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2010 Big Sky Sotheby’s International Realty Market Report

19 Meadow Village Drive 123 Lone Peak Drive, Unit 5 Big Sky, Montana 59716 866.995.2211 | bigskysothebysrealty.com


Post Office Box 160056 Big Sky, Montana 59716 bigskySIR.com

Welcome to the second annual Big Sky Sotheby’s International Realty Market Repor t. This

repor t was designed as a comprehensive analysis of the entire Big Sky Real Estate market with data compiled from whole calendar years beginning with 2006. These figures, char ts and graphs are offered without interpretation although we do point out the emerging trends. As you read the repor t please note that it wasn’t until January of 2008 that all of the local real estate companies became members of the Gallatin Association of Realtors Multiple Listing Service. The 2006 and 2007 numbers may be a bit skewed as we relied on facts and figures based on our limited MLS membership. In 2008 the average sales price was $998,273 while in 2009 it was $558,081, a drop of nearly 45%. In 2010 the downward trend continued as the average sales price was $481,731, a drop of approximately 27% from the previous year. The drop was the direct result of a number (48) of shor t sales and bank owned proper ties that sold at prices substantially less than previously seen in this market. While these distressed proper ties were primarily of lower end homes and condos we saw foreclosures in all four resor ts and in all price ranges. Sales of distressed proper ties comprised 28% of all real estate sales in 2010. The good news is that the statistics clearly show an upward trend as both the 2010 number of sales and dollar volume are up substantially from both 2008 and 2009. In addition, there is a higher level of interest in real estate this winter than we have seen since before January of 2008. Whether you are pricing your proper ty to sell in this competitive market, or deciding when the right time to buy is; rest assured that when you are our client, you will have current market statistics, an impeccable level of service and personal attention that will give you the upper hand. We hope this report will give you a snapshot of market trends and, as always, we would be glad to discuss them further with you. If you plan to list your property this summer, and would like a more detailed analysis of a specific areas please contact us 406.995.2244. Best regards, Jefferson Helms Broker, Big Sky Sotheby’s International Realty jeff.helms@sothebysrealty.com

Source of all data contained in this report is the Gallatin Association of Realtors, Multiple Listing Service. Information is consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. Consult your Big Sky Sotheby’s Int’l Realty sales associate for more information.

2010 Big Sky Sotheby’s International Realty Market Report 1

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THE GREATER BIG SKY AREA The total proper ties closed for all of Big Sky in 2009 was 116 and in 2010 this number rose by 30.11% to 171. In contrast, the total dollar volume for 2009 was $64,737,415.00 and up only 26.04% in 2010 a total dollar volume of $86,663,117.

Big Sky, Montana

Comparison of 2006 thru 2010 $160,000,000

200

$140,000,000

180 160

$120,000,000

140

$100,000,000

120

$80,000,000

100

$60,000,000

80 60

$40,000,000

40

$20,000,000

20

$0

0 2006

2007

2008

SALES VOLUME

2009

2010

UNITS SOLD

Of considerable notice is that the number of single family homes sold was up almost 27.27% in 2010 as compared to 2009. Average as well as median sales price continues to drop as a direct result of all the distressed proper ties sold in 2010.

Single Family Homes, Average vs Median Sold Prices $1,600,000

20 18

$1,400,000

16 $1,200,000 14

Big Sky, Montana

$1,000,000

12

$800,000

10 8

$600,000

6 $400,000 4 $200,000

$0

2

1ST QTR 2009

2ND QTR 2009

3RD QTR 2009

4TH QTR 2009

1ST QTR 2010

2ND QTR 2010

3RD QTR 2010

4TH QTR 2010

AVG. SALE

$895,000

$1,074,302

$786,667

$1,323,125

$966,000

$679,286

$1,356,250

$370,000

MEDIAN SALE

$728,000

$775,000

$562,500

$762,500

$924,000

$604,500

$647,500

$362,500

5

9

12

8

8

18

8

10

# OF SALES

All Areas Comparison | 2010 Big Sky Sotheby’s International Realty Market Report 2

