Flathead Lake Real Estate Sales
This summer season has been one of the more pleasant summers in recent history. The beautiful sunny days are ideal for spending time on the water. The cherry harvest was a success, and there is no shortage of summer activities on and around the lake.
July brought one recorded waterfront sale on the lake – relatively significant at $900k. Along with the record 10 sales from last month, the total for the year is up to 28 transactions for just over $20M in total sales to date.
The first half of 2016 is on track to come in just under last year’s record sales numbers. While the average transaction size is down, the average price per foot of frontage has held relatively stable for the past several years at just under $4,000 per foot (adjusted for improvements).
July 2016 Sales:
Annual Sales Date:
Active Waterfront Listings
Residential waterfront listings for this month are down slightly from the number of listings for this time last year at 125 listings, down from 131. The number of land listings is also down annually to 55 from 66.
Total listings on the lake historically peak in August. Land sellers appear to not be renewing their listings as these listings are not selling as well as properties with improvements in place. This trend may begin to shift if we continue to see fewer residential listings on the water.
Median list prices for residential listings are holding just under $1M. Median land prices spiked up in February, but normalized in April – 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.