Flathead Lake Real Estate Sales
Summer on Flathead Lake has been incredible this year! We have had nearly seven weeks of a stable high pressure system that has translated to calm water, sunshine, and perfect lake days that never seem to end.
There were five reported sales in MLS for the month of July, a strong follow up to the eight sales we reported in June. While 2017 started off a bit sluggish, the year-to-date numbers have now outpaced last year. We have reported 31 closed transactions and nearly $23M in total sales through the end of July.
Last year over the same period, we reported 28 transactions totalling $20M in sales. The average transaction size has held relatively steady.
I expect the stronger sales trend to continue and that this year will end significantly higher than 2016 in transactions and total sales.
The iconic “Soaring Osprey” House sold in July for $2.4M. Designed by Richard Wyman Smith and constructed in 1994, it has captivated many Flathead Lake visitors.
The 6,771 sf home sits on 2.9 acres and 560 linear feet of frontage. The adjacent conservation easement is home to several nesting osprey eagles each year, enhancing the unique design of this landmark property.
Prices based on a per-waterfront-foot have continued to increase to over $4,000/ft for the entire lake after adjusting for improvements in the past few years.
Given the reduction in inventory, we expect to see continued upward price pressure this year.
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are down slightly from the number of listings for this time last year at 120 listings, down from 125. The number of land listings is down to 42 from 55.
Total listings on the lake historically peak in August and bottom out between January and March. While this year was a bit slower to get started with lake listings, the numbers have normalized over the past 4-6 weeks.
Median list prices for residential listings have been bouncing between $1.0-1.1M. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has been shifting.
Median waterfront land prices had held relatively steady in the $550-$600k range, jumping to $695k for the current period.
Increased sales have led to a decline in inventory and a resultant increase in average list prices.