This is a brief video summary of the weekly Montana Land Report from Montana Land Source for the week of 10/14/2020. 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. For more information go to https://mtlandsource.com. Please like, share and subscribe.
"Hi everyone, happy Wednesday. Andy Rahn here with this week's video summary of the Montana Land Source. Every week we put out the Montana Land Report from Montana Land Source, that highlights the market activity in the Montana land market. New listings, new sales, new pendings, all the new actual property records as well as any news and events relative to the land Montana land market
This update is for October 14, 2020. Another week of decent volume in the in the market:
30 property updates this week. A little bit down from what we've been seeing all summer long, but still healthy:
• Five properties back on the market. About half, or three of those are properties that fell out of contract. So they were under contract, and then are back on the market. Two of them are properties that were on the market, and for some reason taken off for a couple months, maybe renegotiating or whatnot, and back on the market.
• Six new listings, which is a little bit light.
• Seven pending sales, and
• Twelve sales, which is actually quite high. So not as many new listings and quite a few number of sales. So what's interesting about that, is whether we're burning through inventory and whether we'll be seeing a distinct lack of inventory as we end the year out. Typically, we consider ourselves short on inventory in general. A lot of times buyers have trouble finding exactly what they're looking for in Montana. A lot of what's on the market may be overpriced for what it is and whatnot, so we might be seeing a more extreme situation of that with a strong year in sales, and a lot of that inventory getting taken up. It'll be interesting to see whether we see more properties on the market or just experience a distinct lack of supply.
So that's what's news in terms of actual property updates.
The newest edition of the Ranch Investor podcast is out. In this edition it is just myself and Colter talking about the Montana land market. Talking about pricing and values and some of the complications with pricing, and how value is determined and indicated in the Montana land market. So give that a listen if you are interested in that. That's available on mtlandsource.com as well as ranchinvestors.com.
As far as Montana land news, the regular Bozeman brokers group is canceled once again because of coronavirus. But in early November, there is a virtual ag conference put on by Northwest Farm Credit Services. They've been putting out occasional online content for the ag and land market, and this particular virtual ag outlook conference has state-specific sessions. So that's going to be on November 4th, and available virtually. So again, go to mtlandsource.com to check that out.
If you have any land news or land of events relative to Montana land market, let us know. We will be happy to put that up on Montana Land Source, that's what we're there for.
That's it for this week. Thank you everybody for viewing. Please like, please share, please be in contact. Have a good week and we will see you next week. Thank you. "