Flathead Lake Real Estate Sales
Locals and visitors alike enjoyed a beautiful summer on Flathead Lake with long, warm days and cool mornings. While the valley still experienced a significant influx of seasonal residents, the frenzy of the Covid era has seemed to subside somewhat this year.
Carryover buyer demand from the past 24 months continues to hold down inventory and prop up prices in the waterfront market. There were 11 closed sales during the month of August, the highest monthly transaction count since September of 2021. Adjusted price per front for 2022 continued to rise to over $9,700.
Rising interest rates and inflationary pressures have begun to impose a cooling affect in the primary residential market. Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in some segments. Overall prices are still relatively high, but we do not expect to set any more high-water marks with respect to sales volume in 2022.
Pricing and Sales Summary:
August Significant Sale
467 Conrad Point, Lakeside
135 Feet of Flathead Lake Frontage, 2.38 acres
8,948 Total Sq Ft 8Br/8Ba
List Price: $6.95M
This Flathead Lake waterfront property includes a nearly 9,000 square foot, meticulously cared for custom home sited near the water’s edge on a gently sloping sought after 2.38 acre estate caliber lot with 135 feet of level pebble beach, rare grandfathered paved boat launch, and massive dock with covered lifts on Conrad Point with remarkable views of the lake, the Swan range, Glacier Park, and the ski resort. Property has existing large garage / boat and toy barn matching the home to store boats and recreational toys and has the ability to further develop if one wanted a guest home. Mature landscaping and towering ponderosa pine trees providing privacy and shade further enhance the utmost appeal of the property.
Active Waterfront Listings
Residential and land waterfront inventory continues to hold at record low levels. The combination of record sales over the past 24 months along with lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory.
With several high-priced listings exiting the market, median residential prices rose to over $4M while land prices edged down to just under $2M. 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 is possible that we have reached a plateau in prices and the sustainable bottom in inventory for the time being.
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 active and sold units this year to date. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.