Flathead Lake Real Estate Sales
Our pleasant and generally smoke-free summer has begun to draw to a close. Many seasonal residents are beginning to head south. Cool mornings and sunny days makes September one of the favorite months of the year on Flathead Lake.
There were two recorded sales in August. The totals for the year are 30 transactions and just over $22M in total sales to date. These numbers are down from last year when we had sold 37 waterfront properties totalling $28.4M through the first 8 months of the year.
The first half of 2016 is on track to come in just under last year’s record sales numbers. While the average transaction size is down, the average price per foot of frontage has held relatively stable for the past several years at just under $4,000 per foot (adjusted for improvements).
August 2016 Sales:
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are down slightly from the number of listings for this time last year at 124 listings, down from 127. The number of land listings is also down annually to 54 from 57.
Total listings on the lake historically peak in August. Land sellers appear to not be renewing their listings as these listings are not selling as well as properties with improvements in place. This trend may begin to shift if we continue to see fewer residential listings on the water.
Median list prices for residential listings are holding just under $1M. Median land prices spiked up in February, but normalized in April – an inverse relationship with the number of listings on the market. With a limited market size, a handful of high priced residential or land listings can have a significant impact on median prices.