7,000,000 -­‐90.69 $651,800 30.41 $850,000 264.71 $3,100,000 -­‐80.65 $600,000

LOW SALE $225,000 -­‐38.67 $138,000 99.28 $275,000 -­‐65.45 $95,000 -­‐35.79 $61,000 19.67 $73,000

MEDIAN SALE $615,000 -­‐18.70 $500,000 10.00 $550,000 -­‐46.36 $295,000 -­‐48.75 $151,175 0.55 $152,000

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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

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

2010 $365 $286 $39 $48 $159

2008 2009 2010 $948 $547 $301 Browse all MLS $238 listings $438 $277 $221 $147 $87 $299 $150 $132 $444 $239 $177

2011 $388 $311 $121 $124 $224

2012 $203 $96 $118

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

CONDOMINIUM/TOWNHOUSE 2011 2012 2006 2007 2008 $326 $370 $367 $411 $302 and learn more $365 about the $313 $394market $289at $66 $102 $174 $198 $164 $73 $192 $203 $170 $162 $196 $262 $280 $222

2009 $644 $247 $106 $108 $182

2010 $0 $0 $0 $0 $0

2011 $0 $0 $0 $0 $0

2012 $0 $0 $0 $0 $0

2010 $241 $235 $43 $63 $129

2011 $188 $186 $71 $73 $125

2012 $231

bigskysothebysrealty.com $42 $123

GALLATIN RIVER/CANYON

The Gallatin Canyon area includes: Bear Paw Ponds, Beaver Creek Big EZ Estates, Buck Ridge, South, Beaver Creek West, Beckman Flats, Buck Ridge Ranch, Castle Rock, Cinnamon, Danza Estates, Dudley Creek, Elk Ridge Ranch, Jack Smith Bridge, Michner Meadows, Parkview West, Porcupine Park, Rainbow Ranch, Ramshorn View Estates, San Marino, Towering Pines, etc.

SINGLE-­‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$5,906,000

8

100

$738,250

$1,650,000

$151,000

$576,250

1.07

-­‐12.50

18.00

15.50

39.39

55.63

17.14

$5,969,000

7

118

$852,714

$2,300,000

$235,000

$675,000

36.64

28.57

-­‐37.29

6.28

80.43

6.38

-­‐33.33

$8,156,000

9

74

$906,222

$4,150,000

$250,000

$450,000

-­‐25.76

44.44

195.95

-­‐51.90

-­‐71.59

-­‐67.60

-­‐35.58

$6,054,900

13

219

$435,900

$1,179,000

$81,000

$289,900

69.53

7.69

44.75

68.20

44.19

-­‐7.41

78.51 $517,500

$10,264,684

14

317

$733,192

$1,700,000

$75,000

-­‐77.75

-­‐35.71

-­‐79.18

-­‐65.39

-­‐74.41

133.33

-­‐60.68

$2,283,875

9

66

$253,764

$435,000

$175,000

$203,500

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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $937,500 1 -­‐100.00 -­‐100.00 $0 0 0.00 0.00 $0 0

AVG. DAYS ON MARKET 112 -­‐100.00 0 0.00 0

AVG. SALE $937,500 -­‐100.00 $0 0.00 $0

HIGH SALE $937,500 -­‐100.00 $0 0.00 $0

LOW SALE $937,500 -­‐100.00 $0 0.00 $0

MEDIAN SALE $937,500 -­‐100.00 $0 0.00 $0

$0

0

0

$0

$0

$0

$0

$0

0

0

$0

$0

$0

$0

$0

0

0

$0

$0

$0

$0

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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $800,000 2 335.87 300.00 $3,486,937 8 -­‐36.10 -­‐25.00 $2,228,000 6 -­‐38.33 -­‐50.00 $1,374,000 3 -­‐23.58 33.33 $1,050,000 4 119.79 125.00 $2,307,750 9

