March 2024

MADISON VALLEY MARCH “HAPPENINGS” → What’s happened in Ennis, the Basecamp of the Madison Valley?  → The Madison Theatre had its Grand Re-opening and has hosted several films and live events.  Check out their schedule at https://ennismovies.com/.  → An MSU Extension Horticulture Specialist presented Xeriscaping and Water Wise Landscaping at the Madison Valley Library. →  The Elling House Arts & Humanities Center presented a Youth of Madison County Art Show Artists Reception. → The Jack Creek Preserve hosted a Winter Wonders Field Day and a Winter Outdoor Skills Camp. →  Hunting licenses went on sale on the 1^st.  → The Madison Valley  Ranch hosted another outstanding Wine Pairing Dinner. →  Lottie Denos Restaurant opened up at the Longbranch Saloon. https://www.lottiedenos.com/. → The McAllister Inn has reopened. →  Shop small; shop local; shop Ennis! The sidewalks are not rolled up for the winter, and spring is right around the corner!

MADISON VALLEY APRIL “HAPPENINGS” → There will be a Chautauqua at the Elling House Arts & Humanities Center in Virginia City on the 20^th.  http://www.ellinghouse.org/ . →   Make reservations for one of the Wine Pairing Dinners at the Madison Valley Ranch on the 12^th and 13^th.  Check out their fly fishing packages as well, at: https://www.madisonvalleyranch.com/. → And you can still go ice fishing at Hebgen Lake, downhill skiing at Bridger Bowl or Big Sky, x-country skiing in West Yellowstone, play golf OR disc golf in Ennis, or stay inside and go bowling, visit the library, do yoga, take exercise classes, have a facial and a massage, play Pickleball, Mahjongg, take in a movie, visit the Museum of the Rockies in Bozeman, or eat, drink, stroll through Ennis, and go shopping!  Extend your visit and Just do it all!

MONTANA NEWS → Supplemental tax bills are heading toward many Montana property owners.  After under-collecting a school property tax during a dispute with the governor, 49 of 56 counties are making up the difference with bills in the mail this month.  Madison County is one of those 5 counties NOT sending out additional tax bills. And Madison County has the lowest mil levy in the state – making Madison County the Last Best Place in the Last Best Place! → Montana has nearly 90,000 acres of “corner-locked” land, putting them in access limbo.  Stakeholders in the corner-crossing debate discuss the complexities that have sustained the murkiness of the issue and highlight what’s at stake. Read more on the issue at:   https://montanafreepress.org/2024/03/18/pathways-to-clarity/; https://www.backcountryhunters.org/thinking_about_corner_crossing_in_montana_read_this_first.

FISHING REPORT → Spring is here, days are longer, the grass is getting green, and the fishing just got better!  April in Montana, especially in the Madison Valley, is a special time. The world wakes up from the winter slumber and new life is everywhere.  New calves in the fields, the first sandhill cranes arrive, and birds returning. The longer days benefit solar-powered people who have been indoors all winter.  The fishing this April might just be the best of all year.  Think of it this way – cold clear water and early spring weather.  Our snowpack is still low but getting better.  As of this writing, we are at 86% of normal.  We are not going to see a big flush runoff.  So, right now is the time.  These fish are hungry and conditions are right.  If you can get to the Madison Valley this April, do it!

Remember, the rainbows are still spawning.  Right now, you can find redds river wide on any gravel bar with about 4 inches of water flowing over it.  Please stay the heck away from these guys.  This is our future. This means fishing directly downstream of redds.  Only idiots and jerks fish redds.  Don’t be a jerk.  There are plenty of places to fish.  Keep a keen eye out from Town to the Lake, as there are a bunch of fish spawning in this area.  For those out fishing the beginning of the month, think pink worms, eggs and anything bright in color.  These fish are hungry and are targeting fluorescence-colored flies.  Soon, we will start seeing the first real hatches of BWO mayflies and skwala stone flies.  We should see both by the middle of the month and the fish will notice.  Dull colored stone flies and tight-bodied mayfly nymphs will rule.  Get ready, they are coming.  By the end of the month, we will start to see some Mothers’ Day caddis start in the soup.  This is going to be a great month!

