FEBRUARY 2026

⮚ MADISON VALLEY FEBRUARY 2026 “HAPPENINGS” → What’s happened in Ennis, the Basecamp of the Madison Valley? → Ennis Lions Club held their Annual Texas Hold ‘Em Poker Tournament.→ The Ennis Library held a Montana History, Poetry & Music event. → Big Sky Resort hosted their 8 th Annual Skijoring – Best in the West Showdown. → There was a Stockman Soiree at the Stockman Bar in Sheridan. → A brave crowd participated in the Ennis Polar Plunge, for Special Olympics, at the Lake Shore Lodge. → There was the Annual Auction for the Arts, a Fundraising Mardi Gras Gala at the Center for the Arts in Big Sky. → The Elling House Arts & Humanities Center hosted a Chautauqua. → There was another Rancher Roundtable program, “How Well Do You Know Your Grasses?,” at the Ennis Library. → The Jack Creek Preserve hosted a Winter Outdoor Skills Camp for kids. → The Missoula Children’s Theatre presented, “Beauty Lou and the Country Beast,” at the Ennis Schools. → Ennis was still alive and well, especially during this mild winter!

⮚ MADISON VALLEY MARCH 2026 “HAPPENINGS” → March 1 st is the big day, when the new 2026 hunting & fishing licenses go on sale – on-line at https://ols.fwp.mt.gov/. → Metis Storyteller & MT Poet Laureate, Chris LaTray, https://www.chrislatray.com/, will
perform at 6 PM on March 6 th at the Madison Valley Library. → Jack Creek Preserve is offering a Winter Survival Skills program on March 14 th . → The Elling House Arts & Humanities Center will host a special program on March 28, plus more events through the Spring. Check out: http://www.ellinghouse.org/. → Enjoy Live Music and more, at Willie’s Distillery, the Longbranch Saloon and the Gravel Bar – check their FB pages for event details. → And, you can go fishing, disc golfing, play pickleball, go skiing, exploring, bowling, visit the library, sit on the Mark Twain bench; do yoga or Pilates, go to the gym, take exercise classes, have a facial; a massage, see a movie, or eat, drink, stroll through Ennis, and go shopping! JUST DO IT ALL!

⮚ FUTURE 2026 “HAPPENINGS” → The Elling House Arts & Humanities Center will host
a special program on March 28, plus more events through the Spring. Check:
http://www.ellinghouse.org/. → The Madison River Foundation will sponsor a Fundraising Event at the Madison Valley Ranch on June 4 th and their Annual Fundraising Gala on July 11 th . The MRF will be presenting a Speaker Series June 25 th and Sept.17 th . https://www.madisonriverfoundation.org/ →
And so much more to come…

⮚ MONTANA NEWS. → During the 2025 fire season, Montana experienced 2,424 wildfires that burned a total of 75,099 acres. Of those fires, 32 p0ercent were caused by lightening, while 68 percent were human caused. According to data from the MT Department of Revenue, the MT Department of Natural Resources and Conservation (DNRC) wildfire response helped protect approximately $36.67 billion in value on private lands and $424.49 million on non-private lands. The governor praised the MT DNRC for its response during the 2025 fire season – and for keeping 94 percent of fires under its direct protection to 10 acres or fewer. “The results of this past fire season demonstrate how effective forest management, historic investments, strong partnerships, and the dedication of our wildland firefighters make a real difference across the state,” said Gov. Gianforte. → &quote;Montanans should look past fear- driven narratives and recognize data centers as an opportunity to support local economies while helping pay for infrastructure we already need.&quote; After putting aside the doomsday claims, Montanans can see that data centers can enable the global export of Montana-made energy, create construction jobs and well-paying permanent jobs that do not require extensive formal education, strengthen local tax bases, attract ancillary businesses, and help spread the unavoidable cost of modernizing an aging electric grid across new users rather than placing that burden on Montana households. With clear cost-allocation rules and regulatory safeguards, data center development need not threaten affordable, reliable power in Montana. https://frontierinstitute.org/what-most-montanans-need-to-know-about-data-centers/.

