Flathead Lake Real Estate - January 2024 Sales
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Flathead Lake Real Estate January 2024 Sales
The first month of 2024 yielded only one closed transaction on the shores of Flathead Lake. The low inventory environment coupled with the traditionally slower winter season has resulted in fewer sales over the past several months.
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.
January 2024 Sale: |
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Pricing and Sales Summary:
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Active Waterfront Listings
Residential and land waterfront inventory continues to hold at record low levels. 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 27 this month, and the combined land and residential listing total of 36 listings is significantly down when compared to the pre-Covid era market. In January of 2020 we were carrying 100 total listings on the lake. However, we are carrying more inventory than last year when there were only 15 lakefront residential listings available.
Median residential prices rose to over $5.5M by the end of the first quarter 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 become somewhat volatile with higher priced listings coming on and off the market.
Based on these data, it appears we have reached a plateau in prices and the sustainable bottom of inventory for the time being. |
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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. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.
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