Big Sky continues to leave them on those looking to buy in
“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
—Theodore Roosevelt, U.S. president
President Roosevelt liked being out West, and he liked being in Montana. So do we.
From Yellowstone National Park, to the Upper Missouri River and Hi-Line of Northern Montana, there are wonders galore.
Roosevelt first visited the Big Sky area in 1886, over 100 years before the Lone Peak Tram was installed to the top of Lone Mountain. Since then, much has changed… and, by the looks of it, there is more change to come.
In the late 1960s, Chet Huntley, vacationing in his native Montana just past Big Sky at the 320 Ranch, had a notion that majestic Lone Mountain might be a wonderful backdrop for a world-class ski and summer resort. In 1973, that vision became a reality when Big Sky welcomed skiers for the first time.
Now, 45 years later, neither Teddy nor Chet would recognize the place.
In 2017, there were 394 closed real estate sales reported in the greater Big Sky area. That’s up from 324 sales in 2016. The 2017 total sales volume was $289,840,313. So far in 2018, we’ve had 174 sales with a sales volume of $155,617,227 (through June 1). In 2017, there were 539 listed properties. To date in 2018, there have been 191 new listings out of the 304 properties currently listed for sale.
The total number of properties in 2017 that sold for under $500,000 is 222 out of the 394 reported—while 83 properties sold for prices between $500-$1,000,000 and 89 properties sold over $1,000,000.
The median price of property in Big Sky has increased over the years as well. (Median equals half of sales are over and half are under). In 2016, the median price was $1,647,500. In 2017, it was $1,525,000 and so far in 2018, the median price has been $1,850,000. Several larger value sales in the area’s private clubs can skew this median number higher. However, clearly values and pricing are on the incline.
The average price of a property listed in Big Sky in 2017 was $741,280 and to date in 2018, it is $898,089.
The trend we’re seeing is that demand is both strong and increasing, while available inventory is decreasing and being replaced slowly. In January of 2018, we had a value of $477,203,415 listed inventory, compared to January of 2017 with a value of $584,845,768.
By June 2107, there was a $617,133,778 inventory with an average of 443 listings each month. As of June 2018, there has been an average of 344 listings each month with a value of $360,060,868.
There are so many great choices and opportunities still available in Big Sky, whether it’s property in the Canyon area, the Meadow area for access to hiking, biking and fishing, or up closer to the Mountain Village for mountain biking, zip lining and skiing.
Teddy and Chet were both early converts to Big Sky. They both had vision and knew a good deal when they saw it!
Stacy and Eric Ossorio are brokers with Berkshire Hathaway Home Services Montana in Big Sky. They both previously were brokers with Cushman & Wakefield of New York. Stacy is a graduate of Greenwich Academy and Lehigh University. Eric is a graduate of St. Mark’s School in Southborough, Mass., and Vassar College.