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0


THE GREATER BIG SKY AREA Active Inventory, Sold, Pending and Distressed Sales

60

700

600

50

500 40 400 30 300

20 200 10

0 # OF SALES

100

1ST QTR 2009

2ND QTR 2009

3RD QTR 2009

4TH QTR 2009

1ST QTR 2010

2ND QTR 2010

3RD QTR 2010

4TH QTR 2010

20

25

34

38

35

43

48

43 13

DISTRESSED

1

3

4

8

11

14

7

PENDING

10

14

14

20

30

22

33

20

UNITS FOR SALE

562

542

561

485

613

626

644

594

The 171 sold listings in 2010 revealed some • interesting facts. The average days on market for the sold proper ties in 2010 was 245 days. The average original asking price was $631,225 and was reduced • to $558,421 before selling. •

It would appear that the newer listings are getting the most action, leaving us with a hefty amount of picked over proper ties. It still holds true in even in this market...the well priced, well appointed home will sell quickly and sometimes with multiple offers.

The more affordable houses/condos are moving, as evidenced by the sold stats for 2010.

Original List, List (at point of sale), Sold Price Comparison $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2006

2007

2008

AVG. SALE

2009

AVG. ORG. LIST

2010

AVG. LIST

All Areas Comparison | 2010 Big Sky Sotheby’s International Realty Market Report 3

0

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THE GREATER BIG SKY AREA SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

$76,070,500 -13.99 $65,425,750 -16.57 $54,583,500 -36.77 $34,512,715 15.80 $39,965,150

47 -4.26 45 -33.33 30 10.00 33 33.33 44

98 85.71 182 36.26 248 3.23 256 -5.86 241

AVG. SALE

HIGH SALE

LOW SALE

$1,603,448 -12.28 $1,406,515 43.27 $2,015,173 -51.59 $975,645 -14.50 $834,146

$4,250,000 1.18 $4,300,000 15.70 $4,975,000 -16.11 $4,173,715 16.20 $4,850,000

$330,000 -54.24 $151,000 55.63 $235,000 6.38 $250,000 -67.60 $81,000

MEDIAN SALE # OF LISTINGS $1,590,000 -22.17 $1,237,500 46.16 $1,808,750 -59.75 $728,000 -1.79 $715,000

* * * 138 2.17 141

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES AVG. DAYS VOLUME # OF SALES ON MARKET $48,239,626 96 68 14.25 -25.00 183.82 $55,115,238 72 193 -31.84 -19.44 71.50 $37,564,284 58 331 -46.76 1.72 -16.31 $19,998,150 59 277 55.18 61.02 -5.05 $31,033,026 95 263

AVG. SALE $479,209 36.64 $654,776 -1.09 $647,660 -46.72 $345,042 -9.35 $312,774

HIGH SALE $2,500,000 -11.00 $2,225,000 24.94 $2,780,000 -46.04 $1,500,000 26.67 $1,900,000

LOW SALE $129,900 7.78 $140,000 -70.00 $42,000 66.67 $70,000 -35.71 $45,000

MEDIAN SALE # OF LISTINGS $390,000 * 16.54 $454,500 * 3.40 $469,950 * -46.80 $250,000 235 -6.00 10.21 $235,000 259

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES AVG. DAYS VOLUME # OF SALES ON MARKET $25,972,000 34 114 -19.95 -35.29 129.82 $20,790,750 22 262 32.97 45.45 28.24 $27,644,937 32 336 -63.01 -25.00 -36.61 $10,226,550 24 213 53.18 33.33 -7.98 $15,665,000 32 196

AVG. SALE $763,882 23.71 $945,034 -5.75 $890,667 -54.29 $407,116 12.47 $457,900

HIGH SALE $2,175,000 -8.05 $2,000,000 250.00 $7,000,000 -88.57 $800,000 72.88 $1,383,000

LOW SALE $249,000 -9.64 $225,000 -38.67 $138,000 -61.59 $53,000 79.25 $95,000

MEDIAN SALE # OF LISTINGS $620,000 * 36.49 $846,250 * -28.80 $602,500 * -35.68 $387,500 237 16.13 -37.97 $450,000 147

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TOTAL SALES

SALES AVG. DAYS VOLUME UNITS SOLD ON MARKET YEAR 2006 $150,582,126 177 86 -6.14 -21.47 133.72 2007 $141,331,738 139 201 -15.24 -13.67 51.24 2008 $119,792,721 120 304 -45.96 -3.33 -16.78 2009 $64,737,415 116 253 33.87 47.41 -3.16 2010 $86,663,176 171 245

