ANNOUNCING...the new Homestead Chalets at Big Sky Sky. Preliminary plans are being released on these exquisite new 5-bedroom condominiums near the Powder Ridge area in what's beenknown as Montana Club. Follow the Homestead page for updates.
PureWest Christie's International Real Estate | Big Sky
2014 ANNUAL MARKET REVIEW
The 2014 year was an exciting one in Big Sky with a continued robust real estate market. Like much of the country, real estate continued to trend upwards in 2014 and we are proud to announce, that for the fifth year running, our Big Sky PureWest office outperformed all others in the area, bringing together more buyers and sellers! In fact, PureWest alone was responsible for almost half of the entire gross volume sold in Big Sky in 2014!
ANNUAL SALES TRENDS
While the number of closings decreased in 2014 to 328 (when compared to 350 in 2013), the average sales price increased to $749,691 from $473,611 in 2013. This explains the 2014 surge in real estate sales volume, which grew significantly to $245,898,813 from $165,763,897 in 2013. In fact, average sales price, median sales price, and overall gross sales volume all climbed in 2014. The Median Sales price rose from $300,000 in 2013 to $378,772 in 2014, while the percentage of distressed sales fell from 13% in 2013 to only 5% in 2014.
Our inventory level is still low, with only 415 properties currently on the market in the Big Sky area (compare this to a high of 842 in 2009). Our current absorption rates are indicative of a correction in our market's supply and demand and if maintained, should continue to push pricing higher through 2015.
The 2014 market exhibited an increase in sales volume and average sales price in all categories including vacant land, homes and condominiums. As the market continues to expand, developers are entering back into the market. This winter, Moonlight's newest neighborhood, Silvertip, was released to the market. In addition, Big Sky Resort plans to release a limited number of Montana Club Chalets in the coming months. PureWest is the listing agent for both of these exciting projects, so be sure to contact us for further information.
2014 saw another significant drop in the number of distressed properties sold. In 2011, 39% of all sales were distressed properties, as compared to 23% in 2012 and 13% in 2013. As stated above, only 5% of the sales in 2014 were distressed properties. At the release of this Annual Market Review, only one property in Big Sky is classified as a distressed property (short sale or foreclosure).
As expected, with the decrease in both inventory and distressed sales, buyers in 2014 had to adapt to slightly higher pricing. In 2014, Big Sky witnessed an increase in excess of 40% in the number of properties sold over the $1,000,000 price point. In 2014, 63 properties sold for over $1,000,000, a dramatic increase from only 28 in 2013.
With that said, successful sellers are pricing their properties to reflect the market, but savvy buyers are still finding values in Big Sky. As data for specific properties and developments does vary, we hope you will contact us for a more detailed analysis of your specific real estate interest and look forward to seeing you the next time you, your family or friends visit Big Sky.
Mary Wheeler, Michael Thomas and Sandy Revisky
Listing Brokers for Big Sky Resort
The Brokers at Christie's International Real Estate | Big Sky
SANDY REVISKY, Broker
GRI, CRS, ASR, SFR, ABR
M: (406) 539-6316
MARY WHEELER, Broker
GRI, CRS, ABR, SFR
M: (406) 539-1745
MICHAEL THOMAS, Broker
M: (406) 581-2400
If you choose to own real estate in Big Sky, then choose Big Sky Property Management to maximize its rental potential and your peace of mind.
REAL ESTATE GAINS GROUND IN BIG SKY
(October 2013) - The Big Sky area real estate is picking up from the recent downturn. Price points for the lower end properties are climbing due to dwindling listings and scarce rental inventory, plus, sale prices seem to be coming in close to listing prices. Sales of premium condominiums and homes actually started picking up a year ago and with Big Sky Resort's pending acquisition of Moonlight Basin, real estate will continue to see substantial growth.
When Big Sky Resort released the fifth and final phase of Powder Ridge Cabins in December 2011 it seemed a bit risky, but to date, all but 4 of the 15 units listed from $600,000 to $1 million have sold. Two cabins were made available with eighth-share fractional ownership and now with three closings pending, only a single unit remains of the 16 total. The list price for 3,334 square foot five-bedroom cabin for one of these fractional ownerships is $149,000 for six weeks for owners to use, rent or trade.
Village Center ski suites, slopeside in the heart of the Big Sky Resort's Mountain Village, has seen success in the secondary market with six condominiums sold in the last year. Current offerings include a one-bedroom and a three-bedroom on fractional ownership starting as low as $69,000. Also listed is the Village Center Tower Penthouse, a spectacular three-bedroom unit with nearly 2,000 square feet overlooking the plaza for $1 million. Showings have been active, and an additional Village Center suite will be released from the developer soon.
Brian Wheeler, Director of Real Estate & Development for Big Sky Resort states "We are very optimistic about a strong winter ahead."
(May 2013 Broker Notes)
REAL ESTATE SALES ARE BRISK. More Powder Ridge Cabins have sold in recent weeks, leaving only four models in Phase 5 available at this time. Choose from Frontier, Trapper, Homestead or Ponderosa floor plans. Prices start at $600,000, ACT NOW! (Download current prices & availability)
(January 2013 Broker Notes)
SEVERAL EARLY SEASON STORMS have provided Big Sky Resort with excellent ski conditions and helped make the Christmas Holiday season one for the records. Up over 16% in skier visits from the previous record breaking year, with Mountain Sports and the Basecamp Kid's and Teen's camps seeing their busiest week as well. Big Sky also saw its biggest skier day in history with nearly 6,000 skiers, with an average of over 4,800 skiers and riders during the week between Christmas and New Year's Holidays. Across the Boyne family of resorts nationwide, the holiday season produced record attendance and revenue numbers.Benefiting from that record traffic, Powder Ridge Phase 5 showed significant progress as well. Cabin nos. 28 and 29, both Homestead floor plans, were completed and closed to the delight of their new owners. Meanwhile, new contracts have been accepted on Cabins 30 and 31, also Homestead floor plans. Construction has proceeded right on schedule and Cabins 36 and 32 are poised to be completed and closed during February. In total, six cabins will be completed and closed before the end of ski season. Ground breaking will take place on two more, just as soon as spring conditions return to Lone Mountain. In just one year since the project was launched it is fifty percent sold.