Flathead Lake Real Estate Sales
While May brought cherry blossoms and daffodils to Flathead Lake, June has brought daily rain and cooler than average temperatures. The rainfall has accelerated the runoff from the snowpack reserve and Flathead Lake is within eight inches of full pool.
Carryover buyer demand from the run on listings over the past 24 months is holding down inventory and propping up prices. There were two sales closed during the month of May. Adjusted price per front for 2022 rose to just over $8600/ft lake wide.
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 Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in most segments.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:
May Significant Sale
19731 Mt Hwy 35
165 Feet of Flathead Lake Frontage, 3.1 acres
List Price: $4.254MWaterfall Creek at Flathead Lake ‐Your family will love the lakefront lifestyle with 165 ft of terrific Flathead Lake frontage with gravel beach, 1 dock and 1 lift. Custom‐crafted from huge Canadian timbers, this immaculate log home is situated on 3.1 acres. Beautifully landscaped yard includes walking trails with bridges crossing year‐round creek, underground irrigation, fire pit area and fully paved circular drive to the front door. Extensively updated in 2013, the interior space features 3 bedrooms, 3.5 baths, gourmet kitchen, 3 stone fireplaces, integrated sound and multimedia systems, central air conditioning and custom infinity glass railings. The Master suite includes all that you desire with sitting area, fireplace and private deck, and windows opening to the creek for restful sleep. The expansive decking on the main level connects to the screened in Gazebo and overlooks the lush grounds down to the water. The walk out lower level includes a patio opening to the fire pit and lawn area. Detached, 2 car log garage with bonus room above. Spectacular lake and mountain views, with unbelievable sunsets. This property would be an excellent short-term rental. Bigfork Village is a short distance away.
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 dropped to under $3M while land prices edged back up 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 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 this year to date. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.