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. Browse all MLS listings and learn more about the market at
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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
bigskysothebysrealty.com
{
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
bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com
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
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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
bigskysothebysrealty.com
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
bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com
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
bigskysothebysrealty.com
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
bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com
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
bigskysothebysrealty.com bigskysothebysrealty.com bigskysothebysrealty.com
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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