BIG SKY 2012 THIRD QUARTER 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
Big Sky Real Estate – A New Margin of Safety The Big Sky market is up across the board, and clearly on the mend. One segment showing noticeable signs of improvement is residential vacant land sales. There is no question of the direct correlation between the health of the vacant residential land sales and that of the overall real estate market. We have been patiently waiting four (4) years to see the land component shift and recover in order to determine true replacement value of the structures whether condo or home. Without referencing our previous reports, it goes without saying that the distressed properties are still controlling some segments of our local market and cash is still king in all segments. Both issues or factors continue to create challenges for our Sellers and remind all that it is a bid/ask process. It is evident the listing prices must be perceived as aggressive in order to sell in short order. Over fifty (50%) percent of the transactions thus far in 2012 have been cash deals. Inventory absorption rates have increased dramatically in first three quarters of 2012. Inventory has decreased by thirty (30%)percent from third (3rd) quarter of 2010 to third (3rd) quarter of 2012. Inventory by units has been depleted from 644 to 455 respectively. There will no doubt be a shortage of inventory for 2013, specifically in Moonlight Basin. If you want a list of sold properties over the last six (6) months in each development, please e-mail or call me directly at 406-539- 0121. Looking Ahead We are predicting a steady recovery through 2013. Based on the current number of listings, we are predicting a twenty five percent (25%) depletion of inventory by the mid-2013. If you are one of the seller’s in the market, be sure to price your property to compete. Remember, to be a successful seller in this market you need to think like a buyer. The #1 desire of all buyer’s in today’s market is to find great value. Call us to create both an effective marketing plan and pricing strategy to help demonstrate the value of your property. When you are pricing your property to sell in this competitive market, or deciding when the right time to buy is; rest assured that when you are our client, you will have current market statistics, an impeccable level of service and personal attention that will give you the upper hand. We hope this report will give you a snapshot of the market trends. As always, I would be glad to discuss details of the our local market you. If you plan to list your property this ski season and would like a more in depth analysis of specific areas, please call me directly at 406-539-0121. Best regards, Jeff Helms Broker, Big Sky Sotheby’s International Realty jeff.helms@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 116 171 212 149 Q3
}
The trend seems to be up for total number of properties sold in Big Sky through third quarter 2012. So far, in 2012, 148 properties that have sold, 17 properties sold over a million dollars and 60% of them sold under $300,000.
Single family home sales in most areas of Big Sky remain steady in the first part of 2012. Average and median sales prices are still stabilizing as a result of distressed properties marketed and sold in 2012.
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THE GREATER BIG SKY AREA
{ 29%
Inventory is 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 Q3 - 2010.
Prices dropped on average
8% 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 2011 - 3rd Q 2012, list prices typically come
down before properties actually have buyer interest or offers. Buyer’s confidence in the market seems to be up but those buyers dipping their toe in the real estate pool are all well educated about the 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
-‐37.04
3rd Q 2012 $36,681,000
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
-‐29.09
-‐30.10
-‐11.20
-‐37.74
133.33
240.21
-‐10.28
39
202
$940,538
$3,300,000
$175,000
$825,000
96
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐36.32 $25,325,688
# OF SALES 72 -‐19.44 58 1.72 59 61.02 95 37.89 131 -‐39.69 79
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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐22.01 $9,035,500
# OF SALES 22 45.45 32 -‐25.00 24 33.33 32 -‐18.75 26 19.23 31
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TOTAL SALES YEAR 2007 2008 2009 2010 2011 3rd Q 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 -‐35.19 -‐29.72 -‐2.46 $71,042,188 149 238
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AVG. DAYS ON MARKET 193 71.50 331 -‐16.31 277 -‐5.05 263 -‐17.49 217 4.15 226
AVG. SALE $654,776 -‐1.09 $647,660 -‐46.72 $345,042 -‐9.35 $312,774 -‐2.93 $303,598 5.59 $320,578
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 -‐41.88 $1,395,000
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AVG. DAYS ON MARKET 262 28.24 336 -‐36.61 213 -‐7.98 196 47.45 289 -‐13.84 249
AVG. SALE $945,034 -‐5.75 $890,667 -‐54.29 $407,116 12.47 $457,900 -‐2.68 $445,617 -‐34.59 $291,468
HIGH SALE $2,000,000 250.00 $7,000,000 -‐88.57 $800,000 72.88 $1,383,000 124.15 $3,100,000 -‐71.77 $875,000