AVG. SALE $850,746 19.52 $1,016,775 -1.82 $998,273 -44.10 $558,081 -13.78 $481,173

HIGH SALE $8,925,000 -51.82 $4,300,000 62.79 $7,000,000 -40.38 $4,173,715 16.20 $4,850,000

LOW SALE $708,900 -80.25 $140,000 -70.00 $42,000 26.19 $53,000 -15.09 $45,000

AVG. ORG. LIST $902,009 25.67 $1,133,532 -4.22 $1,085,691 -29.26 $768,053 -17.81 $631,225

AVG. LIST $892,847

$665,631 -16.11 $558,421

Sale Price/Org Units Listed 94.32% 769 -4.90 -1.04 89.70% 761 2.51 -21.42 91.95% 598 -20.98 -0.67 72.66% 594 4.91 8.42 76.23% 644

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The Greater Big Sky Area | 2010 Big Sky Sotheby’s International Realty Market Report 4

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THE MOUNTAIN SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

$51,146,000 -36.53 $32,461,250 20.17 $39,009,500 -53.76 $18,037,715 48.56 $26,797,250

28 -50.00 14 28.57 18 -27.78 13 46.15 19

63 260.32 227 16.74 265 38.87 368 -22.55 285

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$1,826,643 26.94 $2,318,661 -6.53 $2,167,194 -35.98 $1,387,517 -10.85 $1,236,956

$3,375,000 27.41 $4,300,000 -6.98 $4,000,000 4.34 $4,173,715 16.20 $4,850,000

$700,000 5.00 $735,000 4.08 $765,000 -28.89 $544,000 -15.44 $460,000

$1,700,000 16.18 $1,975,000 -6.42 $1,848,250 -39.94 $1,110,000 -10.36 $995,000

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $26,708,950 51.04 $40,342,082 -36.46 $25,632,980 -55.66 $11,366,500 65.41 $18,801,152

AVG. DAYS # OF SALES ON MARKET 47 65 -27.66 180.00 34 182 -17.65 69.23 28 308 -7.14 19.48 26 368 57.69 -40.49 41 219

AVG. SALE $568,276 108.80 $1,186,532 -22.85 $915,464 -52.25 $437,173 -1.14 $432,209

HIGH SALE $2,500,000 -11.00 $2,225,000 24.94 $2,780,000 -46.04 $1,500,000 26.67 $1,900,000

LOW SALE $129,900 7.78 $140,000 46.43 $205,000 -67.56 $66,500 -32.33 $45,000

MEDIAN SALE $330,000 257.20 $1,178,750 -46.34 $632,500 -40.71 $375,000 12.00 $420,000

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $14,780,000 3.74 $15,332,500 -24.05 $11,645,000 -58.12 $4,876,750 100.99 $9,802,000

AVG. DAYS # OF SALES ON MARKET 11 51 0.00 403.92 11 257 18.18 -0.78 13 255 -7.69 2.75 12 262 50.00 -49.24 18 133

AVG. SALE $1,343,636 3.72 $1,393,684 -35.73 $895,769 -54.63 $406,396 26.97 $516,000

HIGH SALE $2,175,000 -8.05 $2,000,000 -9.00 $1,820,000 -56.04 $800,000 72.88 $1,383,000

LOW SALE $610,000 36.07 $830,000 -45.78 $450,000 -62.22 $170,000 -4.12 $163,000

MEDIAN SALE $1,400,000 -14.29 $1,200,000 -31.25 $825,000 -63.23 $303,375 55.75 $472,500

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PRICE PER SQUARE FOOT COMPARISON - MOUNTAIN HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $999 $1,153 $820 $1,147 $443 $469 $539 $526 $684 $732

