Is the Big Sky Real Estate Market Too Hot?

by Liz Nitz

Today I am looking at pricing and real estate market trends in Big Sky Montana.  This should serve to round out one’s perspective on real estate in southwest Montana – check my blogs on November 15 and 25th for more information on Belgrade and Bozeman. The four graphs below represent single family homes, condos and townhomes in 4 different price categories.  In the first graph, we see sold prices of homes below $295K.  You might think this looks like good news for buyers but if you factor in actually how many homes have actually sold and are on the market, you see that there are 2 single family homes listed and 9 condos.

Big Sky housing market median sales price by property type 295000

 

 

In the next category seen below, we have homes from 295K to 512K.  In this category, pricing looks pretty flat in 2019.  But factor in that there are no single family homes and only 20 condos on the market currently.

Big Sky housing market median sales price by property type 295000-512000

 

 

In the next category seen below, we have home from 512K – 1.1M.  Things get a little interesting here as we see median prices for single family at 947K and condos at 752K.  Townhomes and Single family homes especially reflect pretty large increases this year which is, of course, a function of little supply and big demand.  As we sit today, there are 3 single family homes on the market right now and no townhomes but there are 24 condos in this price category available.

Big Sky housing market median sales price by property type 512000-1100000

 

 

In the last category, we see everything over 1.1M.  And we see increasing prices this year in the single family and condo categories.  There are currently 56 single family homes on the market and 58 condos.  Clearly, this is where the developers and builders are concentrating and where they perceive the demand to be.

Big Sky housing market median sales price by property type 1100000

 

 

The Big Sky market is different than our other SW Montana housing markets as it is primarily made up of second homes.  The second homes are owned by mostly outsiders or non Montanans.  Their money has come from the booming economy and record stock market that we have seen in the past few years.  I think that as long as that continues, all will be good in Big Sky as it is a beautiful place with many amenities.  However, all economics are cyclical and at some point, we will have some kind of slow down in the US and world economy.  At that point we will see this Big Sky market slow as well and like most second home markets, it will probably take a bigger hit than primary home markets and take longer to recover.   All home buyers need to weigh the risk against their financial situation to evaluate whether a second home purchase in a place like Big Sky is a good decision.

What Should Affordable Housing Look Like in Bozeman?

These numbers reflect sold pricing.  Remember that Montana is a non disclosure state so only licensed real estate professionals can access accurate data.  If you would like to dive deeper into market trends, please reach out and let’s have a conversation!  I hope you found this helpful – please pass it on!!

 

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The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

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4633 Shadowglen, Bozeman, Montana 59718

4633 Shadowglen, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.17Acre
2,617Sqft
Four bedroom single family home on Bozeman's growing west side. Two stories with a main floor master bedroom. Generous amount of counterspace and storage in the kitchen, gas fireplace in the living room and formal dining room. Upstairs features two bedrooms, bathroom and loft/flex space currently used as an office.
$769,900

203 Wickwire Way, Bozeman, Montana 59718

203 Wickwire Way, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.20Acre
2,067Sqft
Beautiful new construction available for immediate occupancy in Black Bull, just in time for golf season. Located steps from the club's amenities, 203 Wickwire Way provides easy single level living in one of Bozeman's most sought after communities. With 3 bedrooms, 2.
$1,499,000

2489 Andalusian Avenue, Bozeman, Montana 59718

2489 Andalusian Avenue, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.28Acre
2,770Sqft
Welcome to 2489 Andalusian Ave in the highly sought after Baxter Meadows West Subdivision! This custom home is one of last crafted by renown Bozeman Developer Ed Adamson & Bozeman Building Traditions. This unique green and energy efficient home features two types of solar panels, complete with high efficiency Smart Triangle Tube Boiler System and radiant floor heating.
$1,399,900

29 Hoffman Drive, Bozeman, Montana 59715

29 Hoffman Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.07Acre
2,568Sqft
Spacious 4 bedroom, 3 bathroom Woodbrook townhome by renowned builder Ken Leclair in an unbeatable location near MSU, Downtown, and Bozeman Health. Enjoy the park-like setting backing to beautiful mature trees and babbling brook from the expansive newly built Trex deck. Main floor open living with vaulted ceilings and massive windows providing tons of natural light.
$749,900

340 Stonegate Drive, Bozeman, Montana 59715

340 Stonegate Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.96Acre
3,093Sqft
Brand new to market! Welcome to serene Stonegate subdivision tucked into Bozeman's Riverside Golf Course with spacious 1+/- acre lots & stunning mountain views. Abundant windows & natural light envelop elegant 3093 sq ft home with 4 beds & 3 1/2 baths. Main level master en suite boasts a ginormous walk-in closet/dressing room.
$1,500,000

3109 Augusta Drive, Bozeman, Montana 59715

3109 Augusta Drive, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.29Acre
3,005Sqft
Beautiful home on the 14th fairway of the Bridger Creek Golf Course. "Big" unobstructed views of the Bridger Mountain Range. This home features 2 master suites, one with a walk-in closet big enough to make into another bedroom! Great room concept with corner river rock gas fireplace, large kitchen featuring cherry cabinetry, granite counters, butcher block island and a nice gas range.
$1,050,000

1418 Cherry Drive, Bozeman, Montana 59715

1418 Cherry Drive, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.21Acre
2,523Sqft
This well maintained ranch style home backing to the Hyalite View Park is ideally located within close proximity to downtown Bozeman, Bozeman Deaconess Hospital, and Montana State University. The trail system runs right past the back door for hiking and biking opportunities as well. The two levels of this home afford separate bedroom/living areas for guests or roommates .
$825,000

280 Eagle Creek, Bozeman, Montana 59718

280 Eagle Creek, Bozeman, Montana 59718

3Bedroom(s)
1Bathroom(s)
2,182Sqft
This spacious 2-level Cottonwood Condo is ideally situated in the ever-growing West-End of Bozeman. Within walking distance to restaurants, coffee shops, trails, and workout facilities. Natural light floods the main level with an open concept floorplan with warm, oak flooring throughout the ENTIRE condo (helpful for those with allergies).
$720,000

315 N Tracy Avenue 508, Bozeman, Montana 59715

315 N Tracy Avenue 508, Bozeman, Montana 59715

2Bedroom(s)
1,418Sqft
The Henry is a proposed 6-story, luxury residential for sale development in the heart of downtown Bozeman, Montana. Totaling 44 condominiums, the project is 3 blocks from Main Street at the southwest corner of Tracy Avenue and Villard Street. The Henry is positioned to be the most sought-after residential property in Bozeman, given its location, amenities, design and views.
$1,554,000
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