AVG. DAYS ON MARKET 186 39.78 260 38.08 359 -­‐44.29 200 139.00 478 -­‐46.03 258

AVG. SALE $400,000 8.97 $435,867 -­‐14.81 $371,333 23.34 $458,000 -­‐42.69 $262,500 -­‐2.32 $256,417

HIGH SALE $550,000 35.44 $744,937 -­‐6.03 $700,000 -­‐35.14 $454,000 -­‐28.41 $325,000 100.00 $650,000

LOW SALE $250,000 -­‐28.00 $180,000 -­‐70.56 $53,000 711.32 $430,000 -­‐52.33 $205,000 -­‐63.41 $75,000

MEDIAN SALE $400,000 2.75 $411,000 -­‐2.68 $400,000 12.50 $450,000 -­‐42.22 $260,000 -­‐1.92 $255,000

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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

2011 $388 $311 $121 $124 $224

2012 $203 $96 $118

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

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2010 $0 $0 $0 $0 $0

2011 $0 $0 $0 $0 $0

2012 $0 $0 $0 $0 $0

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{

RESORT REAL ESTATE COMPARISONS Big Sky Resort’s average sales price is down

18% from 4 years ago, in comparison Moonlight’s average is down 2% from 2009.

}

Moonlight & Yellowstone Club filed Chapter 11 November 2008 Cross Harbor buys Yellowstone Club July 2009

Spanish Peaks Holdings filed Chapter 7 October 2011 Lehman acquires Moonlight January 2012

*The Yellowstone Club numbers are Big Sky Sotheby’s Int’l Realty/MLS Sales Only

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THE MOUNTAIN VILLAGE / BIG SKY SKI RESORT SINGLE-­‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$8,643,750

5

115

$1,728,750

$2,037,500

$1,422,500

$1,800,000

-­‐75.70

-­‐80.00

-­‐93.04

21.48

3.07

47.63

16.67

$2,100,000

1

8

$2,100,000

$2,100,000

$2,100,000

$2,100,000

341.67

700.00

4975.00

-­‐44.79

11.90

-­‐67.86

-­‐52.50

$9,275,000

8

406

$1,159,375

$2,350,000

$675,000

$997,500

-­‐74.48

-­‐75.00

-­‐54.19

2.08

-­‐48.51

71.41

18.65

$2,367,000

2

186

$1,183,500

$1,210,000

$1,157,000

$1,183,500

-­‐17.41

0.00

79.03

-­‐17.41

1.65

-­‐37.34

-­‐17.41 $977,500

$1,955,000

2

333

$977,500

$1,230,000

$725,000

327.49

300.00

-­‐31.23

6.87

34.15

-­‐10.34

-­‐12.02

$8,357,500

8

229

$1,044,688

$1,650,000

$650,000

$860,000

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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $16,254,582 20 -­‐15.39 10.00 $13,752,630 22 -­‐43.89 0.00 $7,716,500 22 39.71 31.82 $10,781,002 29 40.45 175.86 $15,142,330 80 -­‐28.10 -­‐48.75 $10,887,425 41

AVG. DAYS ON MARKET 186 39.78 260 32.31 344 -­‐45.93 186 37.10 255 -­‐10.59 228

AVG. SALE $812,729 -­‐23.08 $625,120 -­‐43.89 $350,750 3.55 $363,185 -­‐47.88 $189,279 40.29 $265,547

HIGH SALE $1,925,000 -­‐31.17 $1,325,000 -­‐18.87 $1,075,000 -­‐13.49 $930,000 72.04 $1,600,000 -­‐43.13 $910,000

LOW SALE $140,000 46.43 $205,000 -­‐67.56 $66,500 -­‐32.33 $45,000 -­‐46.67 $24,000 66.67 $40,000

MEDIAN SALE $812,500 -­‐32.31 $550,000 -­‐45.45 $300,000 21.67 $365,000 -­‐36.71 $231,000 -­‐13.85 $199,000

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $0 0 0.00 0.00 $2,395,000 4 -­‐40.85 25.00 $1,416,750 5 -­‐53.41 -­‐60.00 $660,000 2 65.15 150.00 $1,090,000 5 -­‐34.86 -­‐20.00 $710,000 4

