Flathead Lake Real Estate Sales
Most of the snow in the valley has melted and it feels as though we are rushing headlong into spring. The ski resorts are beginning to wind down while the golf courses are ramping up. It is that exciting time of year when we might see all four seasons of weather in one afternoon.
Carryover buyer demand from the run on listings over the past 18 months is holding down inventory and propping up prices. There was only one sale reported for March bringing the year-to-date total to seven. 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:
March Significant Sale
853 Angel Point Rd
200 Feet of Flathead Lake Frontage
1,566 Total Sq Ft 3Br/4Ba
List Price: $1.95M
Two hundred feet of Flathead Lake west shore frontage on desirable Angel Point. Stunning in-your-face views of Flathead Lake and the Swan Mountain Range. Incredible opportunity to create a legacy property for years of enjoyment, with convenient access to Lakeside and the entire Flathead Valley. Existing home, dock, 2-car garage, 28×34 ft shop allow someone to start enjoying lake living right away.
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:
April 2019: 116
April 2020: 101
April 2021: 34
April 2022: 34
Median prices for residential listings held steady from last month at $3.5M, while land prices edged back up to just under $2.5M. 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.