2020 Annual Market Report | Big Sky

ANNUAL MARKET REPORT 2020 · Big Sky, Montana

THANK YOU TO OUR CLIENTS

CONTENTS

02

Big Sky Real Estate Trends

04

Closed Transactions

05

Closed Sales: Moonlight Basin

06

Closed Sales: SPMC

07

Closed Sales: Mountain

08

Closed Sales: Meadow

09

Closed Sales: Canyon

10

Closed Sales by Neighborhood

12

Historical Active Listing Volume

13

Our Real Estate Professionals

The foregoing information was obtained from the Big Sky Country MLS and while deemed reliable is not guaranteed. Independent investigation before purchase is recommended. Price and availablitiy are subject to change without notice. Statistics do not include Yellowstone Club sales.

BIG SKY, MONTANA

2020 BIG SKY

real estate trends UNITS sold 2016

316

2017

OUR TAKE ON THE MARKET To say 2020 was a record-setting year would be a gross understatement. The mass-exodus from urban communities to the quieter, more spacious places of the country drew an immense amount of attention to Montana. The interest in Big Sky left many Big Sky residents in awe as we watched inventory decline and the competition to purchase a property heat up. The gross sales volume more than doubled and the median sales price tried to keep up, also almost doubling from 2019 to 2020.

From the mountain to the meadow, properties sold faster than they could be listed and you can see how that impacted our market by reviewing the detailed breakdown contained in this report. If you have any questions, we’re here to answer them. Enjoy! *All statistics exclude Yellowstone Club and Commercial sales

388

2018

397

2019

371

2020

535

ACTIVE listings 2016

434

2017

387

2018

291

2019

297

2020

183

$725,958,370

GROSS

sales volume IN BIG SKY

$335,376,169

$357,684,529

$264,777,333 $207,385,346

2016 2

2017

2018

2019

2020

2020 MARKET REPORT

2020 BIG SKY

real estate trends

AVERAGE sales price $842,654

$1,356,932

$964,109

$688,588

$656,282

See page 5 for average sales price by neighborhood.

2016

2017

2018

2019

2020

MEDIAN sales price

$850,000

$565,000 $565,000

$417,250 $358,500

2016

2017

2018

2019

2020

AVERAGE days on the market homes

condos/townhomes

land

151

137

272

DAYS

DAYS

DAYS

*All statistics have been taken from the Big Sky Country MLS and while deemed reliable, are not guaranteed. **If you are currently working with another agent, this review is not intended to be a solicitation.

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3

CLOSED

Neighborhoods of Big Sky

transactions

MOONLIGHT BASIN

The vacation community you will want to call home - or your home away from home. At Moonlight Basin recreation is limitless with skiing, snowshoeing, golfing, hiking, mountain biking, horseback riding, and so much more.

SPANISH PEAKS MOUNTAIN CLUB

Summertime golf access becomes winter ski access at the Spanish Peaks Mountain Club. This private ski and golf community offers you the perfect mountain lifestyle.

by price point 4% (9%) Under $199,000 18% (24%) $200,000 - $399,000 17% (18%) $400,000 - $599,000 9% (12%) $600,000 - $799,000 8% (11%) $800,000 - $999,000 14% (8%) $1,000,000 - $1,499,000

MOUNTAIN

Own on the Mountain and be at the beck and call of all things recreational. From hiking to skiing to horseback riding, the activities are abundant. In the summer take an expedition to the top of Lone Peak with Big Sky Resort, or ski the Montana Coldsmoke during the winter months.

MEADOW

If you love year-round Big Sky activities, the Meadow may be the perfect place for you. Majestic views and community activities are right outside your door and you’re only minutes from the mountain and river activities.

CANYON

Gallatin Canyon’s defining feature is the magnificent Gallatin River. Scenic and tranquil yet offering many recreational activities, canyon area real estate speaks to those seeking the quintessential Montana property.

9% (6%) $1,500,000 - $1,999,000 9% (5%) $2,000,000 - $2,999,999 7% (3%) $3,000,000 - $3,999,999 5% (4%) $4,000,000 and Above 2019 percentages in parenthesis.

by neighborhood 10% (6%) Canyon 39% (41%) Meadow 13% (9%) Spanish Peaks Mountain Club 17% (14%) Moonlight Basin 21% (30%) Mountain 2019 percentages in parenthesis.

*All statistics have been taken from the Big Sky Country MLS and while deemed reliable, are not guaranteed. **If you are currently working with another agent, this review is not intended to be a solicitation.