2008 $890 $855 $412 $500 $637

2009 $566 $554 $165 $208 $361

2010 $808 $673 $184 $209 $403

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $631 $682 $1,145 $379 $625 $614 $750 $367 $253 $267 $185 $109 $263 $243 $203 $159 $438 $459 $455 $248

2010 $522 $400 $102 $114 $225

The Mountain area includes: Alpenglow, Alpine Meadow Chalets, Alpine Meadows Duplex, Arrowhead, Beaverhead, Beehive Basin, Big Horn, Big Horn, Black Eagle Lodges, Cascade, Cedar Creek, Cowboy Heaven, Diamond Hitch, Elkhorn Creek, Elkridge (The Club), Hill, Homestead Cabins, Lone Moose Meadows, Luxury Suites, Moonlight Mountain Homes, Powder Ridge, Saddle Ridge, Settlement Cabins, Shoshone, Ski Tip Glades, Skycrest Condos, Snowcrest, Stillwater, Strawberry Ridge, Summit Hotel, Summit View, The Yellowstone Club, Timber Ridge, Ulery’s Lakes, Village Center, etc.

The Mountain | 2010 Big Sky Sotheby’s International Realty Market Report 5

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THE MEADOW VILLAGE SINGLE-FAMILY

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

2006 $12,475,000 % CHANGE 116.90 2007 $27,058,500 % CHANGE -64.50 2008* $9,605,000 % CHANGE -13.39 2009 $8,319,000 % CHANGE -14.50 2010 $7,113,000

9 155.56 23 -78.26 5 120.00 11 9.09 12

159 28.30 204 42.65 291 -16.84 242 -34.71 158

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$1,386,111 -15.13 $1,176,457 63.29 $1,921,000 -60.63 $756,273 -24.79 $568,800

$2,750,000 39.45 $3,835,000 29.73 $4,975,000 -52.76 $2,350,000 -51.06 $1,150,000

$615,000 -26.83 $450,000 17.78 $530,000 -38.30 $327,000 -15.90 $275,000

$1,295,000 -43.98 $725,500 65.40 $1,200,000 -42.92 $685,000 -18.98 $555,000

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010

SALES VOLUME $20,935,676 -33.91 $13,835,656 -13.76 $11,931,304 -27.66 $8,631,650 41.71 $12,231,874

AVG. DAYS # OF SALES ON MARKET 48 74 -22.92 163.51 37 195 -18.92 81.03 30 353 10.00 -48.73 33 181 63.64 31.49 54 238

AVG. SALE $436,160 -14.27 $373,937 6.36 $397,710 -34.23 $261,565 -14.47 $223,724

HIGH SALE $845,000 5.92 $895,000 16.20 $1,040,000 -16.83 $865,000 -38.73 $530,000

LOW SALE $140,000 25.71 $176,000 -76.14 $42,000 138.10 $100,000 -31.75 $68,250

MEDIAN SALE $413,500 -16.57 $345,000 7.54 $371,000 -35.98 $237,500 -14.11 $204,000

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LAND 2006 % CHANGE 2007 % CHANGE 2008* % CHANGE 2009 % CHANGE 2010

SALES VOLUME $8,187,000 -43.10 $4,658,250 168.62 $12,513,000 -75.05 $3,121,800 30.79 $4,083,000

AVG. DAYS # OF SALES ON MARKET 17 124 -47.06 131.45 9 287 22.22 53.31 11 440 -45.45 -71.82 6 124 83.33 110.48 11 261

AVG. SALE $481,588 7.47 $517,583 119.78 $1,137,545 -54.26 $520,300 -33.93 $343,778

HIGH SALE $1,047,500 -17.66 $862,500 711.59 $7,000,000 -90.69 $651,800 30.41 $850,000

LOW SALE $360,000 -37.50 $225,000 -38.67 $138,000 99.28 $275,000 -65.45 $95,000

MEDIAN SALE $370,000 66.22 $615,000 -18.70 $500,000 10.00 $550,000 -46.36 $295,000

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PRICE PER SQUARE FOOT COMPARISON - MEADOW HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $765 $721 $567 $600 $198 $193 $272 $288 $422 $363

