Flathead Lake Real Estate Sales
The summer season on the lake has been beautiful notwithstanding the Elmo 2 Fire that burned for a week above the west shore. As of the writing of this newsletter, the fire is over 50% contained and loss of structures has been minimized thanks to the hard work of firefighters.
Carryover buyer demand from the run on listings over the past 24 months continues to hold down inventory and prop up prices. There were five closed sales during the month of July. Adjusted price per front for 2022 edged up to over $9,000.
Rising interest rates and inflationary pressures have begun to impose a cooling affect in the market. Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in most segments.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:
July Significant Sale
254 Shoreline Drive, Polson
89 Feet of Flathead Lake Frontage, 0.82 acres
7,212 Total Sq Ft 4Br/5Ba
List Price: $4.25M
Shoreline Drive is the perfect place to enjoy Flathead Lake! This newer Custom home is made for entertaining, right at waters edge! Top of the line materials throughout, including massive timber frame beams, and expansive windows towards the Mission Mountains and Flathead Lake help make this stunning home a place you won’t want to leave!
The location is superb with Polson Airport only a short jaunt away. The home has three bedroom ensuites, additional bedroom or office, five bathrooms, elevator, chefs custom kitchen, large out door deck an patio areas, outdoor kitchen, fireplace & tv, Attached 7+ car & rv garage. The property is completely fenced, with security & sound system, the large dock has three heavy duty shore stations, golf car path to the dock, underground sprinklers & much more.
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 held to under $3.5M while land prices edged down to just under $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.
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.