This summer’s market feels like déjà vu in the best way—steady, consistent, and closely mirroring last year’s trends. Our active inventory is tracking almost exactly to 2024, just slightly lower, a sign of stability in what has been an otherwise dynamic few years.

Pricing has remained remarkably steady across much of the market. Average prices in Greater Big Sky have held close to last year’s levels, showing very little movement. That said, median pricing has softened modestly in 2025, particularly in resale properties.

Within the private communities of Moonlight Basin and Spanish Peaks, the data reflects two different stories. New construction developer product, much of which went under contract a couple of years ago, continues to elevate the averages. By contrast, resale properties in these clubs have shown remarkable stability, holding steady even as the developer numbers work their way through the market.

Sales activity is running below last summer’s pace, though contract activity has started to pick up in recent weeks. This reflects a clear shift in buyer behavior: rather than rushing to secure a property at listing, many are waiting to see if opportunities emerge later in the season. We saw a similar pattern last winter, with a surge of closings in April and May rather than the earlier ski months.

Overall, the takeaway is one of balance. Sellers still benefit from a stable pricing environment, while buyers have more room to be thoughtful and strategic. With steady conditions and a window of opportunity before ski season, the market reflects both balance and opportunity.