Optimism builds in Big Sky area: Home sales, new construction signal an economic rebound

After several years of dismal market growth, real estate professionals throughout Big Sky and southwest Montana have reported that sales, construction, and showings are finally on the rise.

"The good news is the market is up in 2010 substantially from previous years, especially in the condo market," said Robyn Erlenbush, broker-owner at ERA Landmark. "Prices are down but sales are up."

And those people who are buying and building homes are planning on staying, not just making a quick buck.

"Buyers recognize we're at the bottom of the market," said Erlenbush. "They're buying to hold onto their property as a legacy property - one that they'll keep for their family. They plan on using it. Before, in the frenzy, people were buying on speculation just because of rampant appreciation. Now, they're looking at these properties as long-term holds."

Erlenbush was the guest speaker at a Chamber Membership Breakfast on Jan. 21, where she was invited to give a "state of real estate" address to the early-morning audience.

According to the Southwest Montana Multiple Listing Service in 2010, 52 single-family homes were sold in Big Sky - up from 41 in ‘09 and 39 in ‘08. Condo sales improved even more: 96 were sold in 2010, up from 61 in '09 and 62 in '08. (See graph on page 15.)

Continue reading here: Lone Peak Lookout: Optimism builds in Big Sky area: Home sales, new construction Signal economic rebound

Posted: Thursday, February 3, 2011, 12:00 am | Updated: 2:41 pm, Wed Feb 2, 2011.