Flathead Lake Real Estate Sales
There were seven sales on Flathead Lake reported for April, making it a total of 15 since the beginning of the year. The start of this year continues to be the strongest in transactions and volume that we have seen in the past four years.
Of the 15 transactions to close this year through the end of April, only one was over $1M. ($1.78M – Polson). The price per foot of frontage, however continues to hold right around $4,000 per front foot on an adjusted basis.
The value of the improvements plays a significant roll in the pricing, along with the topography and access to the waterfront.
April 2016 Sales:
Annual Sales Date:
Active Waterfront Listings
Residential waterfront listings for this month are up roughly 10% compared to the number of listings for this time last year at 113 listings up from 101. The number of land listings is down annually to 43.
We are beginning to see the seasonal increase in listings as the snow has melted and the sun comes out. Land sellers appear to not be renewing their listings as these listings are not selling as well as properties with improvements in place. There are two potential reasons for this: residential properties continue to sell below replacement cost, and most prime waterfront pieces have already been developed at some point in the past 100 years.
Median list prices for residential listings are holding just under $1M. Median land prices spiked up in February, but have normalized this month – an inverse relationship with the number of listings on the market. With a limited market size, a handful of high priced residential or land listings can have a significant impact on median prices.