Flathead Lake Real Estate Sales
A combination of winter weather and a dearth of inventory has slowed the pace of sales on Flathead Lake while prices are holding at record levels. Carryover buyer demand from the run on listings last year is holding down inventory and propping up prices. Sellers contemplating selling appear to be waiting for warmer weather.
There were two sales reported for February bringing the year-to-date total to six. Five sales were in the Polson zip code with one waterfront land sale in Dayton. Adjusted price per front foot is still holding around $7500/ft lake-wide.
Buyer demand persists in all areas of the lake as market-priced listings continue to see multiple offers. The spring listing season is just around the corner and we will soon find out if rising interest rates and inflationary pressures will have any type of cooling effect on the market.
Pricing and Sales Summary:
February Significant Sale
28628 Indian Bay Ln, Polson, MT
142 Feet of Flathead Lake Frontage
4,000 Total Sq Ft 5Br/4Ba
List Price: $2.2M
Fully furnished and expansive 2-story home with over 142′ of shoreline, including a gravel beach and dock. With over 2200 sq.ft. of covered deck overlooking the pristine waters of Flathead Lake the views are stunning! The residence was refreshed in 2019 with new flooring, carpet, paint, appliances, and countertops, along with upgraded Internet. The layout of the home is set up for two level living, featuring a primary suite on the main level with two additional guest bedrooms, full bathroom, kitchen, dining area, and living room with Tulikivi soapstone fireplace. The lower walkout level includes a spacious storage room, bunk sleeping room, guest bedroom, bonus room, second living room, kitchen and dining area, and two bathrooms. Operated as a successful vacation rental, this property has been the prefect Flathead Lake vacation spot, hosting guests throughout the years.
Additional features to this property include a small orchard with apple, cherry, and peaches. Come enjoy swimming and lounging on the beach by day and roasting marshmallows in the fire pit at night. Camp out under the stars on the lawn, or relax in a porch swing on the massive deck and watch the sunset. This property is located an easy 7 mile trip from Polson on paved roads.
Active Waterfront Listings
Residential and land waterfront inventory continues to shrink to 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. Total active listings in:
March 2019: 118
March 2020: 99
March 2021: 36
March 2022: 32
Median prices for residential listings settled down from last month to $3.5M, while land prices edged back up to $2M. With such limited inventory of both residential and land listings, median price trends have become erratic with higher priced listings coming on and off the market. The overall trend is that active listing prices have essentially doubled over the past 12 months.
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 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 summary of active and sold units for 2021. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.