Author: Press Room

Drivers Getting Braver about New Technology

23 March 2021
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AAA’s latest automated vehicle survey finds more than half —58% — of drivers want to see Advanced Driver Assistance Systems (ADAS), like automatic emergency braking and lane assistance, in their next vehicle, with a majority (80%) looking for advancements to these systems. These findings signal that people are open to more sophisticated vehicle technology, which opens the road to boosting public acceptance of autonomous vehicles.

“Consumers will likely have at least one type of ADAS in their next vehicle, and in many cases, this will provide their first interaction with advanced vehicle technology,” said Matt Alfano, Vice President, Mobility Innovation for AAA Northern California. “This experience will influence driver opinion of future vehicle automation and reinforces the need for automakers to improve vehicle technology by expanding testing and focusing on real-world scenarios.”

While Americans’ interest in owning a car with more advanced technology grows, they are still struggling to warm up to the idea of full-vehicle automation. Similar to last year’s results, AAA’s 2021 annual automated vehicle survey found:

* 14% of drivers would be comfortable riding in a vehicle that drives itself

* 86% of drivers would be afraid to ride in an automated vehicle

City Studies Plan to Rent Bicycles

23 March 2021
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The City County Planning Department is going through the process to approve a study regarding the feasibility of a rental program for the short-term use of bikes and scooters in Billings. It’s a service or business available in many cities across the country, which is meant to extend transportation options.

The City of Billings’ MET Transit is considering implementing such a program according to Elyse Monat, Transportation Planner for the City/ County Planning Department.

The $45,000 study was done under the auspices of the Metropolitan Planning Organization (MPO) which for Yellowstone County and Billings is the Policy Coordinating Committee (PCC). The study requires approval of both governing bodies as well as the Montana Department of Transportation. All three agencies comprise the PCC board which must give final approval. 

The MPO (PCC) hired Alta Planning + Design, a multi-state company with offices in many states including Oregon, Utah, Colorado and California. The goal of the Billings Area Bike and Scooter Study, is to determine how a bike and scooter “share program” would have to be established in order to be successful. The program is a service or business model in which bicycles or scooters are available for short-term use, usually 15 to 45 minute trips. Often operated under contract with the municipality, the service allows a user to check out a bicycle or scooter from locations around the city, ride to their destination and then leave the bicycle at some point for someone else to use.

The service is designed to be “a cost-effective, environmentally-friendly, convenient travel option for shorter trips” …which “could serve as an extension of transit and help Billings community members and visitors get around more easily without using a car.”

According to Monat, the survey of 245 Billings respondents 53 percent said they are interested in seeing such a program, 24 percent are not interest, and 14 percent wanted more information. Others sid they like the idea of “bike share” but not “scooter share.” Concerns sited included safety, lack of bicycle infrastructure, and vandalism.

Study recommendations to the City is that should they implement the program it should be a hybrid that would include both bikes and scooters. Hybrid means a bike can be retrieved at and returned to a station which consists of a series of bike racks, or anywhere within the designated service area; bikes are typically referred to as “smart bikes” due to the on-board technology hardware; user transactions can occur through hardware on the bike, web, and/or smartphone application; may include manual bikes or e-bikes.

The business model recommended by the study would be for the city to hire an experienced company that owns and operates a turnkey system, which means the service would be publically owned and privately operated.

The City would rent equiment and contract with the company for the full range of operations support, including installation, operations, sponsorship, customer service, and maintenance. The company takes on the risk of funding and operating the program in return for generated revenues.

Additional funding was identified as possible from sponsorships, grants, or operational funding.

Things recommended to the city in order to provide greater assurances for a successful program included: enable safe, convenient personal mobility such as sidewalks, separated bike lanes, crossing treatments, speed limit reductions, lighting, etc. should be focused around large employers and key services, such as health care and quality food outlets.

Funding for the Billings Area Bike and Scooter Study came in large part from the federal government, with the city and other organizations providing 13.42 percent in matching funds.

