Flathead Lake Real Estate
With a cold and snowy winter that does not want to relent to Spring, Flathead Lake real estate sales have been slow to start in 2023. In addition to the winter weather, low inventory has resulted in fewer transactions.
here were four closed sales on the lake posted in March, two newer homes in Lakeside traded for over $3M.
Rising interest rates and inflationary pressures have imposed a cooling effect in the primary residential market that is spilling over into the waterfront sector. Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in some segments. Overall prices are still relatively high, but the lack of inventory will likely result in fewer transactions and lower sales volume in 2023.
Pricing and Sales Summary:
March Significant Sale
881 S Juniper Bay Rd
100 Feet of Flathead Lake Frontage
4,648 sq ft, 4Br/5Ba
List Price: $5.23M
Three-year-old, custom built, Craftsman style home with 100 pristine feet of Flathead Lake frontage right outside your door! This remarkable home offers just over 4600 square feet with 4 bedrooms, 5 bathrooms, and a 500 square foot bonus room for your home office or additional private guest room.
The allure of the outdoors shines through almost every room with spectacular views of the lake, the Mission and Swan Mountain ranges, and the majestic peaks of Glacier National Park. Relax by the fire and enjoy the integrated Sonos entertainment system as you watch the sailboat races on Somers Bay. This property is located between the small lake towns of Somers and Lakeside.
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 have been hovering around $4M, but jumped to over $5M the past four months with only 15 higher-priced listings. Land prices held at just under $1.5M. With such limited inventory of both residential and land listings, median price trends have become volatile with higher priced listings coming on and off the market.<
Based on these data, it appears we have reached a plateau in prices and the sustainable bottom of 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 currently active and sold units for 2022. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.