MARCH 2026

MADISON VALLEY APRIL 2026 “HAPPENINGS” → Madison Valley Ranch is hosting another great Wine Pairing Dinner on April 10 th and 11 th . $159/person.  Or Eat, Sleep & Fish!  Make reservations at: info@madisonvalleyranch.com. → Big Sky Resort Season
officially closes April 11, with extended weekends when conditions permit.  https://www.bigskyresort.com/current- conditions. → Yellowstone National Park officially opens mid- April.  https://www.nps.gov/yell/planyourvisit/operating- dates.htm. Each spring, YNP closes its roads to vehicles for a few fleeting weeks, opening them to bikes and foot traffic instead. Riders can travel the full stretch from West Yellowstone to Mammoth (or vice-versa) or explore other sections throughout the Park. Interested in long miles, variable conditions, and no visitor car traffic?  → The Elling House Arts & Humanities Center in Virginia City will host a Chautauqua on April 18 and 25 th . 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 details. → And, you can go fishing, golfing, play pickleball, go skiing, exploring, bowling, visit the library, sit on the Mark Twain
bench; do yoga or Pilates, take the kids to Lions Club Park (a skate park is coming!); go to the gym, take exercise classes, have a facial & a massage, see a movie, or eat, drink, stroll through Ennis, go shopping! JUST DO IT ALL!

⮚ 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” → Virginia City – Season Opening, with exhibits on May 1 st , the Memorial Season Kickoff Parade & Duck Race on May 23 rd , Irish Days Celebration on June 13 th ; Brewery Follies Opening Night on June 13 th ; and America’s 250 th Celebration on June 14 th . https://virginiacity.com/events-schedule. → The Ennis Chamber of Commerce hosts the Tap into Ennis – MT Craft Beer & Distilleries Festival on May 16 th , from 2-6 in Lions Club Park. https://www.ennischamber.com/festivals-and-more. → The Elling House Arts & Humanities Center will host Cowboy in a Corporate World on May 16 th and Off the Beaten Path – A Montana
History Show, on May 22 nd ; plus The Bozeman Symphony on Aug. 9 th ; Cowboy Poetry on Sept. 24 th , and much more: Check: http://www.ellinghouse.org/. → The Virginia City Elks Lodge holds a Dinner and Goldfish Races every Friday night through the summer. → The Music in the Park Summer Series begins June 18 th , running every Thursday from 5:30 – 7:30 in Peter T’s Park. → The Madison River Foundation will be hosting the Side Channel Fund Raiser at the Madison Valley Ranch on June 4 th , presenting, in their Speaker Series, a talk on “Raptors,” on June 25 th ; a Gala Dinner at the Madison Double R on July 11 th , and will be sponsoring the Annual Flyfishing & Outdoor Festival on August 22 nd . https://www.madisonriverfoundation.org/ → Help out the Jack Creek Preserve on Volunteer Day, May 30 th . Go on the Wild Flower Stroll on June 20 th , sign up for Foraging & Tea Making on July 11, and spend an overnight at Keep it Wild, July 18-19! And register your 11-16 year-olds for one of the Kids’ Summer Camps, at: https://www.jackcreekpreserve.org/events. → The Gravelly Range Road opens up July 1 for touring in the Gravelly Range of the Beaverhead/Deerlodge National Forest. https://www.fs.usda.gov/wildflowers/regions/northern/GravellyRange/index.shtml. → And—the Madison Ranger District will once again be leading a Wildflower Tour of the Gravelly Range on July 2 nd ! Call for details, (406) 682-4253. → Make your plans for the NRA Rodeo on July 3-4 plus the Rodeo Parade and many July 4 th events. Ennis is THE place to be on the Fourth of July – especially this year – the 250 th anniversary of the USA! → The Annual Madison Valley Arts Festival will be held on July 25 th in Peter T’s Park. → And so much more to come…

⮚ MONTANA NEWS:  Housing remains the most acute challenge for Montana, but the focus has been shifting from “market frenzy” to long-term structural fixes and tax relief.  → There are Zoning Reform battles brewing, Property Tax Relief measures being proposed, and the dreaded Sales Tax debate is back, as a way to lower property taxes.  (But roughly 66% of residents currently oppose that idea!)  →  Political analysts predict 2026 will be the most expensive midterm election in Montana history!  → After years of rapid growth, Montana’s economy is officially “cooling off” and entering a period of stabilization. →  Taylor Sheridan’s latest series, “The Madison” is expected to have a significant impact on Montana, just as A River Runs Through It, The Horse Whisperer, and Yellowstone have done, over the years. The filming took place in many different locations. See: https://www.atlasofwonders.com/2026/03/where-was-the-madison-filmed.html. It is quite interesting!  The show heavily features the Madison River, which is already world-renowned for great trout fishing.  The series is expected to increase pressure on the river’s resources as more fans seek to emulate the lifestyle seen on the screen.  →  The impact is already being felt.  Meet The Real Madison—And Why It's Called 'A Mini-American Serengeti' – Yellowstone. →  The drought across the west with dwindling snowpacks and lower stream flows is threatening “Hoot Owl” fishing closures and impacting the irrigation needs of the agricultural sector. → The MT Dept of Commerce and the Montana Heritage Commission announced the Virginia City and Nevada City concessionaires have been filled for the 2026 season, with a combination of local favorites and new vendors. A big sigh of relief. → Starting January 1, 2026, Montana has implemented significant changes to how water rights—specifically "exempt" groundwater wells—are handled. So, if you have a well, it would be prudent to check your water right status at: DNRC Water Rights Query System.