The study will be considered by the PCC at its March 18, 2021 meeting, at noon at the County Commissioners’ office in the Stillwater Building.

Billings Residents Pay Down Credit Cards

23 March 2021
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Over the past year Billings residents have reduced their credit card debt considerably … “a major accomplishment,” according to WalletHub, which recently released a study about the major swings of credit card debt over 2020 and over the past ten years.

Among 182 US cities, Billings ranked 29th in terms of how much credit card holders reduced their debt. Missoula did even better, coming in 20th. The average credit card debt per household in Billings is $10,722 which is about $284 below the average of 2019. In total  Billings credit card users owe $501,977,301 which is about -$13,293,494 less than in 2019. 

The average credit card debt per household in Missoula is $10,416 which is about $427 below the average of 2019. In total Missoula credit card users owe $336,584,903 which is about -$13,789,939 less than in 2019.

Over all US credit card holders reduced their debt by 12 percent in 2020 dropping to $8,089 per household from $9,193 in 2019. Americans owe $955.4 billion in credit card debt. But while they reduced their debt during the course of the year and amid the COVID crisis, they reversed the trend in the last quarter of 2020, according to WalletHub.

While 2020 was a year to forget in most respects, Americans excelled in terms of paying off credit card debt, getting rid of a record $82.9 billion in debt. This is a major accomplishment, considering that consumers have added an average of $54.2 billion in credit card debt per year over the past 10 years, said WalletHub.

The country’s credit card debt problem is far from solved, however. We still collectively owe nearly $1 trillion to credit card companies, and the average household balance remains too high, at $8,089. Both figures are also likely to rise as the economy reopens from the coronavirus pandemic. As a result, WalletHub’s early projection for credit card debt in 2021 is that U.S. consumers will add roughly $50 billion to their total balance.

Ranking in the top as far as reducing their debt was Oxnard, CA,; West Valley City, UT; Augusta, GA; Pearl City, HI; and Shreveport, LA.

Among the poorest at reducing debt were Pembroke Pines, FL, Fort Smith, AR; Lewiston, ME; and Burlington, VT.

Billings – Bozeman Air Ambulance

23 March 2021
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Billings Clinic announced that it will establish a new helicopter air ambulance service in Bozeman. This is an expansion of its Billings-based fixed wing MedFlight Air Ambulance service and provides an extension of critical lifesaving transportation consistent with Billings Clinic’s mission.

“We’re basing our new helicopter service in Bozeman to save critical time – lifesaving, in some cases – for patients who need emergency medical transport to a higher level of care” said Scott Ellner, DO, Billings Clinic CEO. “By staging the helicopter in Bozeman, we will shorten transportation time to get patients in our region where they need to be for treatment.”

Billings Clinic’s new helicopter air ambulance service will offer patients a hospital-affiliated alternative at greater value to connect them to the resources and expertise of the largest health system in the region. Billings Clinic’s current MedFlight service includes two fixed-wing aircraft based in Billings, which can transport patients across Montana, Wyoming and throughout the region. The expanded helicopter service is a partnership with Metro Aviation, which will help to hire some staff such as pilots and mechanics, provide the helicopter, and maintain flight and aircraft management.

 “This will effectively be a mobile Emergency Department and critical care unit. We are staffing the air ambulance with highly trained medical staff who are Billings Clinic employees and experts in emergency medicine,” Dr. Ellner added. Clinical training for MedFlight staff is centered on intensive care and emergency and trauma skills practiced at Billings Clinic.

Nearly 20 people will make up the staff and crew of this service, including paramedics, nurses and pilots. It will be managed locally by Billings Clinic physicians and will have access to numerous specialists within the health system.

The Bozeman-based service will enable Billings Clinic to transport patients to a more highly skilled facility than is currently possible. With the ability to cover a roughly 150-mile radius around the Bozeman area without a refueling stop, it will be able to reach major medical facilities and critical access hospitals throughout southern and central Montana.