AVG. DAYS ON MARKET 0 0.00 107 22.43 131 -­‐60.31 52 363.46 241 22.82 296

AVG. SALE $0 0.00 $598,750 -­‐52.68 $283,350 16.46 $330,000 -­‐33.94 $218,000 -­‐18.58 $177,500

HIGH SALE $0 0.00 $1,000,000 -­‐69.33 $306,750 10.84 $340,000 -­‐23.53 $260,000 -­‐17.31 $215,000

LOW SALE $0 0.00 $450,000 -­‐44.44 $250,000 28.00 $320,000 -­‐48.44 $165,000 -­‐15.15 $140,000

MEDIAN SALE $0 0.00 $472,500 -­‐36.51 $300,000 10.00 $330,000 -­‐27.27 $240,000 -­‐26.04 $177,500

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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

2011 $247 $246 $246 $247 $246

2012 $317 $227 $267

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $631 $682 $638 $601 $627 $585 $258 $191 $185 $263 $249 $203 $424 $424 $386

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2009 $379 $332 $106 $159 $222

2010 $340 $332 $102 $114 $209

2011 $513 $461 $52 $68 $194

2012 $421 $91 $208

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MOONLIGHT BASIN RESORT SINGLE-­‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$35,227,500

15

223

$2,348,500

$4,300,000

$735,000

$2,025,000

-­‐49.29

-­‐40.00

45.74

-­‐15.48

-­‐6.98

4.08

-­‐8.64

$17,865,500

9

325

$1,985,056

$4,000,000

$765,000

$1,850,000

-­‐77.39

-­‐55.56

-­‐56.62

-­‐49.13

-­‐63.75

-­‐28.89

-­‐44.73 $1,022,500

$4,039,000

4

141

$1,009,750

$1,450,000

$544,000

183.99

200.00

63.12

-­‐7.58

10.34

-­‐5.33

-­‐9.63

$11,470,250

12

230

$933,200

$1,600,000

$515,000

$924,000

45.53

-­‐8.33

73.91

62.61

137.19

-­‐26.21

0.65

$16,692,100

11

400

$1,517,464

$3,795,000

$380,000

$930,000

-­‐1.52

27.27

-­‐51.00

-­‐22.62

769.57

6.58

1.91

$16,438,000

14

196

$1,174,143

$33,000,000

$405,000

$947,750

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $16,137,500 10 -­‐51.79 -­‐60.00 $7,780,350 4 -­‐72.04 -­‐50.00 $2,175,000 2 117.02 400.00 $4,720,150 10 42.83 10.00 $6,741,700 11 6.43 -­‐18.18 $7,175,000 9

AVG. DAYS ON MARKET 195 204.10 593 2.53 608 -­‐34.38 399 -­‐39.60 241 20.75 291

AVG. SALE $1,613,750 20.53 $1,945,088 -­‐44.09 $1,087,500 -­‐60.80 $426,269 43.78 $612,882 30.08 $797,222

HIGH SALE $2,225,000 1.12 $2,250,000 -­‐33.33 $1,500,000 -­‐35.00 $975,000 30.77 $1,275,000 12.16 $1,430,000

LOW SALE $1,200,000 6.70 $1,280,350 -­‐47.28 $675,000 -­‐50.37 $335,000 -­‐5.61 $316,200 10.69 $350,000

MEDIAN SALE $1,525,000 39.34 $2,125,000 -­‐48.82 $1,087,500 -­‐60.23 $432,500 -­‐7.51 $400,000 18.75 $475,000

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $13,370,000 9 -­‐69.75 -­‐66.67 $4,045,000 3 -­‐89.49 -­‐66.67 $425,000 1 103.29 100.00 $864,000 2 -­‐47.22 -­‐50.00 $456,000 1 1030.48 500.00 $5,155,000 6

