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Market Update October 2023 | Big Sky, MT

Winter Arrives: Big Sky Real Estate Market Update

The changing seasons have brought intriguing shifts to Big Sky’s real estate landscape, with adjustments in pricing, inventory dynamics, and opportunities for both buyers and sellers.

While this is to be expected during what many call “The Shoulder Season” of Big Sky. As the market cools off after a busy summer, we’re here to guide you through the significant developments and what they mean for your next real estate endeavor.

Click Photo to View Featured Big Sky Listing – 319 Skywood Dr

Cooling Trends: Price Adjustments and Opportunities in Big Sky

Click Photo Above to View Recent Price Reduction Listing – Inspiration Point 1b

In October, Big Sky’s housing market (Single-Family, Townhomes, & Condos) experienced a notable cooldown, with closed sales dropping by 33% from September. The median sales price also saw a decrease of 26%, now resting just below $1.8 million. Additionally, the price per square foot cooled slightly by 3.5%. Despite these adjustments, it’s a promising time for buyers to explore the Big Sky market. 

We are seeing data fluctuations and reduced closed sales,which means  it’s important to recognize that these factors can lead to data variability, due to analysis within a smaller dataset.

Buying vs. Selling

These market shifts have created an opportunity environment for both buyers and sellers in Big Sky. Sellers are receiving 95.5% of their original list price, indicating favorable conditions for listing properties. Buyers can explore a variety of options thanks to the surge in new listings, and pricing is gradually stabilizing after the COVID-induced highs. Navigating this evolving market will require a keen understanding of its dynamics.

A Surge of Options: The Dynamics of Inventory

Last month brought a surge of new listings, with a remarkable 57% increase. This boost in inventory availability has pushed the months’ supply up by 52%. With 147 listings at the end of the month, the options for prospective buyers have become more diverse. This influx of new listings provides a healthier dose of choices in the Big Sky real estate market.

Big Sky’s Real Estate Landscape: Opportunities and Market Dynamic

Big Sky’s real estate landscape is presenting opportunities for those looking to buy or sell. With pricing adjustments, increased inventory, and favorable conditions for both parties, the market is evolving. Be sure to have an expert in the market on your side when making decisions pertaining to Real Estate. Fill out the form below to get in touch with one of our Real Estate experts today!

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