2008 $948 $438 $221 $299 $444

2009 $547 $277 $147 $150 $239

2010 $301 $238 $87 $132 $177

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $367 $411 $302 $644 $365 $394 $289 $247 $174 $198 $164 $106 $192 $203 $170 $108 $262 $280 $222 $182

2010 $241 $235 $43 $63 $129

The Meadow Village / Town Center area includes: Antler Ridge, Aspen Groves, Big EZ Estates, Deer Run, Firelight Meadows, Grey Drake, Hidden Village, Lost Trails, Meadow Village, Moon Dance, Moose Ridge, Northfork, Ousel Falls Estates, Pinewood Hills, Skywood Preserve, Sleeping Bear Road, Southfork, Spanish Peaks North, Sweetgrass Hills, The Ranches, Town Center, Westfork, Wildridge, etc.

The Meadow Village / Town Center | 2010 Big Sky Sotheby’s International Realty Market Report 6

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GALLATIN CANYON SINGLE-FAMILY

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

2006 $12,449,500 % CHANGE -52.56 2007 $5,906,000 % CHANGE 1.07 2008 $5,969,000 % CHANGE 36.64 2009 $8,156,000 % CHANGE -25.76 2010 $6,054,900

10 -20.00 8 -12.50 7 28.57 9 44.44 13

145 -31.03 100 18.00 118 -37.29 74 195.95 219

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$1,244,950 -40.70 $738,250 15.50 $852,714 6.28 $906,222 -51.90 $435,900

$4,250,000 -61.18 $1,650,000 39.39 $2,300,000 80.43 $4,150,000 -71.59 $1,179,000

$300,000 -49.67 $151,000 55.63 $235,000 6.38 $250,000 -67.60 $81,000

$687,500 -16.18 $576,250 17.14 $675,000 -33.33 $450,000 -35.58 $289,900

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $895,000 4.75 $937,500 -100.00 $0 0.00 $0 $0

AVG. DAYS # OF SALES ON MARKET 1 82 0.00 36.59 1 112 -100.00 -100.00 0 0 0.00 0.00 0 0 0

AVG. SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0

HIGH SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0

LOW SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0

MEDIAN SALE $895,000 4.75 $937,500 -100.00 $0 0.00 $0

$0

$0

$0

$0

0

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $3,005,000 -73.38 $800,000 335.87 $3,486,937 -36.10 $2,228,000 -38.33 $1,374,000

AVG. DAYS # OF SALES ON MARKET 6 200 -66.67 -7.00 2 186 300.00 39.78 8 260 -25.00 38.08 6 359 -50.00 -44.29 3 200

AVG. SALE $500,833 -20.13 $400,000 8.97 $435,867 -14.81 $371,333 23.34 $458,000

HIGH SALE $825,000 -33.33 $550,000 35.44 $744,937 -6.03 $700,000 -35.14 $454,000

LOW SALE $250,000 0.00 $250,000 -28.00 $180,000 -70.56 $53,000 711.32 $430,000

MEDIAN SALE $427,500 -6.43 $400,000 2.75 $411,000 -2.68 $400,000 12.50 $450,000

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PRICE PER SQUARE FOOT COMPARISON - CANYON HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $893 $625 $566 $593 $226 $332 $229 $372 $374 $397

2008 $426 $342 $133 $172 $261

2009 $617 $239 $89 $150 $216

2010 $365 $286 $39 $48 $159

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0 $433 $373 $0 $0

2010 $0 $0 $0 $0 $0

The Gallatin Canyon area includes: Bear Paw Ponds, Beaver Creek South, Beaver Creek West, Beckman Flats, Buck Ridge Ranch, Cinnamon, Danza Estates, Elk Ridge Ranch, Michner Meadows, Parkview West, Porcupine Park, Rainbow Ranch, Ramshorn View Estates, San Marino, etc.

