Flathead Lake Real Estate Sales
An epic summer in the Flathead was followed up by a long, warm fall that did not want summer to end. The first few days of November put an end to the trend with a winter storm that brought several inches of heavy snow and freezing temperatures to the Flathead Valley.
Carryover buyer demand from the past 24 months continues to hold down inventory and prop up prices in the waterfront market. There were four closed sales during the month of October including a few larger, generational parcels that had not seen the market for decades.
Adjusted price per front for year-to-date 2022 held at just under $9,600.
Rising interest rates and inflationary pressures have begun to impose a cooling affect in the primary residential market. Several high-priced listings have been withdrawn from the market and buyer demand has ebbed in some segments.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 we do not expect to set any more high-water marks with respect to sales volume in 2022.
Pricing and Sales Summary:
October Significant Sale
755 Hughes Bay Road
Deep Bay, Lakeside
760 Feet of Flathead Lake Frontage, 15.9 acres
List Price: $7M
Deep Bay on Flathead Lake. Rare 15.9 acre parcel with over 760 ft of frontage. Significant development potential for residential, commercial, or estate use. Hwy 93 and Hughes Bay Road access with varying topography including gravel beach and elevated view benches. Spectacular views of Goose Island and Mission Mountains beyond.
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 jumped back up to just over $4M while 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 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.