• FISHING REPORT → All summer long, during the heat, guests continue to ask, “When should we come back and when is there darn good fishing?”  My answer is always the same, “April and October.” Those guests will come again – in August. Yes, April lacks the romance of summer, with flip flops, short sleeves and evenings dining outside, but it has some darn good fishing. The outdoors world in
  Montana is just starting to really wake up. The river is warming by the day. The fish that ate little during the winter are now as hungry as a football fan at a Super Bowl party. Everything is fair game. Just as this is going on, the rainbows start spawning. This makes them feed more and there are now tons of high protein eggs in the system for food for the other fish. The Madison is coming alive. So, yup, April is a darn good time to fish, if you can take the wind, occasional snow storms, rain, and cool weather. Currently, it has been raining and snowing for three days, here in Montana. Places like the mountain at Big Sky and West Yellowstone are reporting more than a foot of heavy wet snow. In Ennis, it has been mostly rain. This system might just save a good part of summer. How about we get two or three more of these before old man winter is done. While the overall snow pack is below average for most of Montana, the water content is high. We also have the bonus of having a lake above us that will be full. When we have these types of summers, where all Montana is dry, a few things happen. First, the downstream dams start calling for water, along with the Bear Trap needing flushing flows to keep the temperature down. This causes the folks that control the upper dam to release water into the river to move down the system. I expect the same this year. Yes, there will be water in the river, but we might have some real fire danger. Just my prediction. If you are around and want to fish this month, you are in luck. It is going to be really good. Along with all the sub-surface nymph options, the streamer game heats up. Like throwing big stuff? Who doesn’t? Well, now is your time. The dry fly fishing is going to be good as well. Blue winged olive may fly, skwala stone flies, march browns will all be on the menu this month. How ever you want to fish, there are options. The thing I like most about April fishing– the fish are healthy and strong in the cold water and bright. It may be the best they look all season. If you’re around, get out and fish this month. It might be a dry summer and now is our time. The clock is ticking and like anything great, April does not last forever. Need flies? We will be running our Local Appreciation Sale this month. Half off all flies. It is the perfect time to come and get stocked up for the season. You will not find fly prices anywhere this cheap for the rest of the year. Fill your boxes and be ready when you hit the river and save some money. Just our way of saying thank you to our local friends for sticking with us. Don’t miss it. 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 → March was amazing, but weird! Felt like late spring except for just .33” of
precipitation. Crazy Springtime in the Rockies! The March daytime high was 76° with a daytime low
of 35°. The nighttime high was 45° and the nighttime low was 7°. Praying for April showers!

• • ⮚ REAL ESTATE TIP: FIRST-TIME HOMEBUYER BLUES → Historically, the relationship between home costs and income has shifted from a 2:1 ratio in the mid-20 th century to a 5:1 ratio in 2026. This means that while a home used to cost roughly two years of a family’s salary now requires five years or more. We are currently in a period of historic unaffordability. Between 1960 and 2026, home prices have increased at roughly four times the rate of household incomes. In high-cost areas, this ratio can be
    as high as 10x or 12x. In Southwest Montana, the housing market has experienced a “decoupling” from local wages that is far more extreme than the national average. This is primarily driven by the “Bozeman Effect” – where a massive influx of out-of-state buyers and tech-sector growth has pushed prices to levels usually seen in major coastal cities. Household incomes in the area have grown, but they are being outpaced by “equity buyers” (people moving in with cash from higher-cost states) who are not dependent on local Montana salaries to buy homes. The SW Montana Home Price vs. Income (est.) in 2026 has a ratio of as high as 9.5:1. So, what can a first-time homebuyer do? There are many national and state loan and financial assistance programs to explore. Visit the HUD website to find a housing counseling agency for a list of every active grant and assistance program in your specific zip code. Attend a Homebuyer Education Course, check out USDA eligibility at: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program, and explore options at the National Affordable Housing Network https://www.nahn.com/, or call a local lender for assistance

• ⮚ HOME FOR YOUR SOUL. FEATURED PROPERTY OF THE MONTH → 5+ ACRES with MOUNTAIN & MADISON RIVER
  VIEWS! This lot has great “big sky” views, plus power and fiber optic cable. Just add a well & septic system and you are ready to build your dream home! Located just minutes from fishing access on the Madison River and access into BLM and National Forest lands for many more recreational opportunities. Property owners have private access to stocked mountain lakes and ponds. There are light covenants to protect your investment without restricting your vision. Shining Mountains I, Lot 32, Ennis, MT 59729. $180,000. MLS # 409574. GoogleEarth Coordinates at lot center: Lat. 45.224839°, Lon.-111.790867°, Elevation: 5,620’. https://www.eralandmark.com/listing/409574-lot-32-shining-mountains-1-ennis-mt-59729/

