Flathead Lake Real Estate - February 2024 Sales
|
Flathead Lake Real Estate
There were no reported waterfront sales for Flathead Lake in February. The low inventory environment coupled with the traditionally slower winter season has resulted in fewer sales over the past several months. It is not uncommon for there to be a dry month of sales reporting over the past few years. There were no reported sales in April of 2023 or February of 2022.
While higher interest rates and inflationary pressures have imposed a cooling effect on the primary residential market, prices in the luxury waterfront segment continues to be buoyed by low inventory and sustained demand. We expect to see an influx of new inventory as the weather warms up and listing season gets into full swing. |
|
Pricing and Sales Summary:
|
 |
|
Active Waterfront Listings
Residential and land waterfront inventory continues to hold at record low levels; but slowly trending upwards. The combination of record sales over the past 36 months along with lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory.
Residential listings ticked up to 28 this month, and the combined land and residential listing total of 38 listings is significantly down when compared to the pre-Covid era market. In March of 2020 we were carrying 99 total listings on the lake. However, we are carrying more inventory than last year when there were only 17 lakefront residential listings available.
Median residential prices rose to over $5.5M by the end of the first quarter last year due to a lack of inventory and high-priced listings. As the year went on, lower priced listings introduced to the market dropped the median price to under $4M once again where it has stabilized. Land prices held at just under $1.5M. With such limited inventory of both residential and land listings, median price trends have stabilized overall.
Based on these data, it appears we have reached a plateau in prices and the are beginning to lift off of inventory lows. |
 |
 |
|
Flathead Lake Condominium Market
With nearly two dozen waterfront condominium communities around Flathead Lake, there has historically been plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home. Below is a summary of currently active and sold units so far this year as compared to last year's sales. The condo market has followed the single-family waterfront market to record low inventories and increasing prices. |
 |
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.
Contact David to Learn More
