Montana
Montana’s housing market experiences a summer cooldown
Warmer summer weather has brought cooler housing market conditions to Montana.
“The market right now just feels like it’s a bit lukewarm,” said Brian Huskey, a Billings, Montana-based ERA American Real Estate agent. “There is still moderated demand from buyers, but there are a lot of people just sitting on the sidelines right now because housing affordability and rates are playing a big role in people’s decisions.”
In Billings, the 90-day average Altos Research Market Action Index score as of July 19, 2024, was 38.77, down slightly from the 44.48 a year prior and the 51.72 recorded in July 2022. At the height of the pandemic market in June 2021, however, the Billings metro area reported a Market Action Index score of 75.42. Altos considers anything above a Market Action Index score of 30 to be a seller’s market.
While the market has cooled since then, Billings’ drop in Market Action Index score is fairly moderate compared to other pandemic housing hotspots like Austin, Texas, whose score has dropped from a max of 100 in June 2021 to 33 as of mid-July 2024.
Huskey attributes the relative stability of Billings’ housing market to the fact that it is more of a working class community with a stable job market.
“We’ve got a lot of stable jobs at the big refineries and in the medical field, and with that comes stability for the housing market,” Huskey said. “We don’t see the same size of market swings as they do out in the more luxury second home markets like Bozeman.”
Charlotte Durham, the leader of the Bozeman-based, Sotheby’s International Realty-brokered Charlotte Durham Team, wouldn’t necessarily say that her local housing market has experienced a massive swing, but she said it’s certainly cooled down.
“This was the slowest June we’ve seen in many years in our market,” Durham, a luxury-focused agent, said. “We saw things pick up a little after the Fourth of July, but it is still slower than we’ve seen in our market since probably pre-COVID.”
Overall, the Bozeman housing market’s Market Action Index score has dropped from a 90-day average of 32.38 in mid-July 2024 from 66.88 in early June 2021. In the upper quarter of the market, which Altos defines as homes priced between $1.38 million and $2.835 million, it has dropped to 37.93 from a high of 72.75 in Dec. 2021. For properties priced around $2.835 million, the Market Action Index score has dropped to 29.74 from 44.75 in Dec. 2021
This slowdown has been a boon for buyers who are still in the market.
“Especially in the $2 million to $5 million range, there is quite a bit of inventory now sitting on the market and it is great property,” Durham said. “So, I think we are going to have to see prices come down a little, especially in that price range.”
Compared to a year ago, the 90-day average median list price is down $300,000 to $1.2 million, according to Altos data. In the top segment of the market, which is anything above $2.835 million, list prices have fallen in recent weeks, dropping from $3.6 million in mid-April to $2.9 million in mid-July.
Agents say the lower list prices have been a hard bill for sellers to swallow.
“The market is definitely better than it was the summer of 2022, but it is still similar to the summer of 2022,” Austin Baumgartner, who leads the Keller Williams Northwest Montana-brokered team Hidden Homes Montana, said. “Prices had been going up and up and now they are starting to come back down. We are seeing more price reductions in the market, but some folks are freaking out a little and if a property is sitting for 90 days instead of 45 days like most were, they cut the price to get ahead of other properties.”
However, Baumgartner said the uptick in days on market doesn’t really bother him.
“It is a more normalized market,” he said. “Inventory is rising a little bit, it isn’t as high as in 2019, but it’s better than it has been and it’s still slightly a seller’s market, so we are just moving to a levelized market.”
Statewide, Altos data supports Baumgartner’s assertions. The 90-day Market Action Index score was at 33.66 in mid-July, a very slight seller’s market and 90-day average for active single-family listings has risen to 3,258 listings, its highest level since mid-March 2020 at the onset of the COVID-19 pandemic.
But while the uptick in inventory is good news for buyers, there is no hiding the fact that home prices in the state have risen drastically over the past five years. In the late summer of 2019, Altos data shows that the 90-day average median list price in Montana hovered around $390,000. As of mid-July 2024 it had risen to $725,000.
Statewide, agents attribute this massive jump in home prices to the pandemic homebuying boom and the rapid influx of out-of-state buyers who flocked to Montana. While the influx of out-of-state buyers certainly helped increase property values in the state, agents say it has made thing challenging for locals looking to buy a house.
“It is a more than controversial issue,” Baumgartner said. “It is bad. Montanans have a lot of pride in the state and in owning property here, but most people can’t buy houses right now. Inflation is too high and with the amount most people make for in state jobs, you’d have to have like three jobs to buy a house, unless you are in a higher paying industry.”
Robyn Erlenbush, an ERA Landmark Real Estate agent in Bozeman, has also witnessed the rapid home price appreciation take a toll on her local clients.