Keep praying for snow as we can use any and all moisture.  More snow dance please.  Bring your gear in for a spring tune up.  A new line, leader or waders makes spring fishing more productive and enjoyable.  Stop in and pick up your spring bugs, as well.  You’ll find the best selection in town and friendly advice.  Most of all, get out and fish in April.  If you don’t, you might just be kicking yourself in August.  Good Fishing and God Bless, John Way.  http://www.thetackleshop.com)  Ennis, Montana, the CULTURAL EPICENTER OF TROUT.  (406) 682-4263, or cell: (406) 370-5206.

If people concentrated on the REALLY important things in life,  there would be a shortage of fishing poles!

And check out:  https://mtflyfishmag.com/

Check out other fishing reports at:

• Madison River Fishing Company at: https://www.mrfc.com/
• Dan Delekta at: https://www.beartoothflyfishing.com/
• The Madison Valley Ranch at: https://www.madisonvalleyranch.com/
• Joe Dilschneider’s Montana Trout Stalkers at http://www.montanatrout.com/
• Yellowstone Fly Fishing at http://www.yellowstoneflyfishing.com/madisonreport.htm.

WEATHER → March was pretty mild and brought us 12 days with some kind of precipitation – rain, snow, and something in between!  It is tempting to believe winter is over!  The daytime high in March was 66° and  the daytime low was 32°.  The nighttime high was 37°,  with a nighttime low of  9°.

REAL ESTATE TIPS → WHATEVER HAPPENED TO THE “STARTER HOME”?

As recently as the 1990’s, the home-building industry was still constructing what real estate ads would have called the “starter home.”  They were typically, 3 BR, 1-2 BA, “no frills” homes under 1,500 SF, on small lots, in developments of similar homes. They sold for what would cost around $200K, in today’s dollars.  Those same little houses, with few updates, are selling for $500,000 or more! Those houses would be in tremendous demand today, but few builders construct anything like it anymore.  Home prices have ballooned for all types of housing in the last five years, but starter homes are 64% more expensive than they were in 2016, while larger homes have seen prices rise 43% during the same period. There are several reasons for the disappearance of such affordable homes, which is central to the American housing crisis.

1. Labor and land costs have risen steeply, especially in booming parts of the country.
2. The higher costs have made it tougher and less profitable for builders to construct smaller homes these days. New homes that are being built tend to skew larger so companies can make a better return on investment.
3. Construction materials and government fees have become more expensive.
4. Government restrictions, such as zoning, often limit lot size and number of units allowed which prevents higher density and multi-family construction.
5. Many subdivision restrictions allow only one single family home on each lot.
6. Baby boomers hoping to downsize are going after smaller properties, competing with 20-30 somethings hoping to purchase their first homes.
7. Investors surged into the housing market, paying cash for attractive entry-level houses to be used for rental units.
8. Smaller, older homes on valuable lots are likely to be torn down with a larger home built in their place.
9. The pandemic sent many urban renters into the suburbs to compete for the entry-level homes.

HOME FOR YOUR SOUL. FEATURED PROPERTY OF THE MONTH → 40+ ACRES bordering NATIONAL FOREST! Exceptional recreational property in the southern end of the Madison Valley with easy access to the Sheep Creek Canyon area.  Close to Quake, Hebgen, Cliff & Wade Lakes,  the Madison River and Yellowstone Nat. Park.  Paradise for hunting, fishing, snowmobiling, hiking, trail riding, and more.  End-of-the-road privacy.  This is the “wild west” at its best.  A great place for that Montana dream cabin!  Lots A54 & A55, Sportsman’s Paradise, end of Pond Road, Cameron MT 59720, Big Sky MLS# 365660, $495,000.  GoogleEarth Coordinates:  798401°,  -111.439244° & 44.797850°, -111.439553. My Active Listings – Toni Bowen (erarealestate.com)

REAL ESTATE NEWS → WASHINGTON (March 21, 2024) – Existing-home sales climbed in February, according to the National Association of REALTORS®. Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast. Year-over-year, sales declined in all regions. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).  “Additional housing supply is helping to satisfy market demand,” said NAR Chief Economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”

Total housing inventory registered at the end of February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.  The median existing-home price for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four U.S. regions posted price increases.

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 38 days in February, up from 36 days in January and 34 days in February 2023.  First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023 – found that the annual share of first-time buyers was 32%.  All-cash sales accounted for 33% of transactions in February, up from 32% in January and 28% one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023.  Distressed sales – foreclosures and short sales – represented 3% of sales in February, virtually unchanged from last month and the previous year.