At the halfway mark, Montana agriculture is in good hands

23 March 2021
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By Nicole Rolf and Rachel Cone, Montana Farm Bureau Federation

As we review the official first half of the Montana Legislative session, it’s safe to say the session is looking good for Montana agriculture. Of the 3,357 total bill draft requests, 1,121 have been formally introduced. Montana Farm Bureau has taken a stance and lobbied for or against 60 of those, based on the policy directives of our farming and ranching members. Many of the bills we have supported are already on their way to the Governor’s desk. There are no bills left alive from the first half that we have opposed, unless they have been amended in a way that either no longer makes them harmful or, in some cases, even makes them policy we could now support.

We return to Helena this week after a restorative transmittal break. This is the session’s ‘half time.’ Montana is a citizen legislature, which means many of our Representatives and Senators go home to tend to businesses, families and their communities during the transmittal break. With only 90 days every other year to do the legislative work of the people, legislators, lobbyists and legislative staff and volunteers put in long days to get the work done. We commend each of our elected officials for their commitment to this work and the time they dedicate away from their homes and families to make the process work.

While most of our efforts focus on bills intended to direct state policy or law, we also spent some of our time in the last week before transmittal break testifying in support of a number of resolutions. Resolutions are intended to send a message to Congress or the President to show the intent of a state’s elected body. Sometimes, we call these “Letters to Santa” with a laugh; but sometimes, Santa listens and responds to the requests. In fact, we’ve been told by Congressional staffers that these resolutions are quite helpful and directive.

Senate Joint Resolution 18: Resolution on state management of grizzly bears, sponsored by Sen. Bruce Gillespie (R), SD 9. Montana Farm Bureau Federation member policy supports.

This resolution expresses Montana’s desire and ability return management of the grizzly bear populations in our state to our state. Montana has established a strong, effective track record in managing grizzly bears and other species such as wolves, and developed an approved management plan for the Yellowstone distinct population segment that provides for the continued presence and genetic future of grizzly bears on the landscape. Our wildlife managers are much closer to the ground and understand the complexities and realities of our grizzly bear population far better than federal managers in Washington, DC, and it’s past time that responsibility was returned to Montanans.

Senate Joint Resolution 7: Resolution to remove Hidden Pasture Creek from Wilderness Study Area, sponsored by Rep. Jeffrey Welborn (R), SD 36. Montana Farm Bureau Federation member policy supports.

In 1993, the Bureau of Land Management recommended that Congress exclude the Hidden Pasture Creek Wilderness Study Area located west of Dell, Montana, from the wilderness system. However, more than 15,000 acres of this area has continued to be managed as de facto wilderness as a result of inaction to release the land from a WSA. The southern boundary of the ‘Wilderness Study Area’ is a county road that has historically been and remains today, the principle transportation route for those living and using the Big Sheep Basin for ranching and recreation and the business of the Bureau of Land Management, US Forest Service and Department of Natural Resources and Conservation.

Leaving this area a de factor wilderness through its classification as a Wilderness Study Area makes it difficult if not impossible for many residents of Southwest Montana to conduct business in the area, and there is no doubt it should be released back to the intended multiple-use management of the BLM.

Senate Joint Resolution 16: Urge support for Keystone XL Pipeline, sponsored by Sen. Steve Hinebauch (R), SD 18. Montana Farm Bureau Federation member policy supports.

Montana Farm Bureau members support the completion of the Keystone XL Pipeline for three primary reasons: first, its completion will significantly increase the tax base of our rural communities; second, it creates jobs in our rural communities and finally, it provides stimulus to our local economies. 

House Joint Resolution 7: Joint resolution regarding the St. Mary and Milk River project, sponsored by Rep. Casey Knudsen (R) HD 33. Montana Farm Bureau Federation member policy supports.