→ Every year, the Montana Farmers Union hosts a Women’s Conference to bring together women farmers and ranchers from across the state. These gatherings create a powerful space for networking, mentorship, and skill building, while also acknowledging the unique challenges women face in agriculture—from financial pressures to emotional burnout and balancing off-farm jobs. With the United Nations declaring 2026 the International Year of the Woman Farmer, the spotlight is finally turning toward the critical role women play in food production and rural communities. At the Montana Farmers Union Women’s Conference, attendees share stories, learn creative problem-solving skills, and build lasting relationships that keep them coming back year after year. https://montanafarmersunion.com/news-events/womens-conference/.

• ⮚ FISHING REPORT → Well, well, well – we made it past the shortest month of the year and are still alive. Daylight is increasing every day and that is making us feel good. We remember St. Patrick in March. St. Patrick eliminated the snakes from Ireland, and the leprechaun became the symbol for luck. How did that happen?? But March is the month for the lucky and I feel lucky that we live in Ennis. I am also feeling lucky that we could get some serious rain and snow this month. Hey St. Patrick, we can use a little help! (or do you just work on snakes?)  Our long-range forecast for spring is wetter than average so that would be lucky! Let’s ride that little leprechaun not to the pot of gold but to the full lake and snow in the mountains. Real talk, as I write this, we are sitting at 89% snowpack. Not bad, but not ideal. A few big spring storms and we are right back in the sweet spot. That would fill the lakes, and we would have water for the summer.

  March is also the perfect month to break out the fishing gear and hit the river for the first time this year. The river is waking up, and the fish are starting to get active after their winter slumber. No gorge this year, so the entire river is open to play. If you’re fishing the deep, nymphing will still be most productive. Eggs, worms, stone fly and midge larva, near the bottom under an indicator, will find fish most days. The first significant hatches of BWO mayflies should start this month. Keep an eye out. Fish love these like the first ice cream cone of summer! Don’t pass it up. If you’re lucky like the leprechaun, you will find some risers like the pot of gold. Streamers will also start to get some attention once the river gets a little warmer. Dark bodied sculpin patterns near the bottom on a tight line will find a few big ones. Big things to come on the river and this is just the beginning. March is our transition month. Part winter, part spring. But let’s hope the winter part sticks around for a while longer. A new season means a new fly line. Stop by and let us get you casting right with a new fly line for your rod. Remember – New year, new line. Nothing casts better than a new line. You deserve it. Big fly sale coming next month. You will not want to miss this one.   

  Good Fishing and God Bless, John Way, The Tackle Shop, Ennis, MT,
  the CULTURAL EPICENTER OF TROUT, 406-682-4263, Cell: 406-370-5206,
  www.thetackleshop.com, Lodging – www.montanaway.com. 
  If people concentrated on the REALLY important things in life, there would be a shortage of fishing poles!

  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 → February was pretty much the same as January, but with 2 days of winter – and snow! It was exciting to see, but it didn’t last and we are back to the same dry conditions. The ski slopes seem to have enough, but not here in the valley. The February daytime high was 66° with a daytime low of 18°. The nighttime high was 39° and the nighttime low was 1°. We wonder what March will bring??

• • ⮚ REAL ESTATE TIP: BUY NOW, SELL LATER! There are ways to do this, when that perfect property comes on the market, before you have sold yours. One strategy gaining traction for buyers navigating a purchase before selling their current home is securities- backed lending (SBL), also known as a securities-backed line of credit. In a recent case, a client purchased a $3.1 million home by combining $2.1 million in cash with a $1 million loan secured against a taxable investment portfolio. The portfolio remained fully invested and served as collateral. The intent is to repay the loan once the existing home sells—eliminating
    the need to liquidate appreciated assets, incur capital gains taxes, or commit to a traditional mortgage with associated underwriting, closing costs, and long-term obligations. In this case, the borrowing rate was in the high 5% range, often favorable when compared to the after-tax cost of selling investments, particularly those with significant embedded gains. SBLs are typically available on diversified, liquid, non-retirement portfolios, with loan-to-value ratios generally ranging from 50–70% depending on asset composition. They offer speed, flexibility, and, in many cases, interest-only payments with no prepayment penalties. Risks should be carefully considered. Because the loan is secured by marketable securities, declines in portfolio value may trigger a margin call requiring additional collateral or partial repayment. Rates are variable and can increase over time. This strategy is best suited for clients with strong balance sheets, adequate liquidity, and a clearly defined, short-term repayment plan. Used appropriately, SBL can be an efficient bridge—preserving compounding while providing liquidity when timing matters most. To learn more, visit joncgoodman.com, email jcg@joncgoodman.com, or call 1-855-4-JCG-LLC

