REAL ESTATE MILESTONES

by Jessica McCollam & Janet Spoon

30 YEARS IN THE NORTHWEST:

For 30 years, Clearwater Properties has been a pillar in the evolving real estate markets of Montana, Northern Idaho, Newport, Washington, and Cody, Wyoming. As we celebrate this milestone, we take a journey back in time, highlighting the significant transformations these regions have experienced from the early 1990s to the present day.

THE MODEST BEGINNINGS: 1990’S TO EARLY 2000’S

Our story begins in the early 1990s, a period marked by relative stability and moderate growth in housing prices across these four picturesque regions. The rural nature, abundant wildlife, and outdoor recreational opportunities in Montana and Northern Idaho, the charm of Newport, Washington, and the rich history of Cody, Wyoming, beckoned newcomers, laying the foundation for future growth.

RIDING THE WAVE AND WEATHERING THE STORM: THE 2000’S

Fast-forward to the early 2000s, a prosperous period for the real estate industry across the United States. Our regions were no exception. Housing prices soared, driven by low-interest rates and rising demand. However, the housing market crash of 2008 brought this growth to a halt, home prices and sales plummeted. But thanks to the resilience of these regions, characterized by diverse economies and a steady influx of residents, recovery was gradual but steady in the following years.

A NEW ERA OF GROWTH AND TRANSFORMATION: 2010’S TO 2023

The late 2010s marked a turning point for our regions. The growing trend to work remotely from home or anywhere internet was available combined and lifestyle preferences contributed to this rebound in the housing market. The lockdowns of the COVID-19 pandemic further amplified this trend as many institutions discovered that traditional working from an office was not always necessary. People sought less populated areas that offered more freedom of movement and a better quality of life.

Flathead County was named the fasted growing county in Montana from July 2021 to July 2022. Many cities in Montana, Coeur d’Alene, and Rathdrum in Northern Idaho, Newport, Washington, and Cody, Wyoming, all experienced significant growth in housing prices.

This period also witnessed an influx of new residents from states with higher living costs, heavy property and gas taxes, and higher crime rates. The influx led to infrastructure improvements and increased investment in local businesses, contributing to the rapid growth and development of these real estate markets.

Notably, the popularity of the TV series “Yellowstone” and its spin-offs, “1883” and “1923,” played a role in raising awareness of Montana’s scenic beauty, boosting tourism, attracting new residents, and indirectly impacting the real estate market.

CONTINUING ON IN THE TRADITION OF CLEARWATER:

As we look back on the past 30 years, we see a story of resilience and growth. These regions have navigated periods of stability, faced economic storms, and emerged stronger and more vibrant. With remote work becoming more common and outdoor living remaining a priority, we are excited about the future of these real estate markets. As we enter a new era of growth and transformation, we at Clearwater Properties are ready to continue being part of this exciting journey.

Many changes have occurred in real estate over the past 30 years. Yet one thing has remained strong––Clearwater’s belief that our clients deserve to be treated with respect and integrity still plays a huge part in our business model. From our humble beginning in 1993, we still have all but one original team member working here. It speaks volumes of the culture and atmosphere we have instilled. Our commitment to be true to our word and our commitments to our clients and each team member, professionally and personally, has never wavered. It’s the “Clearwater Way.”