The 2024 Housing Issue

Agencies Establish Emergency Fund for Displaced Mobile Home Residents

NeighborWorks Montana has partnered with the Whitefish Community Foundation to set up a relocation fund for Spring Creek Mobile Home Park tenants who were recently evicted after new owners took over the property

For the last 14 years, 61-year-old Debbie Wallace has lived in her 1978 trailer with her husband at Spring Creek Mobile Home Park on South Cedar Drive in Evergreen where, until recently, they have paid a few hundred dollars per month in lot fees.

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Flathead’s Housing Market Remains ‘Slow and Steady’

A lack of housing inventory and high interest rates have hindered northwest Montana’s real estate industry, but experts say they expect prices to remain high and warn of future bidding wars once the Federal Reserve lowers interest rates

When the Federal Reserve started hiking interest rates in 2022 to bring down inflation, Flathead County’s housing market slowed, dipping from its median peak of $690,000 two years ago before flattening.

In Kalispell, the median home price peaked in June 2022 at $647,500 and dropped to a low of $460,000 the following December; prices have since hovered around $550,000, according to Montana Regional MLS data.

Read the rest of the story here.

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Ask the Expert: Northwest Montana Association of REALTORS® Public Affairs Director Erica Wirtala

The local real estate expert answers questions about housing market trends in northwest Montana

Since the Federal Reserve began raising interest rates in 2022, home prices have dropped since the median pandemic peak of $690,000 and have flattened out to hover around $550,000. But real estate industry experts say prices remain unaffordable for many homebuyers as they navigate a 7% interest rate and a lack of inventory in the Flathead Valley.

Read the rest of the story here.

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This Month’s Market Metrics

Gas Prices (May 29)
California (highest) – $5.06/gal | Mississippi (lowest) – $3.01/gal | Montana – $3.42/gal

Glacier Park International Airport Passenger Stats (April)
Departures 2024 24,196 | 2023 22,261 Arrivals 2024 24,230 | 2023 22,812

Unemployment Rates (April)
U.S. 3.9% | Montana 3.1% | Flathead County 3.3%

Flathead County Residential Sales (April)
2024 131 | 2023 109 | 2022 186 | 2021 179

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Financial Corner: New Choices for Business Owners

You may want to consult with your tax and financial professionals to determine how these changes may affect what you want to do with your retirement plan

If you own a business and you offer a 401(k) or similar retirement plan to your employees, you’ll want to stay current on the various changes affecting these types of accounts. And in 2024, you may find some interesting new developments to consider.

Read the rest of the story here.