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.”
KALISPELL, Mont. — A new Montana license plate is now available at the Kalispell DMV to help support pee wee baseball.
Each plate can be purchased for $30 and will help to boost off season revenue.
The baseball plate was designed by Alexandra Sheneman who helped pitch design ideas to the board.
Proceeds will benefit the youth baseball program by funding new equipment and maintenance upgrades at the Kidsports Complex.
That includes bats, baseballs, nets, and new concrete.
Leftover funding will help families afford the baseball program.
“Once that number starts going up, it will generate some sponsorship funding so that we can help families that need support that can’t afford it,” said Kalispell pee wee baseball president Andy Wilson.
This is a great way to step up to the plate and help keep the youth baseball program strong for future seasons.
Miley Cyrus recalls ‘Hannah Montana’ casting journey
Miley Cyrus thanks Disney for taking a “chance” on her in “Hannah Montana” as the show celebrates its 20th anniversary with a new special.
Hannah Montana once sang that “Nobody’s Perfect,” a sentiment fans are echoing regarding Starbucks’ new drink honoring the fictional pop star ahead of her iconic Disney TV show’s 20th anniversary special.
Thought to be a drink that Hannah Montana would order at Starbucks, the coffee chain launched the Secret Popstar Refresher on March 23 as a celebration ahead of the “Hannah Montana 20th Anniversary Special”, set to be released on Disney+ on March 24. The drink consists of a grande Strawberry Acai Refresher with raspberry cold foam, two pumps of raspberry syrup and no strawberry inclusions – the dried strawberries typically in the refresher, according to the Starbucks app.
However, fans were quick to point out that the beloved TV show’s main character, Miley Stewart (Miley Cyrus), who lives a double life as teen pop star Hannah Montana, notoriously hates raspberries. Her disdain for raspberries was established in Season 1 of the show.
Stewart’s disgust is rooted in a childhood experience, during which she got sick after eating too much raspberry pie. Her hate for the fruit is exacerbated when Hannah Montana has to advertise a raspberry-scented perfume.
Now, fans of the show have taken to social media to speculate on Starbucks’ inclusion of raspberry.
Fans react to the raspberry Hannah Montana drink
Fans on social media quickly caught the raspberry reference after the drink’s launch on March 23, which many felt was an oversight by Starbucks, as they seemingly did not take Hannah Montana’s past into account.
Multiple comments on Starbucks’ Instagram post announcing the drink question the product’s flavor, including messages like “Why raspberry tho…didn’t Miley/Hannah hate raspberry,” “but she hates raspberry,” and “brooo there’s an episode in Hannah Montana (the perfume ad) where she doesn’t like raspberry!!!!”
The post’s caption appears to poke fun at the episode, reading: “For the fans who remember the raspberry saga, this one’s for you.”
Other comments under the post from Disney accounts also seem to acknowledge the raspberry inclusion as intentional, with the official Disney+ account commenting, “This completes the circle,” and the official Disney Channel account commenting, “the raspberry lore lives on!”
How to order a Hannah Montana drink at Starbucks
The Secret Popstar Refresher will be available for order through the Starbucks mobile app until April 5, according to a Starbucks statement obtained by USA TODAY.
The drink is a “secret menu exclusive,” meaning it is not on the official Starbucks menu in stores or drive-thru. Customers who know the recipe or use the Starbucks mobile app can order the refresher variation.
However, like any drink variation at the coffee chain, the refresher can be ordered at any time, as long as Starbucks has the required ingredients.
How to watch ‘Hannah Montana 20th Anniversary Special’?
The “Hannah Montana 20th Anniversary Special” became available to stream on Disney+ on March 24.
Reflecting on the past two decades, the special is an intimate sit-down interview with Miley Cyrus and “Call Her Daddy” podcast host Alex Cooper. The interview was filmed in front of a live audience in a recreation of the iconic Stewart ranch-style home.
Contributing: Greta Cross, USA TODAY
Intel and LG Display may have beaten Apple and Qualcomm with the best laptop battery life ever
US troops brace for ‘hit-and-run’ guerilla attacks as 82nd Airborne deploys to Iran, military analyst warns
New Jersey Gov Sherrill signs law barring ICE agents from wearing face coverings to shield identities
Chronic back pain may have met its match with hormone treatment, scientists say
Rams star Puka Nacua sued for alleged assault and battery amid accusations he bit woman
Florida High School Football Rankings: Top 25 teams – Oct. 21
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
99th annual Pony Swim held in Virginia
Indiana Members Credit Union announced as new anchor tenant at Bottleworks District
New Jersey Gov Sherrill signs law barring ICE agents from wearing face coverings to shield identities
Escalation in the Middle East – Not Europe’s war? MEPs in the Ring
War with Iran disrupts fertilizer exports as U.S. farmers prepare for planting season
White House unleashes on Raskin for clinging to ‘deranged’ Jack Smith ‘lies’ in latest Trump docs flare-up
‘Keffiyehs seized, left to die’: Inside the Palestine Action hunger strike
-
Detroit, MI1 week agoDrummer Brian Pastoria, longtime Detroit music advocate, dies at 68
-
Georgia1 week agoHow ICE plans for a detention warehouse pushed a Georgia town to fight back | CNN Politics
-
Movie Reviews1 week ago‘Youth’ Twitter review: Ken Karunaas impresses audiences; Suraj Venjaramoodu adds charm; music wins praise | – The Times of India
-
Science1 week agoIndustrial chemicals have reached the middle of the oceans, new study shows
-
Science1 week agoHow a Melting Glacier in Antarctica Could Affect Tens of Millions Around the Globe
-
Culture1 week agoTest Your Memory of Great Lines From Classic Irish Poems
-
Sports5 days agoIOC addresses execution of 19-year-old Iranian wrestler Saleh Mohammadi
-
New Mexico3 days agoClovis shooting leaves one dead, four injured