 This resolution urges Congress, the Department of the Interior and the Bureau of Reclamation to repair the funding allocation and authorize funding for the replacement and rehabilitation of the Projects. This infrastructure was built in 1903 and provides water for irrigation, consumption, recreation and tribal use across north-central Montana. The Milk River Project provides drinking water for more than 19,000 people along the Hi-Line and supplies irrigation water to more than 700 farms with the capacity to feed 1 million people annually.  When the Drop 5 structure of the Milk River Project in north-central Montana failed in May 2020, project beneficiaries paid 48% of the cost to replace the Drop 2 and Drop 5 structures and improve the Drop 1 structure. The total cost of rehabilitation is estimated to cost more than $200 million, with requirements that project beneficiaries (irrigators) pay for 74% of those costs. This is not a reasonable or sustainable cost for irrigators to carry. This resolution asks for the Department of the Interior and Bureau of Reclamation to assist in the rehabilitation and replacement of the structures and to reconsider the funding methods to make modernizing this structure sustainable for all water users.

Alzheimer’s Association 2021 Report: Highest Risk See Barriers to Care

23 March 2021
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Those Americans at highest risk for Alzheimer’s disease – people of color including Native Americans, Hispanics and Blacks – have the greatest concerns about receiving appropriate dementia care, according to two national surveys featured in the Alzheimer’s Association 2021 Alzheimer’s Disease Facts and Figures report.

The 6.2 million Americans now living with Alzheimer’s disease also face the highest risk for contracting COVID-19 in 2020. That has proven to be true in Montana, where there were 168 more deaths from Alzheimer’s and dementia in 2020 than compared to averages over the past five years – a 17.8% increase.

Nationally, there were at least 42,000 more deaths from Alzheimer’s and other dementias in 2020 compared with averages over the previous five years – a 16% increase.  These are not deaths attributed to COVID-19, but to associated factors.

People living with Alzheimer’s are at greater risk because of the disruption in their routines.

Black Americans are twice as likely as their White counterparts to develop Alzheimer’s disease, while Hispanic Americans are 50% more likely than Whites. Both Blacks and Hispanics have a greater risk of developing hypertension and diabetes, known risk factors for Alzheimer’s and other dementias.

Further, over forty percent of Native Americans and half of Black Americans report having experienced health care discrimination, according to the surveys. One-third of Asian Americans (34%) and Hispanic Americans (33%) likewise report having experienced discrimination when seeking health care related to dementia.

Said Lynn Mullowney Cabrera, executive director of the Alzheimer’s Association of Montana. “If these same people face obstacles in getting a diagnosis or proper care, it compounds the tragedy for these families.”

Additionally, a large number of non-White caregivers for loved ones living with Alzheimer’s reported facing discrimination when navigating health care settings, with the top concern being that health care providers or staff members do not listen to what they’re saying because of their race, color or ethnicity. The concern was especially high among Black caregivers (42%), followed by Native American (31%), Asian American (30%) and Hispanic (28%) caregivers. Only 17% of White caregivers expressed this concern.

For the first time, the annual Alzheimer’s Association Facts and Figures report included a special report, “Race, Ethnicity and Alzheimer’s in America,” which examines perspectives and experiences of Asian, Black, Hispanic, Native and White Americans in regard to Alzheimer’s and dementia care.

Nearly two-thirds of Black Americans (62%) surveyed believe that medical research is biased against people of color — a view shared by substantial numbers of Asian Americans (45%), Native Americans (40%) and Hispanic Americans (36%). Only half of Black Americans (53%) trust that a future cure for Alzheimer’s will be shared equally regardless of race, color or ethnicity.

Montana data

New disease-related statistics for Montana revealed the following:

* Number of Montana residents aged 65 and older living with Alzheimer’s: 22,000

* Estimated number of Montana residents living with Alzheimer’s in 2025: 27,000

* Statewide deaths from Alzheimer’s disease (2019): 326

Death certificates often list acute conditions such as pneumonia as the primary cause of death. As a result, people with Alzheimer’s or other dementias who die due to these acute conditions may not be counted in this number although Alzheimer’s may have been the causative factor.

