Flathead Lake Real Estate Sales
Summer has arrived in the Flathead. Long, warm days and cool nights are here along with all of our summer visitors. Cherries are showing pink in the orchards and the water has warmed up for boating and swimming.
There were a record-setting 10 reported sales on the lake in June. This is the most transactions in one month in the past 9 years, and all 10 were under $1M. The banner month brings the total for the year to 27 transactions for just over $19M 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).
May 2016 Sales:
Annual Sales Date:
Active Waterfront Listings
Residential waterfront listings for this month are nearly identical when compared to the number of listings for this time last year at 123 listings up only three from 120. The number of land listings is down annually to 55 from 66.
We are beginning to see the seasonal increase in listings as we head into the summer season. 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. 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.