1) The Big Sky real estate market is experiencing steady growth across price points, with the most growth at the lower and upper ends of the market. Currently there are 445 properties listed totaling $547 million, with about half under $500k and half over. 2) Between October 2014-2015, 345 properties sold totaling $235 million, including 103 land sales and 226 residential units. Resort tax revenues increased 11% indicating $137 million in visitor spending. 3) The outlook is optimistic as largest landowners collaborate on development, infrastructure grows to support long term needs, and the Bozeman/Belgrade area continues prospering. Big Sky is becoming a great place not just to visit but also

1. Winter 2015 Big Sky Market Forecast
There is quite a lot of
activity in the mountains
of southwestern Montana.
Big Sky, an unincorporated area in Gallatin County,
including a portion of Madison County, has grown
dra-matically since Chet Huntley, the founder of
Big Sky, received permission from Gov. Forest
An-derson to use the identifying name “Big Sky” in
the early 1970s for a ski and summer resort in the
Gallatin Valley.
Sometimes the activity has involved very slow
growth, sometimes no growth, and sometimes
more drama than growth. At other times, wild
and speculative growth. As experienced in much
of the rest of the country, the rapid expansion
and increase in property values of 10 years ago
seems now like a fitful dream. The subsequent
value collapse and downturn in real estate sales
precipitated by the financial collapse in the late
fall of 2008 are more fresh memories and are
beginning to fade in our rearview mirror.
Growth is once again upon us. Again. In a diverse
and increasing Real Estate market such as the one
we have in here in Big Sky, market expansion is
punctuated by awkward stages and growth spurts
in different segments. The awkward stage included
cleaning out overpriced inven-tory and the reorga-
nization of several of the visionary developments
started a decade ago. The growth spurts can be
seen by the increase in traffic, new construction
starts, Resort Tax Reve-nue (2014 resort Tax Reve-
nue was $3,679,188: so far in 2015 Resort Tax reve-
nues are $4,106, 731), and slow but steady increase
in price points and inventory shrinkage.
Fortunately, the reorganizations appear to be well
thought out, well received, and thoughtfully
executed. Anyone who has been to Big Sky over
the past several years will have noticed several
new buildings in the Town Center, increased airline
seat availability and direct flights into and out of
Bozeman, more restaurants and services, the new
movie theater in the Town Center, the remarkable
and world class Warren Miller Performing Arts
Center and growth the Ophir School into a
kindergarten through 12th grade College Preparatory
School with the addition of Lone Peak High.
Growth seems to be occurring across the board,
with the most pronounced indicators in both the
lower end of the market, and the higher end of
the market. The mid-level market is maintaining
a more balanced relationship between supply and
demand.
So what does this mean:
The Big Sky area encompasses 228 mi.², or
approximately 146,000 acres. Approximately 100
mi.² are in areas that are either developed or can
be developed. The balance, approximately 228 mi.²
is surrounding Forest Land, Wilderness, animal
habitat and unlikely development.
Within the 64,000 acres which comprise the Big
Sky real estate market area, there are:
Currently, 445 properties listed in the greater Big
Sky market (which now includes some listings
at the Yellwostone Club), with a market value of
$547,000,000. List prices range from $75,000
for commercial Condo to $18,000,000 for a ski in
ski out “Chateau” in Moonlight’s Cowboy Heaven.
About 1/2 of the listed properties are valued at
under $500,000, and the other 1/2 over $500,000.
Of the 1/2 listed over $500,000, 116 are over the
$1,000,000 mark: 61 priced over $2,000,000:
42 priced over $3,000,000: 30 priced over
$4,000,000: 22 priced over $5,000,000.
Of the 227 properties listed under $500,000, 85
are priced under $250,000, and 142 are priced
between $250,000 and $500,000. Interestingly,
there are 31 CONDOS in the market priced
be-tween $200-300,000. 24 are in the Mountain
Village. 7 are in the Meadow Village.
Over the past year, from October 2014 to October
2015, a total of 345 properties were sold, with a
sold value of $235,000,000: including 103 land
properties and 226 residential units sold. 16
were commercial sales (predominantly in a new
commercial area in the Canyon).
During the previous year (Oct 2013-2014), a
total of 367 properties sold, for a sold value of
$245,000,000, including: 67 land properties and
289 residential properties. 11 commercial were
commercial sales.
We remain very optimistic about the Big Sky area
looking forward. The largest landowners and
developers are collaborating as never before.
Community infrastructure growth concerns are
being addressed to take into account long term
needs and goals. Southwest Montana and the
Bozeman/Belgrade area continue to prosper.
Resort Tax revenues increased by 11%, showing
that goods and services worth over $137,000,000,
came into this community.
Big Sky has always been a great place to visit. Its
also more and more a great place to live.
Eric Ossorio is a Broker and Luxury Property
Specialist at Berkshire Hathaway Home Services
Montana in Big Sky, Montana where he’s lived
with his wife and partner, Stacy for over 23 years,
raising their three children here. Both have been
active Brokers since the early 1980’s. They know
this market, so you don’t have to. To contact him,
call 406 539 9553, or Stacy at 406 539 8553.
Eric
Ossorio
broker
406.539.9553
eric.ossorio@gmail.com
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