By WALT WILLIAMS Chronicle Staff Writer
Big Sky is seeing a slow down in home sales, but there is no indication the resort community is perched on a housing bubble ready to pop, according to local real estate agents.
The decline in sales over recent months comes after about three years of extraordinary growth in the community, with the sale of $1 million-plus properties alone increasing eight-fold. The recent trend hasn’t driven prices down.
Since 2005, the market in Big Sky has been characterized by record sales, a limited inventory of available property and increasing property prices, according to a recent report prepared by ERA.
Things started to change in the latter half of 2006. Higher prices resulted in decreased demand, fewer units sold and a sharp increase in the number of properties listed for sale.
Currently, 132 residential properties in Big Sky are listed for sale at $1 million or more, plus another 61 lots and acreages on sale in the same price range.