“When Bozeman was discovered again, if you will, there was a big influx of people with cash,” Erlenbush said. “So, you all of a sudden had more competition driving prices up and then you had interest rates go up and it was a perfect storm of ingredients that made it difficult for the local buyer. I know of people who ended up buying 90 miles away from their jobs here in Bozeman because they couldn’t afford to purchase anywhere closer.”
If interest rates were to fall in the next few months, local agents say some buyers may gain an advantage. But it might be short lived.
“It is an election year and people tend to get a little skittish because they don’t know what is going to happen. But if interest rates fall just a little bit, we are going to have a gangbusters fourth quarter, no matter what happens with the election,” Baumgartner said. “There are just going to be a ton of people who want to buy and sell. The stuff above $1 million might still be a bit slower, but the stuff below, I think we’ll see some multiple offer situations. It is going to be interesting to watch.”
Montana
Game Day Live Blog: Louisville vs. Montana | Game 12
LOUISVILLE, Ky. – The Louisville men’s basketball program suffered a setback in their last time out on the floor, but the time has come to bounce back, as they return to the KFC Yum! Center to host Montana.
The Cardinals made the trek down to Rocky Top for a top-20 showdown at Tennessee, but they were punched in the mouth early and couldn’t recover. UofL wound up suffering a demoralizing 83-62 loss, falling to 0-2 in true road games so far this season.
Louisville was without star point guard Mikel Brown Jr. due to a lower back injury, but even with him on the floor, it’s unlikely they would have taken down UT. They shot just 37.9 percent from the floor, with Adrian Wooley and Ryan Conwell combining for 43 of their points. In fact, the Cards had twice as many turnovers (16) as they did assists (8), and let the Vols shoot 54.7 from the floor.
As for the Grizzlies, they are coming off a 2024-25 season in which they made the NCAA Tournament by way of winning the Big Sky Conference Tournament. However, year 12 under head coach Travis DeCuire has been up-and-down.
Montana is 1-1 against KenPom top-100 teams, losing 86-81 at Texas A&M but winning 102-93 at UNLV. Additionally, in their last time out, the Griz lost 82-75 to Montana Tech – an NAIA school – at home.
Preview: Louisville Cardinals vs. Montana Grizzlies
Here is where you will get all the latest updates from today’s contest in real time. Throughout the game, we will include any notes, injury updates and analysis in the game feed at the link below.
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(Photo of KFC Yum! Center: Matt McGavic – Louisville Cardinals On SI)
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Montana
Broadband access is expanding in Montana, but rural areas still lag behind
In the southeastern Montana town of Belfry, 65-year-old resident Mary Boyer reflects on her relationship with technology.
“I’m a green-ledger girl,” Boyer said. “I can handwrite. I don’t like calculators. I never owned a television, I have a crank Victrola for music.”
Boyer’s home is about an hour south of Billings. The Beartooth and Pryor Mountains flank Belfry, as the Clarks Fork of the Yellowstone River meanders through it.
She said technology has always been slow to come to their town.
“We had a heck of a time getting songs – because we have to do it over the internet – for the karaoke machine,” she said. “And all of a sudden halfway through a song there’s no words or there’s no karaoke whatsoever.”
Boyer knows connectivity goes beyond a karaoke machine.
Before this year, she said their internet service couldn’t meet the community’s needs. Her neighbors rely on it for telehealth appointments, education and commerce.
“I think it’s all about the community and keeping them in touch with the outside world,” she said.
Montana ranks among the lowest in the country when it comes to internet access. And rural places disproportionately lack access to high speed connectivity compared to urban.
Montana ranks among the lowest in the country when it comes to internet access. Broadband Now, an independent research organization, ranked Montana second to last in the nation for internet speeds and affordability. And rural places disproportionately lack access to high speed connectivity compared to urban; this is known as the digital divide.
State officials and telecommunications companies have been trying to change that. Over the last few years, just shy of a billion dollars in federal funding aimed at tackling this issue came into the state. The goal is to use it to close the digital divide for good.
In the southern end of Belfry, Jay Velez stands in front of his restaurant, the Silvertip, admiring the scenery.
“What a view, man!” he said, looking toward the Beartooth Mountains. “It doesn’t suck here.”
His restaurant serves as a local watering hole. It offers the karaoke night coveted by Boyer. And this summer, the Silvertip’s internet got better.
“We just rely on it for our point of sale systems, and so far, it’s been working great,” he said.
His improved internet is due to newly installed fixed fiber optic lines. These are thick cables laid in the ground. They’re considered the “gold standard” for broadband connectivity.
But this technology is expensive to install, and it’s been slow to reach towns like Belfry.