* Number of Montana residents serving as unpaid family caregivers: 16,000

* Total hours of unpaid care provided in 2020: 24 million

* The number of hours per caregiver in Montana is higher than the national average (28.9 hours per caregiver vs. 26.3 nationally). Family / friend caregivers in Montana provide 135 more hours of care (more than 3 full work weeks) per year than the national average.

* Total value of unpaid care: $425 million

USS Montana Launched in Virginia

19 March 2021
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The future USS Montana has been launched in Newport News, Virginia. The nuclear-powered fast attack submarine will be completed pier-side while crew training continues toward sea trials this year. The boat’s commissioning into the Navy fleet is likely in early 2022. Huntington Ingalls Industries announced that the 7800-ton Virginia-class submarine was launched into the James River at the company’s Newport News Shipbuilding division.

Captain Michael Delaney, commanding officer of USS Montana, has visited the state multiple times with crew members.

“Our exceptional young sailors want all Montanans to know that in their training and the fulfilling of their operational responsibilities, they are energized by the support they feel from Big Sky Country,” said Delaney about the launch. “The same will be true when they are eventually deployed aboard the USS Montana in defense of our nation.”

Delaney said that crew members who have visited various parts of the state to get to know her people, history, culture, and economy have been tremendously impressed by the Montanans they’ve met.

“We’re all committed to making Montana proud as we work toward taking the state’s namesake warship to sea for the first time later this year,” said Delaney.

Montanans are actively supporting the commissioning and crew of USS Montana through the USS Montana Committee, a Montana nonprofit corporation with a number of responsibilities. Included are building a support relationship between the crew and Montanans for the boat’s 30-year service life and providing certain enhancements to the warship, including an onboard Montana history and culture display being developed with the Montana Historical Society.

The Committee will be doing informational presentations around the state this year with a unique submarine-sized ship’s bell cast as a replica of the one aboard the first and only other USS Montana, an armored cruiser commissioned in 1908. The bell will be presented to the boat and its crew at the future USS Montana’s commissioning.

According to Huntington Ingalls Industries, until launch USS Montana had been in a floating dry dock following transfer from a construction facility in October. The dry dock was submerged, and the submarine was moved by tugboats to the shipyard’s submarine pier for final outfitting, testing and crew certification.

“For our shipbuilders, launching USS Montana signifies five years of hard work, commitment and dedicated service,” said Jason Ward, Newport News’ vice president of Virginia-class submarine construction. “We look forward to executing our waterborne test program and working toward sea trials and delivering the submarine to the Navy.”

Through the teaming agreement with General Dynamics Electric Boat approximately 10,000 shipbuilders, as well as suppliers from all 50 states, have participated in USS Montana’s construction since the work began in 2015. USS Montana is approximately 92% complete.

Jersey Mike’s Day of Giving

6 March 2021
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Landon’s Legacy is joining forces with two Jersey Mike’s Subs restaurants located at 315 Main Street and 1020 Shiloh Crossing Blvd. in Billings for the 11th Annual March “Month of Giving” campaign to fund local charities. During the month of March, customers can make a donation to Landon’s Legacy at these two Jersey Mike’s restaurants.

The campaign will culminate with Jersey Mike’s “Day of Giving” on Wednesday, March 31, when local Jersey Mike’s restaurants will give 100 percent of the day’s sales – not just profit – to Landon’s Legacy. 

On Day of Giving, local Jersey Mike’s owners and operators throughout the country will donate their resources and every single dollar that comes in to more than 200 different charities including hospitals, youth organizations, food banks and more. This March, Jersey Mike’s hopes to raise a record-breaking $8 million for local charities

.Throughout March, customers can make donations through the Jersey Mike’s mobile app or onsite. On Day of Giving, Jersey Mike’s will offer free delivery through the Jersey Mike’s app.

