The year 2020 will not be easily forgotten. Amid a global pandemic, shutdowns, and spiking unemployment, there were record housing sales, home-price gains, and surging equity markets that bucked the decline of the general economy.
The great migration of Americans from urban centers to nearby rural areas will be studied for years to come. With the realization that work and school can be remote along with the freedoms associated with smaller towns and communities, people of all demographics who had been looking for an opportunity to leave the city made their escape.
The Flathead Valley was one of several hot relocation targets of this national trend for the northwestern US, including waterfront properties on Flathead Lake.
The record-setting year for Flathead Lake real estate sales continued through the month of December with an additional 12 posted sales and just under $14M in volume for the month.
Year to date there have been a total of 149 sales on the lake, and there are currently only 20 active homes available on the market today.
Pricing and Sales Summary:
This year’s numbers have been driven by more transactions in the $1-3M range, accounting for 94% of the year-to-date transactions.
The current year-to-date numbers of 149 transactions and $195M in volume has radically surpassed the previous 2006 annual sales record of 89 transactions and $88M in reported sales for that year.
Significant Sale
713 Conrad Point Rd – Lakeside
100 Feet of Flathead Lake Frontage
4 Bedrooms/5 Baths; 5,068 sf
List Price: $2,950,000
This newer home built in 2010 includes generous indoor and outdoor living spaces with gently sloped yard to a gravel beach and dock with covered lift station. Craftsman beams are exposed in the vaulted great room with easy access to the main level master suite with secondary laundry facilities. Upper and lower covered decks with private hot tub area and outdoor shower. Lower level includes bedroom suites and tiled bar area that is perfect for entertaining. Plenty of garage space with an attached three car garage and detached 26×38 shop building for boat and toy storage. Spectacular east facing views of the mountains across the lake with paved county road and accessible to Lakeside amenities.
Active Waterfront Listings
Residential waterfront listings for this month are down significatnly compared to the inventory at this time last year (26 vs 75). The number of land listings has dropped to 11 from 32. The residential inventory on the lake has dropped to record low territory. The combination of record sales over the past 12 months has led to record low inventory.
Median list prices for residential listings had peaked during the winter months with high priced listings lingering on the market. With the rapid increase in sales over the past two months and no replacement inventory, median prices have spiked for both residential and land listings.
Of the 26 active listings, only 21 do not have accepted contracts as of the date of this publication. Ten of the 21 are higher end listings over $3M, lending to higher median prices.
Flathead Lake Condominium Market
With over a 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 list of all of the current condo listings for the various communities around the lake, along with a report of total sold units and average prices for the year.
Seven of the active condo listings have accepted offers in place. The effective inventory of condos is zero.
