Flathead Lake Real Estate Sales
The COVID-19 pandemic of 2020 began in the spring with a frenzied demand for toilet paper, while the summer and late fall produced a similar effect for Flathead Lake real estate. The ten-year average inventory for waterfront homes is 108, and had not fluctuated much more than 10-15% seasonally over that period.
Through the end of October, there have been a total of 120 sales on the lake, and there are currently only 22 active homes available on the market today.
Not to be outdone by the record sales reported in September, October sales surpassed this incredible record once again. There were 30 closed transactions yielding $41.5 in total sales volume.
Pricing and Sales Summary:
A significant aspect to this data is the fact that exactly half (15) of October’s sales are over $1M, but none are more than $4.4M. Large spikes in monthly sales data has historically consisted of large individual sales. This year’s numbers have been driven by more transactions in the $1-3M range, accounting for 94% of the year-to-date transactions.
The current year-to-date numbers of 120 transactions and $159M in volume has radically blown by the 2006 annual sales record of 89 transactions and $88M in reported sales for that year.
22161 MT Hwy 35 – Bigfork
400 Feet of Flathead Lake Frontage
5.1 Acres; 6,200 sf
List Price: $4,980,000
This exceptional estate features 399 feet of Flathead Lake frontage, over 6000 SF of bright, luxurious living, 2800 bottle temperature controlled wine cellar, income producing 170+ cherry tree orchard, and two covered boat lifts.
All of this is on over 5 acres that spans the entire distance from the highway to the lake with no easements. Exquisite master suite includes an attached office and exercise room. Two additional suites upstairs have private balconies overlooking the lake, and the guest apartment over the four stall garage has two more bedrooms.
This is a phenomenal resort home, and is just 12 miles south of Bigfork and less than an hour from Glacier International Airport.
Active Waterfront Listings
Residential waterfront listings for this month are down significatnly compared to the inventory at this time last year (41 vs 96). The number of land listings has dropped to 12 from 33. Total listings on the lake historically peak in August and bottom out between January and March. The residential inventory on the lake has dropped to record low territory. The combination of record sales over the past 18 months along with the current crisis has led to record low inventory.
Median list prices for residential listings had peaked during the winter months with high priced listings lingering on the market. With the rapid increase in sales over the past two months and no replacement inventory, median prices have spiked for both residential and land listings.
Of the 41 active listings, only 22 do not have accepted contracts as of the date of this publication. Eleven of the 22 are higher end listings over $3M, lending to higher median prices.
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.
Of the 13 active condo listings only one is not under contract. This represents essentially no inventory available of waterfront condominiums. This is a significant decrease from last year when we were carrying as much as 24 months of inventory.