YOUR BOOTS ON THE HILL

5 March 2021
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By Nicole Rolf and Rachel Cone, Montana Farm Bureau Federation

New bills are arriving rapidly in the 2021 Montana State Legislative Session, and we’re here to bring you the highlights. We’re in the final push before transmittal deadline, which is the date when all non-revenue bills have to make their way into the second chamber. We’ll focus on two big issues in this column: meat labeling and bison bills.

House Bill 324: Generally revise certain labeling laws, sponsored by Rep. Frank Smith (D), HD 31 and Senate Bill 210: Revise laws related to country of origin labeling, sponsored by Sen. Tom Jacobson (D), SD 11. Montana Farm Bureau member policy opposes both.

These nearly-identical bills have been introduced in both chambers. These ‘placarding bills’ both come with the same fundamental flaws. They would require grocery retailers to put a sign or ‘placard’ in the proximity of beef and pork products to indicate the origin of the product. These bills offer retailers two option to label beef and pork product: “Born, raised, and processed in the USA” or “Imported/Origin Unlabeled.” Montana ranchers are proud of the meat we raised, and we would love to see it labeled for consumers. We want transparency and a chance to distinguish our American products.

These bills simply fail to achieve that goal. When retailers receive meat to sell, it is stamped with the USDA’s approval. The USDA certifies that the carcass was processed in a USDA-inspected plant and that it is certified for wholesomeness and food safety, but it does not indicate where the animal was born or raised. These proposed state laws have no way to force the USDA to provide that information to retailers. Without the federal infrastructures and systems in place to actually trace animal’s origins from the ranch, the retailer has no way to provide that information. To require this of local retailers in our state places an unfair and unrealistic burden on our grocery stores. Without the information they need to accurately label the product, many would be forced to label the meat “Imported/origin unlabeled,” which we believe would damage consumer trust and hinder our desire for transparency.

The fact is, these are state laws attempting to dictate federal regulations. Montana Farm Bureau members support Country of Origin Labeling that is compliant with WTO requirements, but these bills do not achieve that aim. Casey Mott, a rancher in Custer, Montana, and a Montana Farm Bureau state director, testified to the Senate Agriculture, Livestock, and Irrigation Committee in opposition of SB 210 on Feb. 18.

“I oppose this because, like many of the proponents of this bill, I raise cattle and I have the same problems as they do – the low prices, the market concerns, the consumer concerns. But unlike them, I don’t believe that this placarding bill is going to solve our problems,” Mott said. “In fact, I’m afraid it’s going to cause a lot more problems for us,” he continued, noting conversations with grocers concerned with a lack of information and infrastructure to provide that information.

McCone County rancher Wes Jenson agreed. “I do believe this puts undue pressure on the retail industry. It’s putting a requirement on our retailers to identify the origin, which at best would be difficult and most likely impossible. This would result would be a lack of confidence in our product,” Jensen said. Instead, Jensen said he believed that if ranchers want to market their products as Montana-grown, there are abundant opportunities already available to do so at their own initiative. 

“The free market system, I believe, is what has made American great and has made our industry great,” Jensen said. “I feel very strongly that putting the burden of an industry’s issues on the shoulder of the local retailer would be unfair and detrimental. I would ask you please oppose this bill.”

 House Bill 324 was tabled in the House Agriculture Committee on Feb. 18. 

House Bill 311: Generally revise bison laws, sponsored by Rep. Marvin Weatherwax (D), HD 15, proposes that a state health certificate, permit or documentation not be required for bison leaving a national park destined for an Indian reservation. House Bill 312: Generally revise bison laws, sponsored by Rep. Marvin Weatherwax (D), HD 15, states that a certification from the state vet is not required if the animal is transferred to a tribal entity to quarantine.

Montana Farm Bureau member policy opposes both of these bills on the premise of disease management. Brucellosis and other zoonotic diseases are a high risk for wildlife, domestic livestock and the public. The Montana Department of Livestock mitigates the spread of this disease, and the state has worked hard to implement systems and practices to control and prevent its spread.