• HOME FOR YOUR SOUL. FEATURED PROPERTY OF THE MONTH →20 ACRES with MADISON RIVER ACCESS! This is a spectacular property where prime location meets unparalleled natural beauty. This parcel boasts sweeping 360-degree views, featuring the majestic peaks of the Gravelly & Madison Ranges. Close to great fishing, hunting, hiking, and exploring. This property is centrally located in the stunning Madison Valley, just south of the Beartooth Flyfishing Lodge, 20 miles south of the Ennis, and approx.. 115 miles from Yellowstone National Park. Enjoy the ultimate Montana lifestyle with exclusive owner access to the Madison River. Benefit from easy, direct highway access and power readily available at the adjoining lots, making building seamless. Minimal covenants protect the integrity of the area, yet there is no HOA nor dues. This is a rare opportunity to own a premier parcel offering privacy, views, and river recreation without compromise. Madison River Tracts, Parcel 8, Cameron, MT 59720. $295,000, MLS# 408583. GoogleEarth Coordinates: Lat. 45.072083°, Lon.-111.649472°, Elevation: 5,643’. https://www.eralandmark.com/listing/408583-madison-river-tracts-parcel-8-cameron-mt-59720/.

• • NATIONAL REAL ESTATE NEWS → WASHINGTON(February 26, 2026) →

    For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week's milestone. This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season. The drop could potentially unlock millions of new buyers who had been sidelined by affordability constraints when rates hovered around 7% over a year ago. An analysis of the National Association of REALTORS® Metro Market Dashboard shows that an additional 5.5 million households now stand to qualify for a mortgage. Affordability improved for the seventh consecutive month, according to NAR’s Housing Affordability Index—increasing
    to 116.5 in January from 111.6 in December and 102 a year ago. Pending home sales in January decreased by 0.8% from the prior month and 0.4% year-over- year, according to the NAR’s Pending Home Sales Report. “Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices. This will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes. Fortunately, the House of Representatives recently passed the Housing for the 21st Century Act with strong bipartisan support, an important signal that addressing the nation’s housing shortage remains a shared priority. The legislation is a meaningful step toward expanding housing supply and removing barriers that make it harder for Americans to achieve homeownership,” said NAR’s Chief Economist, Dr. Lawrence Yun. Existing-home sales decreased by 8.4% in January, according to NAR’s Existing-Home Sales Report. Month-over-month and year-over-year sales fell in all regions. "The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this
    month’s numbers are an aberration,” said Dr. Yun. “Affordability conditions are improving, with NAR’s Housing Affordability Index showing that housing is the most affordable it’s been since March 2022. This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago. However, supply has not kept pace and remains quite low.” "Due
    to low supply, the median home price reached a new high for the month of January,” Dr. Yun added. “Homeowners are in a financially comfortable position as a result. Since January 2020, a typical homeowner would have accumulated $130,500 in housing wealth.” 