In general, sales prices are roughly 50% off their peak achieved in late 2006 and early 2007. The average sales price in 2009 was $554K which is a return to the average sales price in 2005 and down from a peak of over 1.0 million in 2008. The median sales price was $340K in 2009 which is slightly below 2005 and down from a peak of $637K in 2007. As a result, total sales volume of $45 million in 2009 was down 48% over 2008 despite the fact that the overall number of transactions was essentially unchanged between years.

Total real estate sales in Big Sky and the Gallatin Canyon are expected to improve somewhat over 2009 but are still far off the peak years of 2006 and 2007.   

Sales reported in the Gallatin Valley MLS are expected to total $62 million for Big Sky in 2010, up 15% over last year.  More importantly, the number of transactions is expected to increase to 139, up 50% over last year.  While this clearly means that the average sales price is down over 2009, it signals a recovering market where transactions are taking place and sellers can liquidate when necessary. 

Average days on market remain a stubborn 238 days on average but the median fell to 100 days from 165 in 2009.  Agents at PureWest Christie’s Great Estates have noticed that the less expensive properties, typically condos and townhomes are moving more quickly as sellers price aggressively and buyers are taking advantage of bargains to own a place in Big Sky.  Luxury properties such as mountain homes are taking longer to sell as buyers are less confident a bottom has been reached.  Average DOM wad 295 in 2008 and the median was over 200 days so liquidity increased markedly in 2010.

				DOM	DOM
Period	Sales #	List Price	Sale Price	Average	Median
2008	89	$99,814,000	$92,236,000	295	210
2009	93	$61,842,000	$53,789,000	239	165
2010	139	$78,537,000	$61,719,000	238	100

 

While no public information is available for real estate transactions at the private Yellowstone Club, the word is that sales have been robust since the acquisition by Cross Harbor with rumored numbers in the $100 - $140 million range.  Only transactions in recorded in the MLS are shown here and unfortunately, some developer land sales in Spanish Peaks, Moonlight Basin and the Yellowstone Club are not included the MLS data.

For more Big Sky Statistics:

Days on Market