The Department of Livestock has an established quarantine facility near Yellowstone National Park where Park bison are held and tested to ensure they are brucellosis free before they can be transferred to new locations. This quarantine and testing facility is located within the state’s brucellosis Designated Surveillance Area, which is another step to ensure potential cases are not spread or established in new parts of the state. Once the bison passes state testing and quarantine, they are prepared to be transferred to a tribal entity. House Bills 311 and 312 would remove these preventative actions, which raises considerable and reasonable concern for livestock owners.

House Bill 318: Clarify definition of bison, sponsored by Rep. Kenneth Holmlund (R), HD38. Montana Farm Bureau member policy supports.

This bill clarifies that wild bison are defined as those animals that have never been reduced to captivity, have never been subject to per capita fees and have never been owned by a person. These are important clarifications that clear up any ambiguity between wild bison and bison as livestock.

House Bill 302: Require county approval to relocate bison, sponsored by Rep. Joshua Kassmier (R), HD 27. Montana Farm Bureau member policy supports.

This bill allows for additional local input before wild bison are potentially re-located. This proposal again ties back to animal health issues and provides another stop-gap to ensure animals have met the necessary health requirements before entering a new area, or even to completely stop the importation the commission determines a wild herd would not be tolerated in the area. In this case, local elected officials – county commissioners – would have a chance to weigh in on the importation of wild bison to their local jurisdiction, which our members support.

Will Billings Housing Inventory Rebound?

5 March 2021
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Lowell Cooke, Cooke’N Real Estate

Pending Sales Outpace New Listings in January

Same story, different month.  By my count in the Billings MLS, for areas 1-8 (Metro area-not Laurel), 157 homes went under contract in January, while there were only 138 new listings.  This means buyers are snapping up the new listings and buying the existing inventory.  The downward trend in the entire Billings MLS, which includes Red Lodge, Columbus, Bridger, Roundup, etc., reflects a 15.4% decrease in listings taken in January 2021 compared to 2020.  As of this writing, there were 111 active homes on the market in the Billings “Metro” area.  Compared to the entire Billings MLS, the number of homes on the market in January 2021 was 311, while there were 666 homes on the market January 2020, or a whopping 53% decrease.

Billings’ Low Housing Inventory-What Will It Take For It To Stabilize?

Having sold real estate through the disastrous mid 1980’s, where I can remember over 250 HUD repossessed homes on the market and a 30-40% decrease in home values, it seems odd to characterize our low housing inventory as a crisis.  It really isn’t but if you are a first-time buyer or a seller hoping to move up, it is certainly a reason to be frustrated.  I am not sure I can pinpoint a reason for the low inventory, but suffice it to say, if there is nothing to buy, sellers are going to be reluctant to sell.  This can only exacerbate the situation.  The options for a current homeowner considering selling, are to sell and try to find a place to live-say with your kids! Wouldn’t that be a table turner.  The other option would be to build.  I can see an increase in new home construction this year, which would add more existing homes to the inventory.  Problem is, completion is probably 6 months or more down the road.  Increases and shortages in building materials have strung out the completion timelines.  Since sales prices are at an all-time high, living with the kids might not be so bad!  Come on, take one for the team!

Other ways I have seen to add to the housing inventory-death, divorces and foreclosures.  Hopefully, these won’t be the answer to our shortage.

Appreciation, Average Sales Price and Closed $ Volume All Up In January

Now, for the dry stats.  In the entire Billings MLS, the Average Sales Price for homes closed in January was $310,204 compared to $274,569 last January.  The Year over Year, average sales price (average sales price of the total closed volume divided by the total number of sales in the last 12 months) has increased to $293,420 from $268,583, or $24,837 and a 9.25% appreciation rate.  Wow, 9.25% appreciation for the last 12 months!  Closed $ volume for January 2021 was up $5.6 million over last January, with roughly the same number of closed sales 181 this year to 184 last year.