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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 -‐7.58 $477,853
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 -‐37.74 $3,300,000
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 26.37 $230,000
# OF LISTINGS * * 235 10.21 259 -‐41.31 152 16.45 177
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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 58.85 305
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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 -‐9.25 $613,146
AVG. LIST
$665,631 -‐16.11 $558,421 6.02 $592,033 -‐6.15 $555,596
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 1.84 -‐24.84 77.93% 484
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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
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
% CHANGE
-‐26.96
22.22
-‐45.74
-‐40.24
-‐37.74
6.58
-‐25.21
3rd Q 2012
$24,448,000
22
204
$1,111,273
$3,300,000
$405,000
$897,500
2011
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐37.13 -‐28.57 $16,554,425 40
AVG. DAYS ON MARKET 182 69.23 308 19.48 368 -‐40.49 219 20.55 264 11.36 294
AVG. SALE $1,186,532 -‐22.85 $915,464 -‐52.25 $437,173 -‐1.14 $432,209 8.78 $470,169 -‐11.98 $413,861
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 -‐41.88 $1,395,000
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 5.34 $345,000
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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐50.96 -‐38.89 $3,468,750 11
AVG. DAYS ON MARKET 257 -‐0.78 255 2.75 262 -‐49.24 133 103.76 271 30.26 353
AVG. SALE $1,393,684 -‐35.73 $895,769 -‐54.63 $406,396 26.97 $516,000 -‐23.85 $392,928 -‐19.75 $315,341
HIGH SALE $2,000,000 -‐9.00 $1,820,000 -‐56.04 $800,000 72.88 $1,383,000 -‐9.62 $1,250,000 -‐30.00 $875,000
LOW SALE $830,000 -‐45.78 $450,000 -‐62.22 $170,000 -‐4.12 $163,000 -‐23.31 $125,000 -‐8.80 $114,000
MEDIAN SALE $1,200,000 -‐31.25 $825,000 -‐63.23 $303,375 55.75 $472,500 -‐48.68 $242,500 -‐11.34 $215,000
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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
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
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The Meadow Village / Town Center area includes: Antler Ridge, Aspen Groves, Big EZ Estates, Brownstone, Crail Creek, Deer Run, Essentia, Firelight Meadows, Glacier, Grey Drake, Hidden Village, Lost Trails, Madison Court, Meadow Village, Moondance, Moose Ridge, Northfork, , Ousel Falls Estates, Pinewood Hills, Skywood Preserve, Silverbow, Sleeping Bear Road, Southfork, Spanish Peaks North, Sweetgrass Hills, The Ranches, Town Center, Westfork, Wildridge, etc.
THE MEADOW VILLAGE
SINGLE-‐FAMILY 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE
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
% CHANGE
-‐20.33
-‐39.13
3.43
30.88
13.19
37.33
-‐21.06
3rd Q 2012
$11,568,000
14
211
$826,286
$2,660,000
$309,000
$425,500
2011
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐34.75 -‐48.00 $8,771,263 39
AVG. DAYS ON MARKET 195 81.03 353 -‐48.73 181 31.49 238 -‐23.95 181 -‐17.13 150
AVG. SALE $373,937 6.36 $397,710 -‐34.23 $261,565 -‐14.47 $223,724 -‐19.89 $179,225 25.49 $224,904
HIGH SALE $895,000 16.20 $1,040,000 -‐16.83 $865,000 -‐38.73 $530,000 -‐9.43 $480,000 29.17 $620,000
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 18.67 $178,000
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LAND 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 19.51 275.00 $4,139,000 15
AVG. DAYS ON MARKET 287 53.31 440 -‐71.82 124 110.48 261 -‐31.80 178 80.34 321
AVG. SALE $517,583 119.78 $1,137,545 -‐54.26 $520,300 -‐33.93 $343,778 -‐97.51 $8,569 3120.21 $275,933
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 32.30 $200,000
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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
2011 $326 $313 $66 $73 $162
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $367 $411 $302 $365 $394 $289 $174 $198 $164 $192 $203 $170 $262 $280 $222
Browse all MLS listings and learn more about the market at
2009 $644 $247 $106 $108 $182
2010 $241 $235 $43 $63 $129
2011 $188 $186 $71 $73 $125
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GALLATIN RIVER/CANYON
The Gallatin Canyon area includes: Bear Paw Ponds, Beaver Creek 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
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
% CHANGE
-‐93.52
-‐78.57
-‐54.26
-‐69.77
-‐82.65
133.33
-‐62.32
3rd Q 2012
$665,000
3
145
$221,666
$295,000
$175,000
$195,000
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 3rd Q 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 35.98 25.00 $1,427,750 5
AVG. DAYS ON MARKET 186 39.78 260 38.08 359 -‐44.29 200 139.00 478 -‐69.25 147
AVG. SALE $400,000 8.97 $435,867 -‐14.81 $371,333 23.34 $458,000 -‐42.69 $262,500 8.78 $285,550
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 -‐51.71 $99,000
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
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
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{