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: According to a recent report, Montanans accounted for 75.13% of all residential purchases in Southwest Montana. That means 3 out of every 4 residential real estate purchases were made by local buyers. In fact, Montana buyers have increased their market share by nearly 6 percentage points in three years. And the number out-of-state buyers is declining. However, the new spinoff from the Yellowstone series, The Madison, premiers on Paramount, March 14 th ! So, look out! However, the Madison Valley, including Ennis, remains a smaller market with steady movement. Recent data shows a slight increase in annual single-family sales, with median prices in the mid six-hundred-thousand-dollar range. New construction continues to contribute meaningfully to available inventory. Because transaction volume is lower, individual sales can influence pricing trends more noticeably. Buyers and sellers in the Madison Valley often benefit from thinking in longer time frames, where lifestyle fit and future plans outweigh short-term market changes. Spring generally brings a “hatch” of new listings! Statistics for the Madison Valley area (including Ennis, Cameron, McAllister, Norris, Virginia City, Nevada City, Harrison, Pony), for the month of February were as follows:
    ● RESIDENTIAL: 50↑ listings ($299,900 to $2,700,000); 8 pending sales ($355,000 to
    $1,100,000); and 8 homes have sold in 2026 ($240,000 to $4,450,000), totaling $9,507,000 @
    97.5% ↓ of list price.
    ● MULTI-FAMILY: 3 listings ($895,000 to $1,789,000); 1↑ pending sale ($640,000); 0 sold in
    2026 (multi-family units are not great investments in this area.)
    ● VACANT LAND: 91↓ listings ($6,500 to $7,900,000); 12↓ pending sales ($115,000 to
    $545,000); and 24 lots have sold in 2026 ($12,000 to $430,000), totaling $4,484,400 @ 90.8%↓
    of list price.
    ● LAND w/STRUCTURES: 3↓ listings ($250,000 – $395,000); 1 pending sale ($495,000); 1↓
    lot w/structures sold in 2026 ($1,485,000) @ 82.5%↓ of list price.
    ● COMMERCIAL: 7↓ listings ($495,000 to $1,395,000), 1 pending sale ($590,000); and 2
    commercial properties have sold in 2026 ($1,760,000) @ 84.2%↓ of list price.
    ● RANCHES: 3↓ listings ($3,300,000 to $23,500,000), 0 pending sales, 0 ranches have sold in 2026.
    “The best investment on Earth is earth.” Louis J. Glickman, real estate mogul/philanthropist

• ⮚ MONTANA TRIVIA… Did you know that – the Gravelly Range Road is, quite possibly, one of the most scenic drives in Montana? It provides unique views of the entire Beaverhead-Deerlodge National Forest and Madison Valley area, offering abundant opportunities to see subalpine grasslands, conifer forests, and endless amounts of dazzling wildflowers. Any wildflower aficionado will be excited to walk through the Gravelly Range during wildflower blooming season, which runs from late June through July. The Madison Ranger District of the Beaverhead-Deerlodge National Forest has sponsored a popular Wildflower Tour of the blooms in the Gravelly Mountain Range in early July each year. More info at: https://www.fs.usda.gov/r01/beaverhead-deerlodge/newsroom. The Gravelly Range itself, covers more than 500,000 acres, with  Black Butte at 10,542’ being it’s highest peak. It is also home to the highest elevation pronghorn habitat in Montana! The Gravelly Range is the largest forest in Montana, covering 3.35 million acres. The Beaverhead-Deerlodge Forest is home to 8 unique counties in Montana, including Madison County, home of Ennis. The Gravelly Range received its name due to the
  range’s composition of pebble-like rocks resembling gravel, as are the roads throughout these mountains. Leading up to high rolling plateaus, access roads into the Gravelly are surrounded by prominent geographical features that populate the surrounding region. The Tertiary strata rocks exposed on the west side of Lion Mountain indicate fossil fauna from these strata have a North American Land Mammal Age of Whitneyan, https://en.wikipedia.org/wiki/Whitneyan, and are approximately 29 to 32 million years in age! https://backroadtoyellowstone.com/montana-scenic-drives-gravelly-range-road/;
  https://www.fs.usda.gov/wildflowers/regions/northern/GravellyRange/index.shtml;
  https://geopostings.com/the-gravelly-range-southwestern-montana-high-elevation-tertiary-rocks/

A wise old timer from the area once told me,

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