• •  NATIONAL REAL ESTATE NEWS: WASHINGTON (as of March 17, 2026). Latest Statistics From the National Association of Realtors.® → PENDING HOMES SALES: Month Over Month = 1.8% increase in pending home sales with gains in the Midwest, South and West; declines in the Northeast. Year Over Year – 0.8% decrease in pending home sales, with gains in the South and West; declines in the Northeast and Midwest. “The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates,” said NAR Chief Economist Dr. Lawrence Yun. “The Midwest—the most affordable region of the country—was the strongest performer in February. But the Northeast was held back by a combination of higher home prices and a shortage of supply.” “For first-time homebuyers, purchasing a home is not a snap decision,” Yun added. “It takes time to build credit, save for a down payment, and fulfill existing rental lease agreements. Still, there is sizable pent-up demand that could be released into the market. Although job gains have been sluggish in recent months, there are still 6 million more jobs in the country than in the pre-COVID period.”
    EXISTING HOME SALES: Month-Over-Month = 1.7% increase in existing-home sales—seasonally adjusted annual rate of 4.09 million in February, with a 2.4% increase in unsold inventory—1.29 million units equal to 3.8 months’ supply. Year-Over-Year =1.4% decrease in existing-home sales, with a 0.3% increase in median existing-home sales price to $398,000. “Housing affordability is improving, and consumers are responding,” said NAR Chief Economist Dr. Lawrence Yun. “Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million.” “Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains,” Yun continued. “Wage growth is now outpacing home price growth by almost four percentage points. Mortgage rates are also measurably lower compared to a year ago.” “Inventory is growing, but sluggishly,” he added. “If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions.
    According to Freddie Mac, https://www.freddiemac.com/pmms, as of March 26, 2026, the average 30- year fixed rate mortgage was 6.38% and the average 15-year fixed rate mortgage was 5.75%. A year ago, this time, the 30-year FRM averaged 6.65% and the 15-year FRM averaged 5.89%.

  • 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: Our annual “summer selling season” has started very early! It could be the mild winter weather, or the popularity of The Madison TV show, or the alignment of the stars! We are not quite sure why, but our local market is hot! Ennis Median Price: $785,000 (Up 5.37% YoY). Inventory: 106 active listings just in Ennis (Up 118% since last year). Here are more 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:

    ● RESIDENTIAL: 52↑ listings ($300,000 to $11,900,000); 18↑↑ pending
    sales ($299,900 to $1,599,000); and 12 homes have sold in 2026 ($280,000
    to $4,450,000), totaling $12,330,385 @ 95.2% ↓ of list price.
    ● MULTI-FAMILY: 4↑ listings ($895,000 to $2,449,000); 0 pending
    sales; 1 sold in 2026 ($640,000) @ 100% of list price.
    ● VACANT LAND: 109↑ listings ($6,500 to $7,900,000); 7↓ pending
    sales ($185,000 to $545,000); and 32 lots have sold in 2026 ($12,000 to
    $560,000), totaling $6,472,400, @ 93.4%↑ of list price.
    ● LAND w/STRUCTURES: 5↑ listings ($250,000 to $2,490,000); 1
    pending sale ($495,000); 1 lot w/structures sold in 2026 ($1,485,000) @ 82.5%↓ of list price.
    ● COMMERCIAL: 9↑ listings ($475,000 to $3,250,000), 1 pending sale ($599,000); and 2 commercial properties have sold in 2026 ($260,000 to $1,500,000) totaling $$1,760,000, @ 84.2%↓ of list price.
    ● RANCHES: 2↓ listings ($11,900,000 to $23,500,000), 1↑ pending sale ($3,300,000), 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 there are 10 public trailheads in the Madison Valley, which lead into the Madison Range, the second highest mountain range in Montana? The Madison Range starts near Ennis Lake in McAllister, south to near Raynolds Pass at the Idaho border, a distance of about 60 miles. Maps of the Beaverhead/Deerlodge National Forest showing the trails are available at:
• https://www.fs.usda.gov/r01/beaverhead-deerlodge/maps-
  guides/forest-visitor-wilderness-maps. Or at Shedhorn Sports in Ennis.
  The trails are: 1) Trail Creek Trailhead; 2) Mill Creek TH, next to Jack
  Creek; 3) Jack Creek TH; 4) Mill Creek TH, NE of Cameron; 5) North
  Fork Bear Creek TH; 6) Bear Creek TH; 7) Indian Creek TH; 8) Papoose
  Creek TH; 9) Sheep Creek TH; and 10) Mile Creek TH.

A wise old timer from the area once told me,

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