AVG. DAYS ON MARKET 255 -­‐45.10 140 172.86 382 -­‐48.43 197 -­‐5.08 187 97.33 369

AVG. SALE $1,485,556 -­‐9.24 $1,348,333 -­‐68.48 $425,000 1.65 $432,000 5.56 $456,000 88.41 $859,167

HIGH SALE $2,000,000 -­‐9.00 $1,820,000 -­‐76.65 $425,000 9.41 $465,000 -­‐1.94 $456,000 448.25 $2,500,000

LOW SALE $1,050,000 -­‐18.86 $852,000 -­‐50.12 $425,000 -­‐6.12 $399,000 14.29 $456,000 -­‐23.25 $350,000

MEDIAN SALE $1,275,000 9.80 $1,400,000 -­‐69.64 $425,000 1.65 $432,000 5.56 $456,000 7.46 $490,000

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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 $554 $165 $208 $361

2010 $660 $641 $184 $297 $383

2011 $524 $502 $320 $326 $431

2012 $595 $275 $406

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $625 $742 $750 $588 $693 $688 $465 $521 $536 $466 $563 $556 $514 $626 $633

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2009 $361 $321 $321 $361 $341

2010 $390 $256 $190 $210 $228

2011 $425 $412 $64 $78 $227

2012 $457 $161 $281

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THE CLUB AT SPANISH PEAKS RESORT SINGLE-­‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$1,118,500

4

283

$2,796,250

$3,835,000

$1,700,000

$2,825,000

2047.43

125.00

-­‐11.31

-­‐4.56

29.73

-­‐1.00

-­‐34.64

$24,019,000

9

251

$2,668,778

$4,975,000

$1,683,000

$1,846,500

-­‐70.55

-­‐77.78

128.29

32.53

-­‐16.11

72.31

91.54

$7,073,715

2

573

$3,536,858

$4,173,715

$2,900,000

$3,536,858

8.15

50.00

0.52

-­‐27.90

-­‐29.32

-­‐35.34

-­‐20.13

$7,650,000

3

576

$2,550,000

$2,950,000

$1,875,000

$2,825,000

8.82

0.00

-­‐1.39

8.82

62.71

-­‐46.67

-­‐10.62 $2,525,000

$8,324,999

3

568

$2,775,000

$4,800,000

$999,999

-­‐30.99

0.00

-­‐61.97

-­‐30.99

-­‐39.58

25.00

-­‐36.83

$5,745,000

3

216

$1,915,000

$2,900,000

$1,250,000

$1,595,000

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $0 0 0.00 0.00 $4,100,000 2 -­‐100.00 -­‐100.00 $0 0 $3,300,000 2.27 $3,375,000 20.44 $4,065,000

2 0.00 2 100.00 4

AVG. DAYS ON MARKET 0 0.00 258 -­‐100.00 0

AVG. SALE $0 0.00 $2,050,000 -­‐100.00 $0

HIGH SALE $0 0.00 $2,780,000 -­‐100.00 $0

LOW SALE $0 0.00 $1,320,000 -­‐100.00 $0

MEDIAN SALE $0 0.00 $2,050,000 -­‐100.00 $0

346 101.45 697 -­‐7.75 643

$1,650,000 2.27 $1,687,500 -­‐39.78 $1,016,250

$1,900,000 0.00 $1,900,000 -­‐33.42 $1,265,000

$1,400,000 5.36 $1,475,000 -­‐42.37 $850,000

$1,650,000 2.27 $1,687,500 -­‐42.22 $975,000

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

SALES VOLUME # OF SALES $5,462,750 7 88.64 100.00 $10,305,000 14 -­‐61.02 -­‐50.00 $4,016,800 7 34.31 57.14 $5,395,000 11 -­‐63.23 -­‐36.36 $1,984,000 7 1.12 28.57 $2,006,150 9

