This is a brief video summary of the weekly Montana Land Report from Montana Land Source for the week of 5/12/2021. The Montana Land Report summarizes the week's activity in the Montana land market, as well as Montana land news and events, and goes out to over 5,000 recipients. The Montana Land Report is free and available at https://mtlandsource.com. Please like, share and subscribe.
"Hi there. Andy Rahn here with Montana Land Source with this week's video summary of the Montana Land Report for May 12, 2021.
The big news this past week is the Climbing Arrow Ranch going under contract. The largest ranch on the Montana land market both in terms of size and price. Listed at over $136 million dollars. That property hit the market publicly just a week ago and is already under contract. Reportedly there were multiple interested buyers and somewhat of a bidding war. The property was featured in the Wall Street Journal. The property's got a lot of attention, not just because of its size, but portions of the 1992 A Rivers Runs Through It movie, Robert Redford’s movie, was filmed on that ranch so that's added some appeal to that story.
I put a news item out on Montana Land Source and also some social media posts about it, that it's kind of interesting that the Montana land market can almost be defined in terms of periods of growth and periods of high demand by blockbuster movies and film productions in Montana; A River Runs Through It, The Horse Whisperer in 1998, and now people are actually talking about Kevin Costner's Yellowstone being part of the fuel for the hot Montana land market that we are seeing right now.
There's a link to the Wall Street Journal article on the Climbing Arrow Ranch, listed by Swan Land Company in Bozeman, Montana. Congratulations to them, to Mike Swan and his team on that listing. That's quite a property, again twice the listing price of any other property on the Montana land market as of now.
This past week has been unreal. There's a total of 38 property updates which is almost a record.
• 3 properties back on the market
• 5 new listings
• 15 pending sales
• 3 price changes, and
• 12 sales
So that is over five times as many properties going under contract and selling than new properties entering the market. So again this continuation of extremely high demand, dwindling supply, more properties selling and going under contract every week than are coming on the market. There's less properties on the market today than we have ever seen since Montana Land Source has been tracking this, for going on seven years. Just an incredible market right now the Montana land market.
The other interesting thing I'll say about the Climbing Arrow Ranch property, and what it says, often times there's periods in the market where certain segments of the market are in particular demand and others aren't. So maybe small acreage versus large, or sometimes mid-tier that kind of thing. I think that transaction, that pending transaction, shows that in this market the demand is just across the board. I'm not hearing anybody talk about a certain segment’s price ranges, or sizes, or types of property not being in demand in the Montana land market. You've heard us talk about 2020 of course, anything with the roof on it was in high demand as people were actually looking for refuge, looking for a place to land in Montana. Sometimes the recreational properties are in demand and agricultural properties aren't, that kind of thing. Ag prices right now, cattle especially, are not real strong, but nonetheless I think across the board we're just seeing incredibly high demand in the Montana land market.
That is the news for this week, thank you for tuning in. Please like and share and comment, and we will see you next week."