Distinctly Montana Magazine

W W W. D I S T I N C T LY M O N TA N A . C O M 79 BY ROBYN ERLENBUSH FROM PEAK TO PEAK Robyn Erlenbush is a third- generation Montanan who lives in Bozeman. She owns ERA Land- mark Real Estate with offices in Bozeman, Big Sky, Livingston, and Ennis along with NAI Landmark Commercial, and Intermountain Property Management. robyn@eralandmark.com government are all stable. Construction is the second best recovery in the state. e Missoula market experienced a nice gain to 2,717 residential sales in 2015, up from 2,433 in 2014. $263,724 was the reported average sales price for the year, and $232,000 was the median. ere has been stability in the retail, wood products, and medical arenas with some growth witnessed in the travel and manufacturing fields. Bitterroot Valley increased from 574 residen- tial sales in 2014 to 664 sales in 2015. e average sales price for the year was $262,994 with a median of $220,000. Helena home sales declined slightly from 1,032 in 2014 to 988 in 2015. e average sales price was $237,389, and the median was $225,000. e county's economic base is 47% comprised of State Government with an additional 23% in Federal Government, so it is quite stable in that regard. Great Falls grew from 1,128 sales in 2014 to 1,221 in 2015. e 4th quarter average sales price was $186,960 with a median price of $167,000. While the numbers surely tell part of the story, the last quarter of a century has provided some monumental real estate changes in our state. I thought it would be fitting to reflect on a few major segments. A River Runs rough It. Released in 1992, the book was set in the Missoula and western Montana area with much emphasis on the beautiful art of fly fishing in the Blackfoot River and the im- pact that played on the character's lives. e actual filming of the movie took place primarily in Livingston and Bozeman, featuring the Yellowstone, Gallatin, and Boulder Rivers. e film won an Academy Award for Best Cinematography in 1993 and brought immense exposure to south central Montana and the natural magnificence that exists here. is pivotal event created the first real wave of out of state buyers and the discovery of Montana real estate. A second, smaller wave occurred after the tragic events of 9/11, when we saw consumers rethink what was most important in their lives. A "Flight to Safety" occurred for several years after 2001. We noticed an increase in the "Legacy" buyer looking for larger proper- ties to bring multiple generations together for a week or a lifetime. e third major event, which had far reaching impact in Montana's real estate market, was the sudden decline of the stock market in 2008 and subsequent recession that followed. Montana experienced declining prices and number of sales from 2008 to 2010. Recovery commenced in 2011 and 2012, and today we are in excess of the peak numbers of sales that occurred in the mid-2000s. Only the upper-tier (top 10%) has yet to fully recover back to mar- ket highs. Renewed interest and buyer confidence in the $500,000 and above price ranges has been very evident in the last six months of 2015. We expect even more improvement in 2016. Where do we go from here? It is interesting to watch the chang- ing demographics and national market trends and how they impact Montana. One such development is the "Empowered Movement" to live and work where you want. We continue to see business start-ups and inspired entrepreneurs moving out West to "Explore and Discover" all that Montana has to offer.

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