Distinctly Montana Magazine

D I S T I N C T L Y M O N T A N A • M Y M O N T A N A H O M E 54 The most recent events of COVID-19 have created a "Flight from Density" wave. During the past several months, we have seen densely populated urban communities highly impacted by the virus. There is a strong trend of families and multigenera- tional families deciding to relocate in search of a less dense environment. This trend is occurring all across Western Montana and is being driven primarily by buyers from major cities such as Seattle, Los Ange- les, and New York. When Montana imple- mented several restrictions for tourism at the onset of the virus, the implications of a lack of visitors engaging with the real estate market remained a big question. As we continue to navigate through the re-opening of Montana, we now have approximately two months of real estate data to analyze since the initial shelter-in- place directive. With such a large state as Montana, it is encouraging to see that every major community reports positive metrics in their real estate markets during the past couple of months. Almost all markets saw increases to both their units closed and their median sales price compared to the same period from 2019. This is according to data from the Multiple Listing Services in Gallatin County & Park County, Billings, Missoula, Flathead County, and Helena from March 16, 2020, through May 15, 2020. • BOZEMAN, LIVINGSTON AND THE GREATER GALLATIN VALLEY reports a 9.5% in- crease in their median price. Closed units were flat or down slight- ly except for Livingston, which saw substantial gains compared to 2019. Gallatin County has seen increases in the condo/townhome market, primarily in the Bozeman and Belgrade markets. • BILLINGS reports increases in both their closed units and median price. Deb Parker, the president of the Billings Association of Realtors, says, "There's still a lot of people looking to buy a home in the Billings area. Our inventory is down a little bit from last year, so we would like to see more inventory in our market. I think Billings can weather this pretty well. As long as we get to see those people employed again, I think we will move along in our market fairly easily." • MISSOULA saw an increase of 6% of closed units during the March 16-May 15, 2020 time period com- pared to 2019. Their medi- an price during this time was $334,950, an increase of 9% from the prior year. Pat Dauenhauer of ERA Lambros reports brisk ac- tivity and many inquiries from out of state. • THE FLATHEAD AREA has also seen increases in both closed units and median sales price. "With all the disruption in our society over the past months, you'd expect things to have dipped downward," said David Stone, a broker with PureWest Real Estate. "Sellers have been skittish, and buyers have been somewhat cautious about entering properties. But I think Montana's relative lack of direct consequenc- es of the disease—unlike urban markets, especially on the East and West coasts—have helped keep fear a minimum and activity as a maximum, at least in the real estate industry. People still have to have homes that meet their needs. And unlike 2008, this crisis was not caused by imbalances in the real estate market." • The HELENA market saw the most astounding increase in sold units with a 22.14% increase over the same period in 2019. "General- ly speaking, it is a Sellers' market if the home is priced under $500,000. Sellers have to decide if they want to take advantage of the high buyer demand and low inventory, which may benefit in receiving top dollar," stated Teresa Lightbody of Big Sky Brokers. Significantly, closed units stayed strong, and property values did not decrease as this gives us a positive real estate outlook for the summer months. Robyn L. Erlenbush, CRB, CRS, GRI ERA Landmark 406.556.5052 Direct 1805 W. Dickerson Suite 1 Bozeman, MT 59715 www.eralandmark.com

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