Market Updates

PureWest Christie's International Real Estate | Big Sky

2016 Annual Market Report full report on-line, snapshot below.



MICHAEL THOMAS, Broker
CRS
M: (406) 581-2400
michael.bigsky@gmail.com

SANDY REVISKY, Broker
GRI, CRS, ASR, SFR, ABR
M: (406) 539-6316
sandy@ownbigsky.com

MARY WHEELER, Broker
GRI, CRS, ABR, SFR
M: (406) 539-1745
mwheelerbigsky@gmail.com

2015 Market Update

2015 has been a year of stabilization in the Big Sky real estate market. After a significant increase in units sold in 2013 and an increase in gross sales volume in 2014, the market has leveled in 2015. In examining sales history closely, we see that 2013 was representative of a soft sellers' market marked by an increase in units sold from previous years. 2014 showed an increase in gross sales volume although units sold decreased, largely due to strong activity in new, high end product sales. The impressive number of high end sales in 2014 depleted the high end inventory available in 2015 which in turn resulted in a slightly lower gross sales volume in 2015.

Current inventory in 2015 shows 430 properties available, as compared to 450 properties during the same time frame in 2014. Our current absorption rates are another indicator of stabilization within the real estate market. Assuming these rates are maintained, in conjunction with new high end inventory availability, we anticipate 2016 gross sales volume eclipsing that of the last two years.

We are proud to announce that for the sixth year in a row, our small group of Brokers at PureWest, Christie's International Real Estate, has surpassed all other Big Sky real estate firms in both closed transactions and total closed sales volume. 2015 proved to be another stellar year with our PureWest office representing 28% of the total gross sold volume, due in large part to our excellence in customer service, client relationships, knowledge of the market and marketing excellence.

February, 2015
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.

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.