Distinctly Montana Magazine

w w w. d i s t i n c t ly m o n ta n a . c o m 49 as a regional trade center and a Bakken Gateway City. Seven new hotels are slated to open in 2014 and retail growth is very strong. The Flathead market (pop. 93,100) saw a healthy increase in the number of sales, up to 1,801 single-family units in 2013 from 1,543 in 2012. And as the other markets, the median price was up to $210,000 from $190,000, with an aver- age at $289,286 versus $275,258 in 2012. Condos/ townhomes also improved in number of sales from 222 to 249; me- dian price of $187,000 over $161,250; and average price of $241,684 compared to $217,768. This area was one of the hardest hit and has made an astounding recovery. The resort and second home purchaser has returned for lake frontage and ski retreats properties, and Canadian investors are helping to fuel sales. Helena (pop. 65,300) saw sales gains of single-family homes and townhomes combined up to 835 in 2013 from 767, and the average price moving to $221,822 from $213,500. Great Falls (pop. 82,400) had a bit of a jump in number of residential sales from 1,007 in 2012 to 1,050 last year, but the average price stayed stable at $183,734 ($183,170 in 2012), and the median price also remained flat at $158,000 ($156,500 in 2012). These two markets generally exhibit the most consistent stability in terms of the reliability of government- related industry. The Missoula market (pop. 111,800) also showed a strong increase in single- family sales to 1,185 for 2013 from 968, yet a minimal median price increase from $209,500 to $215,000. Bitterroot posted nice gains in single unit home sales with 470 in 2013 versus 416 in 2012; aver- age price increasing from $201,961 to $226,407; and median price growing to $185,100 from $176,100. Missoula is a very stable market with a large area of trade. All sectors have recovered and commercial is rebounding and growing. Data that is available via the mt.gov Web site shows Montana faring quite well versus the nation as a whole when it comes to employment. Our season- ally adjusted unemployment rate, which was available as of the end of November 2013, was 5.2 compared to the U.S. aver- age of 7.0. Montana numbers ranks 11th lowest in the nation. Not surprisingly, North Dakota has the best unemploy- ment rate at 2.7. Within our state's bor- ders, the rate ranges from 1.5 in Fallon County (Baker) to 13.5 in Lincoln County (Libby). Unemployment figures for the counties that we featured above include 4.7 for Gallatin (Bozeman), 6.6 for Park, 3.6 for Yellowstone (Billings), 7.3 for Flat- head, 3.8 for Lewis & Clark (Helena), 4.3 for Cascade (Great Falls), 4.5 for Missoula, and 6.7 for Ravalli (Bitterroot). What should we expect in 2014? I would suggest, similar growth numbers and increased real estate appreciation. The real estate sales numbers will be impacted or limited only by the availability of inven- tory, so new construction and shovel-ready building lots will tell the tale. Housing 2014 blue skies over Montana... continued real estate recovery Source: Realtor Associations in each market data pulled 1/28/2014 192,130 130,695 227,348 156,327 187,395 157,756 217,768 171,503 233,638 165,942 241,684 156,171 25% 5% 11% -9% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 1 2 3 4 MLS Area 2011 2012 2013 © 2013 ERA Landmark Real Estate Average sales Price Condo/Townhouse Average Sales Price Comparing 2012 and 2013 Year to Date 1 2 3 4 1 - Bozeman 2 - Billings 3 - Flathead 4 - Missoula Source: Realtor Associations in each market data pulled 1/28/2014 138,000 119,000 164,000 149,500 147,500 148,950 161,250 151,000 174,000 159,300 187,000 162,162 18% 7% 16% 7% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 0 50,000 100,000 150,000 200,000 250,000 300,000 1 2 3 4 MLS Area 2011 2012 2013 © 2013 ERA Landmark Real Estate Average sales Price Condo/Townhouse Median Sales Price Comparing 2012 and 2013 Year to Date 1 2 3 4 1 - Bozeman 2 - Billings 3 - Flathead 4 - Missoula 232,500 184,580 179,000 191,037 148,000 206,000 175,000 240,000 195,000 190,000 198,000 156,500 209,500 176,100 270,000 209,625 210,000 210,000 158,000 215,000 185,100 13% 8% 11% 6% 1% 3% 5% 0% 2% 4% 6% 8% 10% 12% 14% $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 1 2 3 4 5 6 7 MLS Area 2011 2012 2013 © 2013 ERA Landmark Real Estate Median Sales Price Single Family Median Sales Price Comparing 2012 and 2013 Year to Date 1 - Bozeman 2 - Billings 3 - Flathead 4 - Helena 5 - Great Falls 6 - Missoula 7 - Bitterroot Source: Realtor Associations in each market data pulled 1/28/2014 314,223 193,617 254,811 204,694 160,510 243,711 209,432 318,540 215,091 275,258 213,000 183,170 247,768 201,961 352,604 229,318 289,286 221,822 183,734 258,806 226,407 11% 7% 5% 4% 0% 4% 12% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 1 2 3 4 5 6 7 MLS Area 2011 2012 2013 © 2013 ERA Landmark Real Estate Average sales Price Single Family Average Sales Price Comparing 2012 and 2013 Year to Date 1 - Bozeman 2 - Billings 3 - Flathead 4 - Helena 5 - Great Falls 6 - Missoula 7 - Bitterroot Source: Realtor Associations in each market data pulled 1/28/2014

• Cover