Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why LIV Sotheby's International Realty compiles an annual Resort Report focused on these one-of-a-kind communities.
The Resort Report is aimed to inform consumers about 12 prominent resort markets and details what makes each of them unique. The report analyzes the performance of 12 different resort markets spanning Colorado, California, Nevada, Utah, Montana, Wyoming, New Mexico and Idaho.
On that list: Vail Valley (Vail, Beaver Creek, etc.), Summit County (Breckenridge, Keystone, Copper Mountain, etc.), Crested Butte, Telluride, Aspen, Steamboat Springs, Lake Tahoe, Park City, Big Sky, Jackson Hole, Santa Fe and Sun Valley.
There are many factors that can impact real estate in these resort communities — for example, the changing seasons, available amenities, transportation offerings, and shifts in employment due to the seasonality of job needs. In order for consumers to make sound financial decisions regarding real estate, it’s important to be knowledgeable of the metrics especially focusing on any shifts in average price and average days on market. Monitoring the real estate performance will set a potential buyer or seller up for success when entering the typically complicated process.
Reporting good news, most of the communities showed a notable increase in demand for 2020, with an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market. The Big Sky market specifically reported notable increases in the market, including an impressive 18.4 percent increase in average sold price from $960,675 in 2018 to $1,136,998 in 2019. In addition, average days on market dropped over 13 percent to 113 days in 2019, an extremely quick transaction time for a resort location.
“The numbers say it all. We have more buyer demand than we have product which is pushing property values up. Big Sky is growing! Big Sky Resort continues to elevate the ski experience with new terrain, state of the art heated lifts & a beautiful new Base Lodge amenities & après ski choices. The Big Sky Town Center has doubled in size in the past few years, adding a hospital, skating rink, hotel, a trail system, new retail shops, breweries and restaurants. In all, approximately 1 billion dollars will be spent in new commercial development including the Montage and One & Only luxury Hotels, a community center, affordable housing, infrastructure and more. That and more direct flights into Bozeman has skiers flocking to Big Sky,” said Cathy Gorman owner and managing broker of Big Sky Sotheby’s International Realty offices.
Understanding the market and local economy is a critical piece to real estate success for both buyers and sellers. This report provides information to help interested buyers have an understanding of each unique community, and for potential sellers to keep current with local real estate trends.
Big Sky Sotheby’s International Realty is proud to provide various reports as resources for consumers. Visit bigskysir.com/market-watch to access the firm’s reports today. Call 406-995-2211 for more information or to service any of your real estate needs.
Big Sky Sotheby's International Realty provides the latest real estate statistics for Big Sky and its surrounding areas. Get the stats Market Report
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We are definitely still in a seller's market!
In Big Sky overall 2019 vs 2018 residential sales: sold volume increased 6.36%, average price per square foot was up 13.15%, average days on market decreased 22.6%. Prices moved upwards with average sold price increasing over 18.35%.
Real estate in Big Sky is moving fast, if you are curious about what's possible for you and your investment property give us a call today!
Buying a house in a seller's market
To compete against other buyers in a seller's market, you need to be prepared. First, you’ll need a mortgage pre-approval letter if you are not paying cash before you start shopping, that way a seller knows you can afford to purchase.
You may also have to waive some contingencies to edge out other buyers—or widen your search to neighborhood with less demand.
Other ways to make your offer more attractive include increasing the amount of earnest money that you'll put into the escrow deposit, writing a personal letter to the seller and, of course, offering above list price.
We look forward to being of service in 2020 - wherever your real estate requirements take you.