Gallatin Canyon | 2010 Big Sky Sotheby’s International Realty Market Report 7

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RESORT AREA COMPARISONS Average Sales Price Comparison by Resort $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000

$0 2006 Big Sky Resort

2007

Moonlight Basin Resort

2008

2009

The Club at Spanish Peaks Resort

2010

*Yellowstone Club

Resort Comparison

Sales Volume Comparison by Resort

2006

2007

2008

2009

2010

Big Sky Resort

$17,694,950

$24,898,332

$18,247,630

$18,408,250

$13,808,002

Moonlight Basin Resort

$71,450,000

$64,735,000

$29,690,850

$6,639,000

$17,054,400

The Club at Spanish Peaks Resort

$1,047,500

$6,581,250

$38,424,000

$11,090,515

$16,345,000

$1,300,000

$7,333,000

*Yellowstone Club

Units Sold Comparison by Resort 50 45 40 35 30 25 20 15

10 5 0 2006

2007

Big Sky Resort

2008

Moonlight Basin Resort

2009 The Club at Spanish Peaks Resort

2010 *Yellowstone Club

*The Yellowstone Club numbers are Big Sky Sotheby’s Int’l Realty/MLS Sales Only

Resort Areas | 2010 Big Sky Sotheby’s International Realty Market Report 8

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THE MOUNTAIN VILLAGE / BIG SKY SKI RESORT SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

$0 0.00 $8,643,750 -75.70 $2,100,000 341.67 $9,275,000 -74.48 $2,367,000

0 0.00 5 -80.00 1 700.00 8 -75.00 2

0 0.00 115 -93.04 8 4975.00 406 -54.19 186

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$0 0.00 $1,728,750 21.48 $2,100,000 -44.79 $1,159,375 2.08 $1,183,500

$0 0.00 $2,037,500 3.07 $2,100,000 11.90 $2,350,000 -48.51 $1,210,000

$0 0.00 $1,422,500 47.63 $2,100,000 -67.86 $675,000 71.41 $1,157,000

$0 0.00 $1,800,000 16.67 $2,100,000 -52.50 $997,500 18.65 $1,183,500

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $16,339,950 -0.52 $16,254,582 -15.39 $13,752,630 -43.89 $7,716,500 39.71 $10,781,002

AVG. DAYS # OF SALES ON MARKET 35 60 -42.86 210.00 20 186 10.00 39.78 22 260 0.00 32.31 22 344 31.82 -45.93 29 186

AVG. SALE $467,713 73.77 $812,729 -23.08 $625,120 -43.89 $350,750 3.55 $363,185

HIGH SALE $1,800,000 6.94 $1,925,000 -31.17 $1,325,000 -18.87 $1,075,000 -13.49 $930,000

LOW SALE $129,900 7.78 $140,000 46.43 $205,000 -67.56 $66,500 -32.33 $45,000

MEDIAN SALE $290,000 180.17 $812,500 -32.31 $550,000 -45.45 $300,000 21.67 $365,000

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $1,355,000 -100.00 $0 0.00 $2,395,000 -40.85 $1,416,750 -53.41 $660,000

AVG. DAYS # OF SALES ON MARKET 2 41 -100.00 -100.00 0 0 0.00 0.00 4 107 25.00 22.43 5 131 -60.00 -60.31 2 52

AVG. SALE $677,500 -100.00 $0 0.00 $598,750 -52.68 $283,350 16.46 $330,000

HIGH SALE $745,000 -100.00 $0 0.00 $1,000,000 -69.33 $306,750 10.84 $340,000

LOW SALE $610,000 -100.00 $0 0.00 $450,000 -44.44 $250,000 28.00 $320,000

MEDIAN SALE $677,500 -100.00 $0 0.00 $472,500 -36.51 $300,000 10.00 $330,000

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PRICE PER SQUARE FOOT COMPARISON - BIG SKY RESORT HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $0 $638 $0 $511 $0 $377 $0 $456 $0 $488

2008 $412 $412 $412 $412 $412

2009 $415 $332 $165 $209 $280

2010 $292 $239 $239 $292 $265

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $631 $682 $638 $379 $601 $627 $585 $332 $258 $191 $185 $106 $263 $249 $203 $159 $424 $424 $386 $222

