Sold Waterfront Listings
We are one week into March, and it feels as though the “Great Thaw” has finally begun. After a flurry of storms for the past few weeks that dumped record amounts of snow in parts of the state, temperatures are creeping up and dripping noises can be heard for the first time in quite awhile.
Sales for the year have started out slower than the past two years, with only two sales recorded in the MLS. However, activity is starting to pick up and there are a handful of properties under contract that are likely to close within the next 30-45 days.
With healthy sales of Flathead Lake waterfront properties for the past two years in a row, the real question for this spring is how much new inventory will come on the market. As prices have slowly begun to rebound, there is always the potential for shadow inventory that could oversupply the market in the short term.
Annual Sales Data:
Active Waterfront Listings
Flathead Lake real estate listings have begun an early increase this year. While the market is not necessarily being flooded yet, residential listings on the lake are up 24% from last year.
Median prices for homes and land have held relatively steady over the past 12 months – $600-650k range for land listings, and the $900-$1.0M range for homes. I believe waterfront sellers are more realistic about the market value of their properties based on sufficient data provided by comparable sales.