Flathead Lake Real Estate Sales
Sales numbers for 2020 remain up significantly compared to all years of the prolonged recovery. The first quarter was already in record territory before the COVID-19 shut downs. There was a three to four week pause in the market, then sales regained strength and do not show any signs of easing as we move through the summer season. Of the 97 active residential listings on the lake, 32 have accepted offers.
While a handful of contingent sales over the $1M mark fell out of contract and came back to the market over the past 60 days specifically due to the pandemic-induced shutdowns, inventory is still at a multi-year low. Several properties that had weathered years of market exposure have been swallowed up by the new wave of buyers and waning competition.
Summer activities have been somewhat muted this year with the cancellation of concerts, parades, and other public events. However, most experts are not convinced this will diminish overall visitation
The basic drivers of Flathead Lake real estate sales still appear to be in place: inventories are trending down, prices are trending up, and demand is steady.
Pricing and Sales Summary:
Safety Bay Estate
404 Feet of Flathead Lake Frontage
4.1 Acres; 5,900 sf
List Price: $2,680,000
This exceptional estate is located on the exclusive Safety Bay of Flathead Lake. This meticulous home boasts over 5,000 sf, floor to ceiling windows, custom cabinetry, gourmet kitchen, wine cellar, theater room, office, two guest suites, an entire master en-suite wing, and dual sided fireplaces. There is a 1848 sq. ft. 3-bedroom, 1-bathroom guest house, 3-car garage, plus ATV garage and storage for the lake toys.
The estate also includes 4.10 beautifully landscaped acres and 404 feet of protected Flathead Lake frontage. At waters edge, there is a covered boat dock, shore station that will accommodate a 35 ft. boat, picnic area and 30 amp power in place. The property has a gated entrance, security system and paved wrap around driveway.
Active Waterfront Listings
Residential waterfront listings for this month are down compared to the inventory at this time last year (97 vs 1114). The number of land listings has dropped top 24 from 33. Total listings on the lake historically peak in August and bottom out between January and March. The residential inventory on the lake continues to hover around record low territory. The combination of increased sales over the past 18 months along with the current crisis has led to low inventory.
Median list prices for residential listings dropped during the spring and early summer months as lower priced listings came on the market. After bottoming out around $1.1M, they rose to the $1.3-$1.4M range, only to drop again with the sale of several high priced listings in the first quarter and lack of new inventory.
Inventories and prices of waterfront land have held relatively steady for the past 12 months.
Flathead Lake Condominium Market
With over a dozen waterfront condominium communities around Flathead Lake, there are plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home. Below is a list of all of the current condo listings for the various communities around the lake, along with a report of total sold units and average prices for the year.
With 32 active condo listings, we have approximately seven months of inventory currently on the market based on the 26 sales since the first of the year. This is a significant decrease from last year when we were carrying as much as 24 months of inventory.
Once single family prices began to rise with a decrease in inventory, the demand for condominiums began to increase. We expect to see this trend continue into the coming year as both residential and condo inventories are down significantly.