Mia's Quarterly Update - October 2018
Fall in Big Sky is one of the best times of year. A change in weather patterns creates a beautiful merging of seasons with colorful leaves on the trees and mountain peaks covered in snow. The mornings are crisp and cool and the days are picture perfect. The shoulder season is pretty magical.
The buzz of summer might be behind us, but Fall is still a busy time in our mountain town. The Doppelmayr crews at Big Sky Resort are busy installing chairlifts. Local businesses are rushing to hire staff for the upcoming winter. Construction continues on the new developments in Big Sky Town Center, Spanish Peaks, Yellowstone Club, and Moonlight Basin. It's exciting to see Big Sky grow and thrive.
Below you’ll find a quick recap of what’s been happening in Big Sky. Then I’ll shine the spotlight on the Big Sky Real Estate Market. Finally, I’ll highlight a few fun events that you’ll want to mark on your calendar. Let’s get started…
BIG SKY NEWS FLASH
- Montage Big Sky, a $400 million ultra-luxury hotel at Spanish Peaks, broke ground. This new project will be completed in 2021, but the Montage Residences will hit the real estate market as early as December 2018.
- DiscoverBigSky.com, my new real estate website is now up and running. Please stop by and let me know what you think.
- A new study shows that the Outdoor Recreation Industry contributes $412 billion to the US GDP in 2016. Not only did it outpace the overall US economy, but it was responsible for employing 4.55 million people. As an outdoor focused town, this seems like positive news for the Big Sky economy.
- Steamboat Geyser In Yellowstone National Park nears a record with 21 eruptions in 2018.
- Dino Drop-In Childcare open next to the Hungry Moose in Big Sky Town Center.
- The Madison County Planning Board approved the 10-year overall development plan for Moonlight Basin
- The Meadowview Project in the Meadow was purchased by HRDC. Exciting to see how this affordable housing project develops.
- The Rocks, a tasting room and liquor store, opened in Big Sky Town Center. FYI- It’s delicious!
- A new Big Sky Events Arena is under construction off of Aspen Leaf Drive in Town Center.
- The Bacon Rind Fire was caused by lightning in late July. It continues to burn in Yellowstone National Park and the Gallatin National Forest about 20 miles south of Big Sky. Look for it if you drive up from West Yellowstone.
- Bozeman Health receives $375K to extend primary care services in Big Sky.
- The growing Big Sky Transportation District is looking at investing in electric buses.
- The Arts Council of Big Sky unveiled an impressive Deborah Butterfield horse sculpture named 'Winter' in Big Sky Town Center Plaza.
- Big Sky Community Organization has secured 3.3 acres in the heart of Big Sky Town Center. to 'ensure a permanent place to gather outside and enjoy recreational enrichment opportunities'
BIG SKY REAL ESTATE UPDATE
The Big Sky real estate market stayed active over the summer season. And there continues to be quite a buzz in the air here in Big Sky. Let's take a look at the numbers from the Summer season.
I like to compare numbers on a quarterly basis because of the seasonal nature of Big Sky. Below you will see comparisons between the 3rd quarter of 2017 and the 3rd quarter of 2018:
Condo sales increased 10% and the median sales price increased 16% during the third quarter of 2018 vs. 2017. One interesting change in 2018 was that we saw a number of sales between $700,000-$1,000,000 whereas last year the inventory seem to be lacking in that range. Perhaps the new condo developments available in Big Sky Town Center, helped to mark these changes, with buyers choosing 'condo-life' rather than an similarly sized single family home.
The number of home sales decreased slightly this quarter. When looking at the properties that sold, 2018 shows a greater 'range' in property sale prices as well as higher prices in general, with an average price increase of 8%.
Increased condo sales and decreased home sales may be associated with the rising costs of homes, but at the same time with all that is going on in Big Sky, I also believe that home owners may be waiting to sell, creating lower inventory and higher demand!
If you have any questions about the market or interest in listing your property, purchasing something new, or just getting an understanding of your neighborhood activity, please call me on (406)641-0051.
*All numbers shown above are calculated from Big Sky Country MLS statistics. They may be rounded to the nearest whole number. Yellowstone Club sales and any other unreported sales in MLS are not included in these statistics. If you are currently working with another real estate agent, this email is not intended as a solicitation.
Don't Forget to Mark Your Calendars......
- October 26-29: Haunted Peaks Halloween Festival, presented by Big Sky Real Estate Co, Lone Peak Cinema and Big Sky Town Center
- November 22: Big Sky Resort Opens For The 18/19 Winter Season
- November 24: Small Business Saturday
- December 2: Montana Ballet’s “The Nutcracker” at WMPAC
- December 3: Madrigal Dinner at Buck’s T-4
- December 7: 21st Big Sky Christmas Stroll
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