MOONLIGHT

2020 MARKET REPORT

basin

AVERAGE SALES PRICE

MEDIAN SALES PRICE

NUMBER OF TRANSACTIONS

SALES VOLUME

PPSF or PPA

$2,637,500

22

$78,440,000

$954.86

50

$107,362,539

$859.42

17

$30,777,252

$779,148

HOMES

$3,565,455

$2,847,573

$2,048,601

($2,062,500)

$2,303,985

(20)

($56,951,467)

($823.75)

$1,662,267

CONDOS/TOWNHOMES

2016

2017

2018

2019

2020

$2,147,251 $1,900,333

$2,012,500

$1,264,961

($1,875,000)

$1,047,798

(21)

($39,906,998)

($692.65)

$667,388

2016

2017

2018

2019

2020

LAND

$1,810,437

($950,000)

$1,071,667

2016

$1,150,000

$1,213,000

$1,165,000

2017

(11)

($10,867,500)

($779,921)

$987,955

2018

2019

2020 2019 percentages in parenthesis.

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5

BIG SKY, MONTANA

SPANISH PEAKS

mountain club

AVERAGE SALES PRICE

MEDIAN SALES PRICE

NUMBER OF TRANSACTIONS

$3,937,500

26

$111,538,522 $1,000.68 ($52,921,793)

($836.65)

13

$39,775,000

$944.32

25

$32,255,000

$306,682

SALES VOLUME

PPSF or PPA

HOMES

$4,289,943

$3,528,116 $2,967,857

($3,400,000)

$2,885,846

(15)

$2,342,563

CONDOS/TOWNHOMES

2016

2017

2018

2019

2020

$3,059,615

$2,548,333

$2,850,000

N/A

(No Condo Sales)

$2,516,667 $2,257,333

2016

2017

2018

2019

(0)

(N/A)

(N/A)

2020

$935,525

LAND

$732,143

$583,000 $576,933

$579,400

($675,000)

(20)

($18,710,500)

($452,326)

$439,500

2016

2017

2018

2019

2020 2019 percentages in parenthesis.

6

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2020 MARKET REPORT

MOUNTAIN

village

AVERAGE SALES PRICE

MEDIAN SALES PRICE

NUMBER OF TRANSACTIONS

SALES VOLUME

PPSF or PPA

$2,750,000

13

$37,439,512

$609.45

$485,000

82

$62,547,245

$459.29

19

$15,557,000

$821,895

$3,125,000

HOMES

$3,119,959 $2,178,790 $1,762,912

($3,125,000)

(2)

($6,250,000)

($583.26)

$1,213,750

2016

2017

2018

2019

2020

CONDOS/TOWNHOMES

$783,978

$645,976 $603,562

$448,115

2016

($466,000)

$472,069

2017

2018

2019

(82)

($49,492,100)

($398.67)

2020

LAND

$818,789

$443,611 $451,311

$451,712

$625,000 ($407,500)

(26)

($11,744,500)

($247,194)

$296,180

2016

2017

2018

2019

2020 2019 percentages in parenthesis.

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7

BIG SKY, MONTANA

MEADOW

village

AVERAGE SALES PRICE

MEDIAN SALES PRICE

NUMBER OF TRANSACTIONS

SALES VOLUME

PPSF or PPA

$1,275,000

53

$80,750,607

$431.94

101

$63,577,950

$334.55

43

$24,733,000

$491,213

$1,762,912

HOMES

$1,523,596

($1,005,000)

$1,222,336

(24)

($26,395,500)

($384.12)

$1,099,813 $1,027,750

CONDOS/TOWNHOMES

2016

2017

2018

2019

2020

$629,485

$500,132 $525,177

$560,000 ($441,000)

$411,896 $371,215

2016

2017

2018

2019

(92)

($48,316,325)

($303.47)

2020

LAND

$575,186

$428,250

$410,709

$360,000 ($296,000)

$309,594

(16)

($8,893,400)

($491,875)

$216,541

2016

2017

2018

2019

2020 2019 percentages in parenthesis.

8

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2020 MARKET REPORT

BIG SKY

canyon

AVERAGE SALES PRICE

MEDIAN SALES PRICE

NUMBER OF TRANSACTIONS

SALES VOLUME

PPSF or PPA

$967,500

24

$22,365,845

$340.73

28

$12,011,900

$72,573

HOMES

$1,339,900

$804,272

$871,795

$931,910

($799,500)

$800,363

2016

2017

2018

2019

(10)

($13,625,500)

($471.86)

2020

LAND

$1,104,111

$425,000 $244,500

$367,545

$428,996

($399,000)

(9)

($9,937,000)

($53,864)

$227,625

2016

2017

2018

2019

2020 2019 percentages in parenthesis.

