This winter season in Big Sky has seen a pick-up in activity after a slow 2009. There 29 residential property closings during the first quarter of 2010, with over two thirds of those being condos or townhomes.

 

By way of comparison, there were only 12 closings in the first quarter of 2009 and 22 in the first quarter of 2008.

 

Condos and Townhomes – The lower priced condo market has become more active with 23 closings so far this year (compared with only 8 for the same period of last year). The average sales price is $330k which is relatively consistent with the past two years but down about 44% from the first quarter of 2007. 

 

For the full year, closings in the condo\townhome market are up 25% between years but the average closing prices have declined. 

 

Residential transactions by quarter in Big Sky:

 

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.