AVG. DAYS ON MARKET 274 66.79 457 -­‐55.80 202 -­‐18.81 164 16.46 191 98.43 379

AVG. SALE $780,393 -­‐5.68 $736,071 -­‐22.04 $573,829 -­‐12.63 $501,333 -­‐43.27 $284,429 -­‐21.63 $222,906

HIGH SALE $1,132,500 19.21 $1,350,000 -­‐40.74 $800,000 -­‐10.00 $720,000 31.94 $950,000 -­‐55.84 $419,500

LOW SALE $615,000 -­‐30.89 $425,000 -­‐30.59 $295,000 -­‐44.75 $163,000 -­‐26.38 $120,000 -­‐16.67 $100,000

MEDIAN SALE $780,393 -­‐10.62 $697,500 -­‐18.28 $570,000 -­‐6.14 $535,000 -­‐69.16 $165,000 21.21 $200,000

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

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 $566 $554 $165 $208 $361

2010 $673 $503 $441 $503 $539

2011 $571 $521 $349 $521 $481

2012 $442 $179

$309

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $0 $507 $1,145 $0 $507 $577 $0 $507 $145 $0 $507 $577 $0 $507 $861

Browse all MLS listings and learn more about the market at

2009 $361 $321 $321 $361 $341

2010 $522 $400 $400 $522 $461

2011 $555 $514 $514 $555 $534

2012 $370 $256 $317

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YELLOWSTONE CLUB SINGLE-­‐FAMILY 2007

SALES VOLUME # OF SALES

AVG. DAYS ON MARKET

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$0

0

*

$0

$0

$0

$0

$0

0

*

$0

$0

$0

$0

$0

0

*

$0

$0

$0

$0

$4,850,000

1

*

$4,850,000

$4,850,000

$4,850,000

$4,850,000

9.28

9.28

9.28

9.28

*

$5,300,000

$5,300,000

$5,300,000

$5,300,000

-­‐36.60

-­‐36.60

-­‐36.60

-­‐36.60

5

$3,360,000

$3,360,000

$3,360,000

$3,360,000

% CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 2012

9.28

0.00

$5,300,000

1

-­‐36.60

0.00

$3,360,000

1

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CONDOMINIUM/TOWNHOME

SALES VOLUME # OF SALES 2007 $0 0 % CHANGE 2008 $0 0 % CHANGE 2009 $0 0 % CHANGE 2010 $0 0 % CHANGE 2011 $2,850,000 1 % CHANGE 2012 $0 0

AVG. DAYS ON MARKET *

AVG. SALE $0

HIGH SALE $0

LOW SALE $0

MEDIAN SALE $0

*

$0

$0

$0

$0

*

$0

$0

$0

$0

*

$0

$0

$0

$0

334

$2,850,000

$2,850,000

$2,850,000

$2,850,000

0

$0

$0

$0

$0

bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com

LAND

SALES VOLUME # OF SALES 2007 $0 0 % CHANGE 2008 $0 0 % CHANGE 2009 $0 0 % CHANGE 2010 $2,583,000 2 % CHANGE -­‐5.15 0.00 2011 $2,450,000 2 % CHANGE -­‐100.00 -­‐100.00 2012 $0 0

AVG. DAYS ON MARKET *

AVG. SALE $0

HIGH SALE $0

LOW SALE $0

MEDIAN SALE $0

*

$0

$0

$0

$0

*

$0

$0

$0

$0

*

$1,291,500 -­‐5.15 $1,225,000 -­‐100.00 $0

$1,383,000 -­‐9.62 $1,250,000 -­‐100.00 $0

$1,383,000 -­‐13.23 $1,200,000 -­‐100.00 $0

$1,291,500 -­‐5.15 $1,225,000 -­‐100.00 $0

45 0

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PRICE PER SQUARE FOOT COMPARISON -­‐ YELLOWSTONE CLUB HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-­‐FAMILY 2006 2007 * * * * * * * * * *

2008 * * * * *

2009 * * * * *

2010 $970 $970 $970 $970 $970

2011 $755 $755 $755 $755 $755

2012 $408 $408 $408

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 * * * * * * * * * * * * * * * * * * * *

2010 * * * * *

2011 $623 $623 $623 $623 $623

2012 * * * * *

*No data to report; 1 sale in 2010, 2 in 2011, 1 in 2012 in MLS

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2010 CENSUS DATA FOR BIG SKY, MONTANA

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