RESORT REAL ESTATE COMPARISONS Big Sky Resort’s average sales price is down
11% from 4 years ago, in comparison Moonlight’s average is down 5% 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
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
% CHANGE
358.31
350.00
-‐33.03
1.85
34.15
-‐10.34
-‐14.07
3rd Q 2012
$8,960,000
9
223
$995,555
$1,650,000
$650,000
$840,000
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐47.47 -‐62.50 $7,954,425 30
AVG. DAYS ON MARKET 186 39.78 260 32.31 344 -‐45.93 186 37.10 255 -‐5.88 240
AVG. SALE $812,729 -‐23.08 $625,120 -‐43.89 $350,750 3.55 $363,185 -‐47.88 $189,279 40.08 $265,147
HIGH SALE $1,925,000 -‐31.17 $1,325,000 -‐18.87 $1,075,000 -‐13.49 $930,000 72.04 $1,600,000 -‐53.75 $740,000
LOW SALE $140,000 46.43 $205,000 -‐67.56 $66,500 -‐32.33 $45,000 -‐46.67 $24,000 74.17 $41,800
MEDIAN SALE $812,500 -‐32.31 $550,000 -‐45.45 $300,000 21.67 $365,000 -‐36.71 $231,000 -‐6.93 $215,000
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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐87.16 -‐80.00 $140,000 1
AVG. DAYS ON MARKET 0 0.00 107 22.43 131 -‐60.31 52 363.46 241 40.66 339
AVG. SALE $0 0.00 $598,750 -‐52.68 $283,350 16.46 $330,000 -‐33.94 $218,000 -‐35.78 $140,000
HIGH SALE $0 0.00 $1,000,000 -‐69.33 $306,750 10.84 $340,000 -‐23.53 $260,000 -‐46.15 $140,000
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 -‐41.67 $140,000
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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
2011 $247 $246 $246 $247 $246
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
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MOONLIGHT BASIN RESORT SINGLE-‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE
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
% CHANGE
-‐7.21
18.18
-‐52.50
-‐21.49
-‐13.04
6.58
1.67
3rd Q 2012
$15,488,000
13
190
$1,191,384
$3,300,000
$405,000
$945,500
2011
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐20.12 -‐36.36 $5,385,000 7
AVG. DAYS ON MARKET 195 204.10 593 2.53 608 -‐34.38 399 -‐39.60 241 41.91 342
AVG. SALE $1,613,750 20.53 $1,945,088 -‐44.09 $1,087,500 -‐60.80 $426,269 43.78 $612,882 25.52 $769,286
HIGH SALE $2,225,000 1.12 $2,250,000 -‐33.33 $1,500,000 -‐35.00 $975,000 30.77 $1,275,000 9.41 $1,395,000
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 3rd Q 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 1 383.55 300.00 $2,205,000 4
AVG. DAYS ON MARKET 255 -‐45.10 140 172.86 382 -‐48.43 197 -‐5.08 187 -‐16.04 157
AVG. SALE $1,485,556 -‐9.24 $1,348,333 -‐68.48 $425,000 1.65 $432,000 5.56 $456,000 20.89 $551,250
HIGH SALE $2,000,000 -‐9.00 $1,820,000 -‐76.65 $425,000 9.41 $465,000 -‐1.94 $456,000 91.89 $875,000
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
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
bigskysothebysrealty.com
THE CLUB AT SPANISH PEAKS RESORT SINGLE-‐FAMILY 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011
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
% CHANGE
-‐80.84
-‐66.67
-‐89.26
-‐42.52
-‐66.77
59.50
-‐36.83
3rd Q 2012
$1,595,000
1
61
$1,595,000
$1,595,000
$1,595,000
$1,595,000
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CONDOMINIUM/TOWNHOME 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐4.74 $3,215,000
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 1.87 710
$1,650,000 2.27 $1,687,500 -‐36.49 $1,071,667
$1,900,000 0.00 $1,900,000 -‐33.42 $1,265,000
$1,400,000 5.36 $1,475,000 -‐38.98 $900,000
$1,650,000 2.27 $1,687,500 -‐37.78 $1,050,000
2 0.00 2 50.00 3
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LAND 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE 2011 % CHANGE 3rd Q 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 -‐36.38 -‐28.57 $1,262,250 5
AVG. DAYS ON MARKET 274 66.79 457 -‐55.80 202 -‐18.81 164 16.46 191 124.61 429
AVG. SALE $780,393 -‐5.68 $736,071 -‐22.04 $573,829 -‐12.63 $501,333 -‐43.27 $284,429 -‐11.24 $252,450
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 -‐5.00 $114,000
MEDIAN SALE $780,393 -‐10.62 $697,500 -‐18.28 $570,000 -‐6.14 $535,000 -‐69.16 $165,000 75.15 $289,000
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
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 $0 $507 $1,145 $0 $507 $577 $0 $507 $145 $0 $507 $577 $0 $507 $861
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2009 $361 $321 $321 $361 $341
2010 $522 $400 $400 $522 $461
2011 $555 $514 $514 $555 $534
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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
-‐100.00
-‐100.00
-‐100.00
-‐100.00
$0
$0
$0
$0
% CHANGE 2008 % CHANGE 2009 % CHANGE 2010 % CHANGE
9.28
0.00
$5,300,000
1
% CHANGE
-‐100.00
-‐100.00
3rd Q 2012
$0
0
2011
*
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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 3rd Q 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 3rd Q 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
CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 * * * * * * * * * * * * * * * * * * * *
2010 * * * * *
2011 $623 $623 $623 $623 $623
*No data to report, 1 sale in 2010 & 2 in 2011 in MLS
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