Community News

We are officially in the “Mud” season in Big Sky.  This fond local nickname denotes the end of the winter season.  Big Sky has much to cheer about this year with record skier days, a rebounding real estate market, national news on a Top Ten Trailhead and great expectations for the upcoming summer.  

Let’s look first at the ski numbers for the Big Sky Resort.  They reported over 370,000 skier visits for the 2012-2013 season, which is up dramatically from last year and is the highest the resort has ever seen.  Nearly 6,000 skiers on December 29, 2012 set a new single day record.  General Manager, Taylor Middleton, credits the numbers to “Good Snow, Good Marketing and Good Momentum.”  The co-branding of “The Biggest Skiing in America” with Moonlight Basin (reporting over 100,000 skier visits) has been highly successful.  

Taylor also forecasts a record summer shaping up for the Big Sky community citing a strong conference schedule and “Base Camp to Yellowstone” marketing campaign.  Music in the Mountains has released its summer concert series with over a dozen events including the Classical Music Festival on August 10 -12.  Big Sky Town Center will be the venue for these Thursday evening performances, as well as the Farmers Market from 5-8pm on Wednesdays, starting July 10 and the much anticipated Beach Boys concert on July 3.  The resort tax revenue also reached a record high of $2,779,769 for fiscal year ending June, 2012.  The figures for July through February, 2013 showed over $2,000,000 in collections.
 
Real estate sales have been very robust for the first four months of 2013. Comparing January 1, 2013 – April 30, 2013, to the same time frame in 2012, Big Sky, including Gallatin Canyon and West Yellowstone, showed market gains with a 136% increase in sales of single-family homes from 11 units in 2012 to 26 in 2013.  The average sales price increased from $694,136 in 2012 to $1,009,973. Condo/townhome sales stayed flat at 40 sold units each year to date.  There was an average price increase of 48% from $269,438 in 2012 to $398,483 in 2013. Vacant land sales have also improved with a 325% increase in sales up to 34 parcels so far in 2013.  This is accompanied by an average sales price increase to $294,514 from $201,406 in 2012. 
 
Big Sky’s single-family inventory levels actually grew ever so slightly to 117 units versus 109 in 2012, while condo/townhome decreased from 172 to 162 units. Vacant land inventory has declined from 222 available parcels to 186 in 2013.
 
So, who are the buyers that are helping spur this recovery? As I reported in a recent article in the Lone Peak Lookout, the $500k and under market has three main types of buyers.  There is a return of the regional, recreational buyer who can drive to Big Sky for the weekend, and includes a lot of interest from Billings and eastern Montana. The owner-occupant buyers who live and work in Big Sky can now afford to purchase homes such as the Firelight and Hill condos.  Finally, investment buyers are purchasing mostly foreclosed properties for the purpose of using them as long-term rentals.  
 
The upper segment of the market is extremely healthy.  Charlie Callander, Senior VP of Sales and Marketing for the Yellowstone Club, reports “Construction at Yellowstone Club has tremendous momentum; we are currently planning for 65-70 residences and condominiums to be under construction in 2013.  The Village Hillside residences are almost sold out, with 10 of the 12 units under contract. The construction of the 22 Village Lakeside residences has also commenced over the Warren Miller Lodge parking garage with over one-third of the units presently reserved.  In addition to our progress at the Village, our mid-mountain American Spirit subdivision is thriving with over 15 homes under construction this year. Furthermore, the YC Architectural Review Committee has been actively working with members in the review of over 14 new residences that are planned to start this summer…in the Andesite Ridge, Pine Ridge, and Big Sky Ridge communities.”
 
Historically, as the Big Sky market rebounds, the regional markets follow a similar upward trend.  When real estate is selling in Big Sky, the economy of Bozeman and the surrounding area experiences a positive impact as well.  High-end dollars and new construction touch our local businesses from flooring, landscaping, and furniture companies to grocery stores and downtown boutiques.   
 
Also noteworthy for the Big Sky area is the positive support for two recently approved ballot items.  The Big Sky School District received a favorable community vote to build a $10.2 million elementary school featuring new classrooms, a full gym, a kitchen, a library, office space, a parking lot, and a playground.  This new facility will be constructed adjacent to the existing Ophir campus.  Additionally, the Big Sky Fire Department’s 10.362 mill property increase, anticipated to create approximately $450,000 in annual revenue, pays to increase staff and more efficiently respond to emergencies in the area. 
 
And on a fun closing note - the most recent national attention comes from Fox News, naming Beehive Basin as one of the World’s 10 greatest hikes. This ranking published on April 11, 2013, also names Wapati Trail in Yellowstone National Park to the list.