Flathead Lake Real Estate - November 2023 Sales
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Flathead Lake Real Estate
There were two waterfront sales reported for the month of November following up the year's busiest month in October. One sale was an East Shore cherry orchard property, and the other a rare lot on Wild Horse Island.
While the market appears to be returning to a pre-pandemic, seasonal sales cycle, prices have stabilized at much higher levels and inventory remains low.
High interest rates and inflationary pressures have imposed a cooling effect in the primary residential market that is spilling over into the waterfront sector. Overall prices are still relatively high, but the lack of inventory will result in significantly fewer transactions and lower sales volume in 2023.
November Sales: |
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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 down to 30 this month, and the combined land and residential listing total of 42 listings is significantly down when compared to the pre-Covid era market. In December of 2019 we were carrying 123 total listings on the lake. However, we are carrying more inventory than last year when there were only 21 lakefront residential listings available.
Median residential prices had been consistently rising over the past 12 months from $3.5M to over $5.5M due to a lack of inventory and high-priced listings persisting. The late summer listing season has introduced a small collection of lower priced listings dropping 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 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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Significant Sale
21557 MT Hwy 35 3,590 SF, 3BR/4BA 9.24 Acres Including Cherry Orchard 346 Front Feet List Price $5,500,000 |
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Endless potential on Flathead lake. This spectacular opportunity includes a large ranch home with living quarters for 2 full families, breathtaking views, long standing family run Best Flathead Cherry Orchard, nearly 350 feet of some of the most coveted lake frontage, quaint lake cabin, additional log cabin and so much more. Willow trees brush the grounds of the lake house lawns as the waves slap the shoreline concrete docks. Boats rest safely in your private harbor with covered drive in boat house. Hundreds of cherry trees make the most lovely back drop you have ever seen. |
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