Big Sky Real Estate Listings & Prices
Residential realty ⇑ $1,375,000, one year: $1,300,000 (Q1 2023) to $2,675,000 (Q1 2024)
Chart 1: Median residential real estate sales prices (homes, condos, townhouses) have been rising precipitously since Q1 2020.
Compare today’s median price of $2,675,000 with Q1 2023’s $1,300,000 price.
Looking Back
The Q4 2022 residential sales price (homes, condos, townhouses only) of $2,475,000 was ⇑ $1,150,000 or ⇑ 86.8% above the Q4 2021 price of $1,325,000.
In 2020, residential prices flattened in December and continued flat until June 2021, jumping by $100,000 in July and then flattening again until late 2021.
Q4 2022: the price for residential real estate (homes, condos, townhomes) had been climbing for 6 years, rising from $378,750, Q4, 2016, to Q4 2022’2 $2,475,000, a ⇑ $2,096,250 or ⇑ $553.5% increase in 24 quarters.
Condo and townhome prices continue up, moving from $1,087,500 in Q1 2022, to the present $2,775,000, up ⇑ $1,687,500 or ⇑ 155.2% in 8 quarters.
The Big Sky real estate report holds more data and charts.
Chart 2: Big Sky closed residential sales figures continue dropping and, overall, have been dropping since the fourth quarter 0f 2020.
Reasons? Fewer people want to leave Big Sky, increased mortgage rates have dampened sales, fewer people are cashing in on the recent (~4 year) upward price trend.
Highest quarters/year for residential sales going back to 2019: Q1 2022, 68; Q2 2021, 107; Q4 2020, 171, Q2 2019, 90.
Chart 3: In concert with the recent closed sales performance, pending residential sales in Big Sky, Montana have been declining since the third quarter 0f 2020, when pending sales were 200.
As we’re about to go into Q3 2024, pendings are 43.
Big Sky, MT Real Estate Factoid
Mid-winter and mid-summer are often the highest periods for pending sales (note “pending sales” chart 3).
Perhaps these periods top the charts because March hosts spring break, which brings a great number of skiers and snowboarders.
And August tends to be the top summer tourist month, a time for golf, fishing, hiking, biking, and more.
