Flathead Lake Real Estate Sales Report
First quarter sales are up; COVID-19 brings uncertainty
The first quarter started the year off in record territory. With help from a handful of significant sales, the first three months of the year yielded record total sales of just
over $20 million. This surpasses the previous record of $14.4 million in the first quarter of 2006.
The global pandemic and subsequent effect it has had on the economy casts a cloud over the outlook for the rest of the year. While it is anticipated that the travel and business restrictions will likely be lifted by summer, the mid and long-term economic effects are nearly impossible to calculate.
Once Montana is back open for business, we expect the demand for local real estate will rebound. A few of the lessons this current crisis has revealed include a desire for rural living, and increased awareness of the ability to work remotely.
March Sales:
Pricing and Sales Summary:
Significant Sales
Eagles Rest – Bigfork, MT
570 Feet of Flathead Lake Frontage
26.7 Acres; 14,478 SF
List Price: $10,500,000
A tremendous opportunity to own one of the most distinctive & stunning architectural masterpieces in NW Montana. Eagles Rest; discreetly positioned along the eastern shore of Flathead Lake, this legacy property is surrounded by 26.7 acres of mature pines, birch, & 100-tree cherry orchard.
Flathead Lake, 570 ft of frontage defines the westerly border offering a dock system designed for multiple watercraft. Forest Service privacy on the eastern boundary. The residence is simply spectacular. Open trusses, tasteful use of wood & stone, stunning great room, gourmet kitchen, dining , master suite, 2 offices, all grace the main floor. The lower levels are focused around the pool with 3 en-suites, family room, sauna, work-out & wine room. Library & separate apartment are within the main home
There are numerous outdoor patios and decks to take in the water and the gorgeous grounds. The covered deck off the living room offers a fireplace that will be the place to gather; regardless of the weather. At waters edge, by the dock, is the boat house which has a bathroom and sitting area; and full size deck above. There is also a separate shop & garage in addition to the attached garage. The attached garage has doors at both ends for drive through or to park 4 cars.
Active Waterfront Listings
Residential waterfront listings for this month are down compared to the inventory at this time last year (75 vs 93). The number of land listings has increased from 23 to 26. 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 have risen to the $1.3-$1.4M range.
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 30 active condo listings, we have approximately nine months of inventory currently on the market based on the 10 sales for the first quarter. 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.