“We’re way behind, in looking at the grander sphere of the problem,” said Misty Ann Giles, the head of the state’s broadband office ConnectMT. “We are farther behind our sister states. Montana does have a lot of challenges when it comes to thinking about internet access.”
Government-led efforts to close the digital divide have been underway for decades. The federal government established the Universal Service Fund in 1996, prescribing that “all Americans” should have access to basic connectivity. The fund subsidizes fiber installation and maintenance in remote areas.
But it wasn’t enough. So, another project emerged in 2018. The U.S. Department of Agriculture’s ReConnect program offers federal funds and loans to expand internet access.
Giles helped stand-up the program as former Chief of Staff at the agency’s Rural Development office.
“A lot of the work we did when we were at USDA when we first came into office was trying to look at the bigger Rubik’s Cube of, why are rural communities lacking some core services when it comes to education, telehealth, things like that in their communities,” Giles said. “And what it all came down to was connectivity.”
This connectivity became even more imperative during the pandemic. Business, community, health care and education all required a stable internet.
According to the Federal Communications Commission, broadband expansion timelines considered reasonable pre-COVID-19 became “unworkable,” and the Commission pushed to get rural communities connected faster. So the federal government launched several new programs.
Since 2019, around $900 million from four federal programs for rural broadband expansion has flowed into the state.
Since 2019, around $900 million from four federal programs for rural broadband expansion has flowed into the state.
The main sources include funds from the ReConnect Program, which go to telecom companies through grants and loans. Those total around $144 million for Montana-focused projects. Then there’s the American Rescue Plan Act, which provided $310 million; The Broadband Equity Access and Development program, which allotted around $308 million; Lastly, there’s the FCC’s Rural Digital Opportunity Fund, which provided Montana $126 million for a 10-year period during its Phase I auction.
And it’s through these programs that Belfry’s internet just got a little better.
Back in southeastern Montana, Nemont Communications Chief Operating Officer Scott Paul drives through the 250-resident town on a sunny October afternoon.
“You probably didn’t see it, but look for an orange capped plastic pole,” he said, pointing out markers of their recent efforts. “Beneath that orange-capped plastic pole, there is gonna be a handhole. And then between those plastic poles, there’s fiber that’s buried underground.”
Nemont just replaced Belfry’s copper wire laid around the 1970s. Paul said copper was great for dial-up internet, but fails at providing the internet speeds we expect today. But installing fiber in Montana is expensive. It can cost up to $300,000 to reach a single home or business, according to Giles.
“If you’re trying to put all of this fiber into an area that’s all rock, then it becomes a lot more expensive because rock’s a lot harder to get through than the dirt,” he said.
For Belfry’s project, Nemont received $10 million ReConnect dollars to build fiber for around 1,000 households in 500 square miles. That’s an area the size of Los Angeles. Paul said they installed 80 miles of fiber just to reach Belfry.
Most companies rely on their customer base to cover the costs of installing internet infrastructure. But in low population states like Montana, that model does not always work. Paul said that’s why these funds are so important.
“It’s allowing us to escalate the speed of doing that,” he said. “We’re doing a little bit more now than we have done in the past, for that reason.”
Dozens of companies like Nemont have leveraged these federal programs to try and reach more residents. Sometimes the costs still exceed what they can afford, and they default.
According to the FCC, Montana’s broadband coverage increased 10 percent between 2023 and 2024. But there’s more work to be done. 70,000 homes and businesses across Montana still need better internet.
Some progress has been made. According to the FCC, Montana’s broadband coverage increased 10 percent between 2023 and 2024. But there’s more work to be done. 70,000 homes and businesses across Montana still need better internet.
And rural residents like Mary Boyer know how necessary it is to be connected.
“If we didn’t have the access to the good communications, we could be in a world of horse pucky,” she said.
State officials hope to bridge the digital divide by the end of the decade.
Montana
Humane Society of Western Montana has many pets for adoption
MISSOULA, Mont. — Humane Society of Western Montana’s Director of Marketing Katie Hofschield dropped by NBC Montana Today with special guest Lady Bird.
Lady Bird is a 9-year-old mixed breed who is available for adoption. Lady Bird is house and crate trained and in general is a very laid back dog who loves cheese.
The Humane Society of Western Montana currently has many animals looking for homes, including several older pets, cats, plus two guinea pigs and a rabbit.
The Humane Society of Western Montana runs an annual pet food pantry, but this year they’re expanding into a larger-scale pet food relief project due to holiday and financial pressures on families.
Through a partnership with Greater Good Charities and the Montana Food Bank Network, they received 25 pallets (almost 20,000 pounds) of pet food, which will be stored in a former food bank facility and distributed across the state, including to tribal partners.
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