Summer is in full swing and the Big Sky market is hot! Not only has residential real estate made a full recovery from last year, but households that put off their plans due to the pandemic are now ready to reconsider. Whether you’re looking to buy or sell, this might be your moment! Take a look at the trends in the Q2 Big Sky Market Report.
If you’re looking to buy a home, patience is key! Today’s competitive market is making it challenging for buyers to find homes to purchase. For more details on this visit our post and video about the competitive seller’s market. With mortgage rates still far below the historic norm, homebuyers have good reason to be optimistic about their search.
Homeowners selling in today’s market have a huge advantage, with strong buyer demand and low inventory giving them the opportunity to negotiate the best possible deal. More houses will begin to come on the market in the second half of 2021, so if you’ve thought about making a move, now is the time.
Whether you’re thinking of buying, selling, or both, it’s more important than ever to have to guidance and expertise of a real estate professional on your side.
Single Family
Sale of single family homes in the Big Sky area rose this year- with a 296% increase in total dollar volume. Single family home prices are also on the rise, from $2,040,413 in 2020 to $869,014 in 2021.
Condominium and Townhome
Big Sky’s condominium and townhome segment experienced an increase in the number of transactions, up 153% as compared to the first quarter of 2020. Average and median sales prices in this category both decreased, by 25% and 15% respectively.
Vacant Land
Total dollar volume in the vacant land sales category increased by 405%, up from $13,910,000 in 2020 to $70,270,500 in 2021. Average sales price also increased by 37%, while median sales price decreased by 25%.
Luxury
In Quarter 2, 2021, the Big Sky market saw an increase in luxury home sales, from 3 in 2020 to 9 in 2021. Total dollar volume rose considerably, from $13,379,177 in 2020 to $43,900,000 in 2021. On average, luxury homes spent 82 more days on the market in Quarter 2, 2021, than in the same timeframe of 2020.
LET’S CONNECT!
We hope you learned from this summary of the Big Sky Market Report! If you want to chat with us about why we love the Bozeman area, please reach out! You can find us on Instagram, Facebook, and at our contact page!