2010 $340 $332 $102 $114 $209

The Mountain Village / Big Sky Resort | 2010 Big Sky Sotheby’s International Realty Market Report 9

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MOONLIGHT BASIN RESORT SINGLE-FAMILY 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

$48,446,000 -27.29 $35,227,500 -49.29 $17,865,500 -77.39 $4,039,000 183.99 $11,470,250

27 -44.44 15 -40.00 9 -55.56 4 200.00 12

63 253.97 223 45.74 325 -56.62 141 63.12 230

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$1,794,296 30.89 $2,348,500 -15.48 $1,985,056 -49.13 $1,009,750 -7.58 $933,200

$3,375,000 27.41 $4,300,000 -6.98 $4,000,000 -63.75 $1,450,000 10.34 $1,600,000

$700,000 5.00 $735,000 4.08 $765,000 -28.89 $544,000 -5.33 $515,000

$1,700,000 19.12 $2,025,000 -8.64 $1,850,000 -44.73 $1,022,500 -9.63 $924,000

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $9,579,000 68.47 $16,137,500 -51.79 $7,780,350 -72.04 $2,175,000 117.02 $4,720,150

AVG. DAYS # OF SALES ON MARKET 9 63 11.11 209.52 10 195 -60.00 204.10 4 593 -50.00 2.53 2 608 400.00 -34.38 10 399

AVG. SALE $1,064,333 51.62 $1,613,750 20.53 $1,945,088 -44.09 $1,087,500 -60.80 $426,269

HIGH SALE $2,500,000 -11.00 $2,225,000 1.12 $2,250,000 -33.33 $1,500,000 -35.00 $975,000

LOW SALE $779,000 54.04 $1,200,000 6.70 $1,280,350 -47.28 $675,000 -50.37 $335,000

MEDIAN SALE $850,000 79.41 $1,525,000 39.34 $2,125,000 -48.82 $1,087,500 -60.23 $432,500

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $13,425,000 -0.41 $13,370,000 -69.75 $4,045,000 -89.49 $425,000 103.29 $864,000

AVG. DAYS # OF SALES ON MARKET 9 53 0.00 381.13 9 255 -66.67 -45.10 3 140 -66.67 172.86 1 382 100.00 -48.43 2 197

AVG. SALE $1,491,667 -0.41 $1,485,556 -9.24 $1,348,333 -68.48 $425,000 1.65 $432,000

HIGH SALE $2,175,000 -8.05 $2,000,000 -9.00 $1,820,000 -76.65 $425,000 9.41 $465,000

LOW SALE $750,000 40.00 $1,050,000 -18.86 $852,000 -50.12 $425,000 -6.12 $399,000

MEDIAN SALE $1,500,000 -15.00 $1,275,000 9.80 $1,400,000 -69.64 $425,000 1.65 $432,000

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PRICE PER SQUARE FOOT COMPARISON - MOONLIGHT BASIN HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $999 $1,058 $820 $855 $443 $568 $545 $578 $689 $751

2008 $890 $748 $534 $577 $679

2009 $566 $496 $302 $496 $455

2010 $660 $641 $184 $297 $383

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $625 $742 $750 $361 $588 $693 $688 $321 $465 $521 $536 $321 $466 $563 $556 $361 $514 $626 $633 $341

2010 $390 $256 $190 $210 $228

Moonlight Basin Resort | 2010 Big Sky Sotheby’s International Realty Market Report 10

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THE CLUB AT SPANISH PEAKS RESORT SINGLE-FAMILY

SALES VOLUME

AVG. DAYS # OF SALES ON MARKET

2006 $0 % CHANGE 0.00 2007 $1,118,500 % CHANGE 2047.43 2008 $24,019,000 % CHANGE -70.55 2009 $7,073,715 % CHANGE 8.15 2010 $7,650,000

