It's almost summer and the Big Sky Real Estate market is doing fine.
While there are still some pricing adjustments at the upper end of the market anticipated in order to find the activity level between supply and demand, the pricing adjustments at the lower end are moving up as demand has outpaced supply.
There is no question that well priced properties and properties that are perceived to offer value are getting snapped up at a rapid pace. There are a few properties, however, that are taking a bit longer to find a Buyer when the asking price and value proposition are less obvious.
So what does this mean:
The Big Sky area encompasses 228 mi.², or approximately 146,000 acres. Approximately 100 mi.² are in areas that are either developed or can be developed. The balance, approximately 228 mi.² is surrounding Forest Land, Wilderness, animal habitat or unlikely development.
Within the 64,000 acres which comprise the Big Sky real estate market area, there are:
Currently, 448 properties listed in the greater Big Sky market (which now includes some listings at the Yellwostone Club), with a market value of $608,900,000. List prices range from $75,000 for commercial Condo to $16,500,000 for a spectacular home on 1,500 acres Moonlight’s Jack Creek area. About 1/2 of the listed properties are valued at under $529,000, and the other 1/2 over $529,000. Of the 249 properties listed over $529,000, 109 are priced between $500,00 and 1$ million, 71 are between $1MM and $2,000,000 mark: 25 priced between $2MM and $3,000,000: 17 priced between $3MM and $4,000,000: 3 priced between $4MM and $5,000,000: 24 priced over $5,000,000.
Of the 241 properties listed under $500,000, 100 are priced under $250,000, and 144 are priced between $250,000 and $500,000. Interestingly, there are 140 Condos listed. 91 Condos are in the Mountain Village. 49 Condos are in the Meadow Village. 76 are priced under $500,000, and 64 are priced from $500,000 to $9,800,000 (for a special place in the Yellowstone Club).
Over the past year, from May 31, 2015 to June 1, 2016, a total of 282 properties were sold, with a sold value of $180,000,000: including 67 land properties and 205 residential units sold. 10 were commercial sales (predominantly in a new commercial area in the Canyon).
The low price point was $65,000 and the top of the market was $9,925,000. 3 properties traded on MLS in the Yellowstone Club for a value of $19,225,000.
235 properties sold for under $1MM. 87 properties sold for under $250,000: 91 sold for between $250,000 and $500,000: 52 sold between $500,000 and $750,000 and 13 sold between $750,000 and $1MM. 47 properties sold for over $1MM. 13 properties sold for over $2MM. 7 properties were over the $3MM level.
During the previous year (May 31, 2014 to June 1, 2015), a total of 339 properties sold, for a sold value of $238,000,000, including: 80 land properties and 240 residential properties. 19 commercial were commercial sales.
The low price point was $69,000 and the top of the market was $17,000,000 for an extra ordinary property in the Yellowstone Club. 4 properties traded on MLS in the Yellowstone Club for a value of $33,125,000.
283 properties sold for under $1MM. 123 properties sold for under $250,000: 103 sold for between $250,000 and $500,000: 48 sold between $500,000 and $750,000 and 20 sold between $750,000 and $1MM. 58 properties sold for over $1MM. 20 properties sold for over $2MM. 11 properties were over the $3MM level.
Activity levels have lightened up a bit, yet the quality of available inventory continues to improve, although some market segments are under pressure due to a lack of competitive inventory. Infrastructure improvements including NorthWest Energy and telephone and internet expansion and service upgrades are ongoing. The newly opened and operational Big Sky Medical Center is in full swing.
Big Sky has always been a great place to visit. Its also more and more a great place to live.
While there are still some pricing adjustments at the upper end of the market anticipated in order to find the activity level between supply and demand, the pricing adjustments at the lower end are moving up as demand has outpaced supply.
There is no question that well priced properties and properties that are perceived to offer value are getting snapped up at a rapid pace. There are a few properties, however, that are taking a bit longer to find a Buyer when the asking price and value proposition are less obvious.
So what does this mean:
The Big Sky area encompasses 228 mi.², or approximately 146,000 acres. Approximately 100 mi.² are in areas that are either developed or can be developed. The balance, approximately 228 mi.² is surrounding Forest Land, Wilderness, animal habitat or unlikely development.
Within the 64,000 acres which comprise the Big Sky real estate market area, there are:
Currently, 448 properties listed in the greater Big Sky market (which now includes some listings at the Yellwostone Club), with a market value of $608,900,000. List prices range from $75,000 for commercial Condo to $16,500,000 for a spectacular home on 1,500 acres Moonlight’s Jack Creek area. About 1/2 of the listed properties are valued at under $529,000, and the other 1/2 over $529,000. Of the 249 properties listed over $529,000, 109 are priced between $500,00 and 1$ million, 71 are between $1MM and $2,000,000 mark: 25 priced between $2MM and $3,000,000: 17 priced between $3MM and $4,000,000: 3 priced between $4MM and $5,000,000: 24 priced over $5,000,000.
Of the 241 properties listed under $500,000, 100 are priced under $250,000, and 144 are priced between $250,000 and $500,000. Interestingly, there are 140 Condos listed. 91 Condos are in the Mountain Village. 49 Condos are in the Meadow Village. 76 are priced under $500,000, and 64 are priced from $500,000 to $9,800,000 (for a special place in the Yellowstone Club).
Over the past year, from May 31, 2015 to June 1, 2016, a total of 282 properties were sold, with a sold value of $180,000,000: including 67 land properties and 205 residential units sold. 10 were commercial sales (predominantly in a new commercial area in the Canyon).
The low price point was $65,000 and the top of the market was $9,925,000. 3 properties traded on MLS in the Yellowstone Club for a value of $19,225,000.
235 properties sold for under $1MM. 87 properties sold for under $250,000: 91 sold for between $250,000 and $500,000: 52 sold between $500,000 and $750,000 and 13 sold between $750,000 and $1MM. 47 properties sold for over $1MM. 13 properties sold for over $2MM. 7 properties were over the $3MM level.
During the previous year (May 31, 2014 to June 1, 2015), a total of 339 properties sold, for a sold value of $238,000,000, including: 80 land properties and 240 residential properties. 19 commercial were commercial sales.
The low price point was $69,000 and the top of the market was $17,000,000 for an extra ordinary property in the Yellowstone Club. 4 properties traded on MLS in the Yellowstone Club for a value of $33,125,000.
283 properties sold for under $1MM. 123 properties sold for under $250,000: 103 sold for between $250,000 and $500,000: 48 sold between $500,000 and $750,000 and 20 sold between $750,000 and $1MM. 58 properties sold for over $1MM. 20 properties sold for over $2MM. 11 properties were over the $3MM level.
Activity levels have lightened up a bit, yet the quality of available inventory continues to improve, although some market segments are under pressure due to a lack of competitive inventory. Infrastructure improvements including NorthWest Energy and telephone and internet expansion and service upgrades are ongoing. The newly opened and operational Big Sky Medical Center is in full swing.
Big Sky has always been a great place to visit. Its also more and more a great place to live.