Flathead Lake Real Estate Sales
September is a beautiful month and an annual favorite of locals on and around Flathead Lake. The bustle of summer activities begins to fade and clear, calm days on the lake can still be found with temperatures in the 70s and 80s.
While the cooler nights have had a calming effect on area wildfires, the the month of August was ablaze with waterfront real estate sales. There were 14 reported sales on the lake with a dozen homes and two vacant lakefront lots.
The significantly active month of August brings the year-to-date totals to 44 transactions representing over $32M in total volume. We are meeting the expectations of increased sales for the year. In fact, the year-to-date numbers for 2018 are higher than any other year-to-date numbers for waterfront sales on Flathead Lake since the recession.
Spectacular Flathead Lake home on three lots and 285 ft of frontage designed by Richard Wyman Smith. The design of this home is a perfect balance between contemporary elegance and northwestern craftsman. Generous windows bring in views of the lake and mountains beyond. Enjoy water activities on the gently sloped frontage and over sized dock, or take in view from the deck. Guest cabin includes private deck and kitchenette.
Prices based on a per-waterfront-foot have continued to increase to over $4,000/ft for the entire lake after adjusting for improvements in the past few years. This year’s average had dropped below this mark earlier in the year, but has rebounded as expected to an adjusted average of $4,005 per linear foot of frontage.
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month up compared to the inventory at this time last year (128 listings vs 118). The number of land listings has decreased from 40 to 36. Total listings on the lake historically peak in August and bottom out between January and March.
With the increased activity in waterfront sales, more owners have decided it is the time to sell and are listing their properties. As a result, listing inventory for residential waterfront properties remains higher over last year even as it should be diminishing with increased sales.
Median list prices for residential listings rose dramatically over the winter months fueled by a record low inventory. Prices peaked at $1.45M in February, dropping back below $1.3M in April due to new listings coming on the market. As the inventory of lower-priced properties continues to sell, the median price of active listings continues to rise. The current median price has just crested $1.42M.
Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.