0 0.00 4 125.00 9 -77.78 2 50.00 3

0 0.00 283 -11.31 251 128.29 573 0.52 576

AVG. SALE

HIGH SALE

LOW SALE

MEDIAN SALE

$0 0.00 $2,796,250 -4.56 $2,668,778 32.53 $3,536,858 -27.90 $2,550,000

$0 0.00 $3,835,000 29.73 $4,975,000 -16.11 $4,173,715 -29.32 $2,950,000

$0 0.00 $1,700,000 -1.00 $1,683,000 72.31 $2,900,000 -35.34 $1,875,000

$0 0.00 $2,825,000 -34.64 $1,846,500 91.54 $3,536,858 -20.13 $2,825,000

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CONDOMINIUM/TOWNHOME 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $0 0.00 $0 0.00 $4,100,000 -100.00 $0 $3,300,000

AVG. DAYS # OF SALES ON MARKET 0 0 0.00 0.00 0 0 0.00 0.00 2 258 -100.00 -100.00 0 0 2

346

AVG. SALE $0 0.00 $0 0.00 $2,050,000 -100.00 $0

HIGH SALE $0 0.00 $0 0.00 $2,780,000 -100.00 $0

LOW SALE $0 0.00 $0 0.00 $1,320,000 -100.00 $0

MEDIAN SALE $0 0.00 $0 0.00 $2,050,000 -100.00 $0

$1,650,000

$1,900,000

$1,400,000

$1,650,000

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LAND 2006 % CHANGE 2007 % CHANGE 2008 % CHANGE 2009 % CHANGE 2010

SALES VOLUME $1,047,500 421.50 $5,462,750 88.64 $10,305,000 -61.02 $4,016,800 34.31 $5,395,000

AVG. DAYS # OF SALES ON MARKET 1 127 600.00 115.75 7 274 100.00 66.79 14 457 -50.00 -55.80 7 202 57.14 -18.81 11 164

AVG. SALE $1,047,500 -25.50 $780,393 -5.68 $736,071 -22.04 $573,829 -12.63 $501,333

HIGH SALE $1,047,500 8.11 $1,132,500 19.21 $1,350,000 -40.74 $800,000 -10.00 $720,000

LOW SALE $1,047,500 -41.29 $615,000 -30.89 $425,000 -30.59 $295,000 -44.75 $163,000

MEDIAN SALE $1,047,500 -25.50 $780,393 -10.62 $697,500 -18.28 $570,000 -6.14 $535,000

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PRICE PER SQUARE FOOT COMPARISON - THE CLUB AT SPANISH PEAKS HIGH 2ND HIGHEST LOW 2ND LOWEST AVERAGE

SINGLE-FAMILY 2006 2007 $0 $709 $0 $570 $0 $385 $0 $554 $0 $554

2008 $948 $754 $565 $754 $756

2009 $554 $538 $538 $554 $546

2010 $673 $503 $441 $503 $539

CONDOMINIUM/TOWNHOUSE 2006 2007 2008 2009 $0 $507 $1,145 $361 $0 $507 $577 $321 $0 $507 $145 $321 $0 $507 $577 $361 $0 $507 $861 $341

2010 $522 $400 $400 $522 $461

The Club at Spanish Peaks Resort | 2010 Big Sky Sotheby’s International Realty Market Report 11

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WESTERN MOUNTAIN RESORT AREA COMPARISONS Western Mountain Resort Alliance 2009 - Active Listings vs. Units Sold 4,500 4,000 3,500 3,000 2,500 2,000

Active Listings

1,500

Units Sold

1,000 500 -

(*) In Canadian Dollars (**) Disclosure Undisclosed sales are reported at 95% of list price

Western Mountain Resort Alliance 2009 - Average Sales Price $3,000,000 $2,500,000 $2,000,000 $1,500,000

Homes Condos

$1,000,000

Land

$500,000 $-

(*) In Canadian Dollars (**) Disclosure Undisclosed sales are reported at 95% of list price

Western Mountain Resort Alliance | 2010 Big Sky Sotheby’s International Realty Market Report 12

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Meadow Village Center Location


Town Center Location

Big Sky Luxury Real Estate - 2010 Market Report  

Big Sky Real Estate Report - 2010

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