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9

BIG SKY, MONTANA

neighborhood

Cowboy Heaven Cabins: 1 Cowboy Heaven: 13 Diamond Hitch: 3 Moonlight Mountain Homes: 7 Silvertip: 3 The Timbers: 1 Ulery’s Lakes: 3

SPANISH PEAKS MOUNTAIN CLUB

call for pricing

HOMES MOONLIGHT BASIN

CLOSED SALES by

Elkridge: 4 Highlands: 16

MOUNTAIN

Ranches: 1 Wildridge: 3 Wilderness Ridge: 1

10

MEADOW

Antler Ridge: 2 Aspen Groves: 9 Big Pine: 2 Grey Drake: 1 Grey Owl: 1 Meadow Village: 16 Moosewood: 1

Ousel Falls: 11 Skywood Preserve: 1 South Fork Meadows: 8 Spanish Peaks North: 2 Sweetgrass Hills: 5 Westfork: 3

CANYON

Beehive: 3 Cascade: 9

Beavercreek West: 1 Blackfoot Hills: 1 Cliff Manor: 1 Forest Service Cabins: 6 Karst: 1

Misc. Canyon Homes: 5 Parkview West: 2 Porcupine Park: 2 Ramshorn Estates: 3 San Marino: 2

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2020 MARKET REPORT

CONDOS/TOWNHOMES

LAND

Alpine Meadows: 2 Cowboy Heaven Luxury Suites: 5 Gateway: 18 Lodgeside: 4 Saddle Ridge: 10 Ulery’s Lakes: 12

Cowboy Heaven: 2 Diamond Hitch: 1 Jack Creek: 1 Overlook: 9 Ulery’s Lakes: 3

Elk Ridge: 2 Gallatin Preserve: 1 Ranches: 12

Homestead Cabins: 4 Inspiration Point: 2 Settlement Cabins: 7

Spring Creek: 4 Wildridge: 8 Wilderness Ridge: 5

Alpenglow: 3 Lone Moose Meadows: 1 Big Horn: 7 Mountain Lakes: 5 Black Eagle: 3 Powder Ridge: 10 Cascade Ridge: 2 Shoshone: 4 Cedar Creek: 1 Stillwater: 3 Hill: 19 Summit Hotel: 8 Homestead Chalets: 2 Village Center: 2 The Lodges at Elkhorn Creek: 4

MEADOW VILLAGE 45° North: 3

Hidden Village: 9

Aspen Court: 1

Lone Peak Townhomes: 1

Cottonwood Crossing: 3

Moose Ridge: 3

Blue Grouse: 1

MeadowView: 7

Crail Creek Club: 6

Morning Sun: 1

Deer Run: 4

Silverbow: 1

Crail Ranch: 1

Elevation 6000: 1

Pines: 1

Sky Meadow: 1

Essentia: 5

South Fork: 3 Spanish Peaks

Firelight Condos: 5

Spruce Cone: 2

Grey Wolf: 2

Yellowstone: 5

Firelight Chalets: 19 Glacier: 3

Mtn. Club: 5 Tamarack: 6

Beehive: 3 Cascade: 6 Ciel Drive: 1 Joy Drive: 1 Summit View: 2 Montana Club: 7 Antler Ridge: 7 Aspen Groves: 1 Grey Drake: 1 Greathorn Ranch: 2 Lost Trails: 1 Meadow Village: 10 Moondance: 1 North Fork: 1

Other: 1 Skywood: 1 South Fork: 5 Spanish Peaks North: 5 Stony Creek: 1 Sweetgrass Hills: 3 Yellow Mountain: 2

Bear Paw Ponds: 1 Beavercreek West: 4 Blackfoot Hills: 7 Buck Ridge Ranch: 1 Dudley Creek: 1

Elk Ridge Ranch: 4 Misc. Canyon Land: 2 Pessl Spur: 3 Porcupine Park: 1 Towering Pines: 3

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11

BIG SKY, MONTANA

2020 BIG SKY

real estate trends

HISTORICAL active listing volume $616,715,916 $563,483,919

$482,145,217

$470,562,065

2016

$455,512,850

2017

2018

2019

Noteable increases;

2020

Closed Sales Homes  86%

Condominiums  26% Land  44%

12

2020

list to sale

97.4%

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2020 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

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 MLS 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.

BIGSKYPUREWEST.COM • 406-995-4009

13

LOCATIONS Town Center 88 Ousel Falls Road, Suite B Big Sky, MT 59716

Big Sky Resort The Exchange (Formerly the Mountain Mall)

406.995.4009

www.bigskypurewest.com