1ST QUARTER MARKET REPORT 2020 · Big Sky, Montana
T O O UR C L I E NT S Things have been different for all of us as we adapt to ongoing changes and life from 6 feet apart. Our thoughts are with everyone that has been touched by the current events. Our top priority remains our clients’ health and safety. We are so grateful to be in Montana where the impacts have been significantly less compared to other states and nations. As a plan to move forward unfolds, and we begin a staged approach to gradually and safely reopen our great state, we reflect on how quickly our communities were able to adapt. Despite the social distance, people were there to support each other, we ordered takeout from our favorite restaurants, we donated to local non-profits doing important work during this time, we thanked the essential workers for their sacrifice, and we took the time to connect virtually with the people we care about. PureWest was also able to adjust efficiently, proving that real estate truly is an essential business. We were here to serve our clients through challenging circumstances and we will continue to do so. The real estate market in Montana remains strong and steady. If anything, the desire to reside in a rural place has increased. Although there are some new rules of the road involved to ensure safety, buyers and sellers in the market today are more serious than ever and are actively making decisions now. Mortgage rates are at all time lows providing unprecedented opportunity. Housing inventory remains low, which is an ongoing challenge for active buyers. As people become more familiar with the ability to work from home, we may continue to see an influx of professionals who can work remotely and live in paradise. “Nationally, sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” NAR Chief Economist Lawrence Yun said. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of Realtors® report the same level or even more business activity now than before the economic lockdown.” We are encouraged to hear positive insight from experts in the real estate industry. “This is not 2008. Today’s market conditions are far from the time when housing was a key factor that triggered a recession,” a Keeping Current Matters article reads. “Rest assured, housing is not a catalyst that could spiral us back to that time or place.” Through all of this, PureWest agents have been refining their tools. We are staying on top of market activity, keeping in contact with clients and colleagues, and collaborating with our international affiliates on greater impacts across the world. Now, more than ever, we value our global network and the ability to share challenges and successes. As Montana begins to open its doors, we are more ready than ever to work with buyers and sellers to achieve their goals. We remain available to you and look forward to hearing from you. Sincerely, 1
Your PureWest Christie’s International Real Estate of Big Sky Team
BI G S KY, M O N TA N A
2020 1 ST QUARTER MARKET REPORT
M A R K E T
U P D A T E
•
Q U I C K
S T A T S
A side-by-side comparison of all real estate sales in Big Sky, Montana from January 1st through March 31st in 2018, 2019, and 2020.
January 1 - March 31st BIG SKY
2018
2019
2020
Total Closed Sales
82
75
75
Total Gross Volume
$58,022,643
$65,133,613
$103,305,557
Average Price
$725,283
$868,448
$1,377,407
Median Price
$477,250
$550,000
$975,000
Average % Sold Price to List Price
97.5%
96.9%
96.2%
Average Days on the Market
232
204
179
Lowest Price
$125,000
$125,000
$175,000
Highest Price
$3,750,000
$5,150,000
$8,000,000
*Excludes Yellowstone Club sales
The foregoing information was obtained from the Big Sky Country Multiple Listing Service and while deemed reliable is not guaranteed. Independent investigation before purchase is recommended. Price and availability subject to change without notice. Statistics do not include Yellowstone Club sales.
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SINGLE FAMILY HOMES © PEAK PHOTOGRAPHY
2018
2019
2020
C O M PA R E D BY PROPERTY TYPE
Number of Properties Sold
17
18
21
Total Gross Volume
$25,570,658
$30,363,133
$56,557,602
Comparison of real estate sales by property type in Big Sky, Montana from January 1st through March 31st in 2018, 2019, and 2020. Property types included are Single Family Homes, Condominiums, and Land.
Mountain Properties Sold
10
8
10
Meadow Properties Sold
3
9
9
Canyon Properties Sold
4
1
2
Average Price
$1,826,476
$1,686,840
$2,693,219
Median Price
$1,960,000
$1,575,000
$1,900,000
Average Days on the Market
266
172
156
Average Price Per Square Foot
$417.00
$493.90
$610.07
Median Price Per Square Foot
$486.11
$537.11
$556.47
Lowest Price
$489,000
$689,000
$370,000
Highest Price
$3,750,000
$3,836,113
$6,850,000
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B I G S K Y P U R E W E S T. C O M • 4 0 6 - 9 9 5 - 4 0 0 9
CONDOMINIUMS
LAND
2018
2019
2020
2018
2019
2020
39
36
36
22
20
16
$18,511,955
$16,174,500
$34,853,702
$9,850,030
$18,596,000
$10,760,252
22
24
24
10
12
9
17
12
12
11
7
6
-
-
-
1
1
1
$474,666
$445,014
$968,158
$447,729
$929,800
$672,516
$358,000
$386,750
$397,500
$320,000
$457,500
$497,500
160
123
178
363
347
244
$314.47
$349.50
$464.82
-
-
-
$304.55
$332.39
$378.51
-
-
-
$125,000
$125,000
$175,000
$155,000
$148,000
$275,000
$1,750,000
$1,100,000
$3,527,495
$1,800,000
$5,150,000
$1,250,252
*Excludes Yellowstone Club, Commercial, and Forest Service Leases sales.
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BI G S KY, M O N TA N A
2020 1 ST QUARTER MARKET REPORT
YOUR TRUSTED EXPERTS FOR Big Sky REAL ESTATE.
JACKIE MILLER
LYNN MILLIGAN
MARY WHEELER
WILLIAM FEHER
Broker jackie@purewestproperties.com 406-539-5003
Broker mwheelerbigsky@gmail.com 406.539.1745
5
Broker lynnebrush@gmail.com 406-581-2848
Associate william@cascaderidge.com 406-600-0275
SANDY REVISKY Broker sandy@ownbigsky.com 406-539-6316
BRENNA KELLEHER Associate brennakelleher@gmail.com 406-581-3361
MICHAEL THOMAS Broker michael.bigsky@gmail.com 406-581-2400
MIRANDA WHEELER Associate mirandalwheeler@gmail.com 406-640-1655
The foregoing information was obtained from the Big Sky Country Multiple Listing Service and while deemed reliable is not guaranteed. Independent investigation before purchase is recommended. Price and availability subject to change without notice. Statistics do not include Yellowstone Club sales.
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