Big Sky Luxury Real Estate
THIRD QUARTER 2023
Consider coming back to our beautiful mountain town this fall season. Spectacular scenery with breathtaking natural beauty, the landscape transforms into vivid canvas of warm hues. Fall brings mild and comfortable temperatures to Big Sky, making it an ideal time for outdoor activities. Enjoy hiking, mountain biking, or simply strolling through the picturesque trails. It is the season when wildlife in Big Sky becomes more active. You may have the opportunity to spot elk, deer, and other animals as they prepare for winter. It’s a fantastic time for wildlife enthusiasts and photographers. If you’re seeking a tranquil escape, the quieter fall season in Big Sky provides a perfect opportunity to relax, unwind, and enjoy the peaceful atmosphere.
The local real estate market has experienced some notable changes compared to the previous year:
Residential Median Sales Price
In Q3 2023, the residential median sales price in Big Sky rose to $2,400,000, reflecting a modest increase of 4.3% since Q3 2022. This suggests a stabilization in property prices in this mountain town, which aligns with the resurgence of consumer confidence. Notably, there were 57 closed sales in this quarter, representing a significant 39% increase compared to the same period the previous year.
Median Sold Price Per Square Foot
The median sold price per square foot has reached $1,003, showing a 1.4% growth from Q2 2022. This increase not only indicates a willingness among buyers to pay more for residences but also reflects the rising construction costs. It’s worth noting that the new construction price per square foot reached its peak in Q1 2023 at $1,310 per square foot.
Average Days on the Market
The average days on the market decreased by 11.1% from Q2 2022, with properties taking approximately 40 days to sell. This decline in days on the market indicates a strong demand in the area, with properties moving off the market more quickly.
While new listings have increased in Q3, they are still slightly down from Q2 2022. In this quarter, 83 properties were added to the market, marking a decline of 15.3% from the previous quarter. This suggests some seasonal fluctuations in the number of properties available.
Developer vs Non-Developer Sales
As local real estate experts, we have observed these trends in the Big Sky market. The decreasing days on the market, except for properties in the Canyon area, indicate a resurgence in buyer activity, particularly for developer properties, where days on the market have decreased significantly. Currently, there are 12 non-developer properties under contract and 37 developer properties. Closed sales in Q3 2023 were up by 39% compared to Q2 2022, with developer properties experiencing a substantial 48% increase in closed sales, while non-developer properties saw an 11% increase.
Although these indicators suggest a leveling off in the market, it’s essential to recognize that the Big Sky real estate market has been performing at unprecedented levels. Sellers in Q3 have continued to realize returns on their real estate investments, and there has been a slight overall uptick in the sold price per square foot compared to the same period last year. This indicates the enduring appeal of Big Sky, Montana as a destination for real estate investment.
For those looking for a retreat away from high-density areas, we’re happy to assist you in finding a special place where you and your family can remain healthy and happy.
For all of your real estate needs throughout Montana’s resort communities, call 406.995.2211 or visit one of our offices.