News from the Knoff Group

The market is heating up – properties are going under contract quickly when priced right.  Great article from our friends over at the Big Sky Weekly – Outlaw Partners.

Top brokers break down area real estate by Big Sky Weekly Editors BIG SKY

The Weekly tracked down seven top real estate gurus this February and picked their brains about what’s happened in the market this past year, and where homeowners and potential homebuyers can expect it to go in 2013.Even though brokers recognized some buyer apprehension toward the end of 2012 due to potential looming fiscal changes in Washington, two trends are clear:

Numbers are up, and consumer confidence is on the mend.

“Twice as many properties sold between Dec. 21 and Jan. 21, as compared to the same time period last year,” said Ania Bulis, a broker with Christie’s International Real Estate/PureWest.Prudential Montana Broker Eric Ossorio took it a step further.“We see the pace and volume of inquiries quickening,” he said.

“Seasonally, from November 2012 to Jan. 21, 2013, 62 properties closed in Big Sky, representing $27 million in sales. In 12 months, that would suggest an annualized rate of 248 sales, totaling $108 million.Both 2011 and 2012 ended with the same total numbers in Big Sky – 220 closed sales, according to the Southwest Montana Multiple Listing Service’s reported sales. However, many private listings in Montana are not reported on MLS, to protect buyers’ privacy.

“Winter [sales] have picked up dramatically since summer 2012,” said Scott Johnson, co-owner Montana Living/Big Sky Real Estate. He sees the market turning around, as well, but noticed it’s not only existing homes that are moving.“Land sales are starting to occur more frequently as prices are at rock bottom, inventory is plentiful and carrying costs are attractive,” Johnson said.

“Rolling land into a construction mortgage is also very attractive due to aggressive interest rates.”Jeff Helms, of Big Sky Sotheby’s, says it’s clear the real estate market here is recovering.“I’m a data-driven person and am excited about the fact that we are finally seeing a trend line of data demonstrating a bottom of our local market. I predict that prices will begin to moderately adjust upwards indicating a steady recovery in 2013.”

via Top brokers break down area real estate | Explore Big Sky.