Single-family home sales grew to a seasonally adjusted annual rate of 3.97 mil. in February, up 10.3% from 3.6 million in January but down 2.7% from the previous year. The median existing single-family home price was $388,700 in February up 5.6% from February 2023.

Regional Breakdown – At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It’s the fourth consecutive month that home sales in the Northeast registered 480,000 units. The median price in the Northeast was $420,600, up 11.5% from one year ago.  In the Midwest, existing-home sales propelled 8.4% from one month ago to an annual rate of 1.03 million in February, down 3.7% from the previous year. The median price in the Midwest was $277,600, up 6.8% from February 2023.  Existing-home sales in the South leapt 9.8% from January to an annual rate of 2.02 million in February, down 2.9% from one year earlier. The median price in the South was $354,200, up 4.1% from last year.  In the West, existing-home sales skyrocketed 16.4% from a month ago to an annual rate of 850,000 in February, a decline of 1.2% from the prior year. The median price in the West was $593,000, up 9.1% from February 2023.  “Due to inventory constraints, the Northeast was the regional underperformer in February home sales but the best performer in home prices,” Yun added. “More supply is clearly needed to help stabilize home prices and get more Americans moving to their next residences.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.  The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. 

LOCAL REAL ESTATE MARKET STATISTICS: The market is heating up.  Those buyers waiting in the wings for the feds to lower rates may miss the boat.  When rates come down, prices will go up.  Home prices are expected to continue rising over the next five years, so waiting for that small dip in mortgage rates may not make a difference if the price of your dream house goes up.  He who hesitates….Big Sky Country Multiple Listing statistics for the Madison Valley area (including Ennis, Cameron, McAllister, Norris, Virginia City, Nevada City, Harrison, Pony), for the month of March were as follows:   

• HOMES: 42↓ homes listed ($375,000 to $1,850,000); 9↑ pending sales ($499,000 to $995,000); and 8 homes have sold ($445,000 to $1,235,000), totaling $5,046,000, at 9%↓ of list price.
• MULTI-FAMILY: 6↑ buildings listed ($575,000 to $2,800,000); 0 pending sales; 1 sold ($830,000) at 98% of list price.
• LAND: 148↑ vacant lots listed ($35,000 to $1,800,000); 3↓ pending sales ($44,900 to $325,000); and 13 lots have sold ($5,000 to $420,000), totaling $2,716,500 at 8%↓ of list price.
• COMMERCIAL: 7 commercial properties listed ($365,000 to $2,995,000); 1↑ pending sale; and 1 commercial property has sold ($553,300), at 6% of list price.
• RANCHES: 4↑ ranches listed ($1,800,000 to $13,750,000); 0 pending sales, and 1 ranch sold ($1,350,000) at 6% of list price.

“The best investment on Earth is Earth.” Louis J. Glickman, real estate mogul/philanthropist

Also, according to Jordan Davis & Luke Bryan, in their hit song, “Buy Dirt!” 

MONTANA TRIVIA…. Did you know that….The smallest incorporated city in Montana is ISMAY, a town in Custer County. There is a post office at Ismay, and a church, but no other businesses or services. The population was 20 at the 2022 census. The town is the least-populous incorporated municipality in the state of Montana, with a total area of 0.42 square miles of land. Ismay lies between Baker and Terry, on the BNSF Railway line. The route was once a mainline segment of the Milwaukee Railroad. The town’s name is an amalgamation of Isabella and May, the names of the daughters of Albert J. Earling, a division superintendent (later president) of the Chicago, Milwaukee and St. Paul Railway. The town’s history and contemporary state (circa 1995) is discussed at length in travel writer, Jonathan Raban’s book Bad Land: An American Romance. According to Raban, Ismay’s story is emblematic of the settlement and depopulation of the northern Great Plains. In 1993 the town of Ismay was contacted by a radio station in Kansas City, MO with a special request for the town to consider changing their name to “Joe,” Montana, after the NFL quarterback for the Kansas City Chiefs, for the duration of the football season. Ismay, population of 22 at the time, agreed, hoping to raise money for their volunteer fire department. Eight years later, they not only had enough money for a new fire truck, but enough to build a community center and fire hall around it. The town’s name has since reverted to Ismay. https://discoveringmontana.com/towns/ismay/.

CHECK OUT THE NEW FILM, “Mending the Line,” on Netflix

A wise Old Timer from the area once told me,  

“Don’t try to change the Madison Valley… let the Valley change you!”