Flathead Lake Real Estate Sales
There were three sales on Flathead Lake reported for March, making it a total of eight for the first quarter of 2016. This start of this year continues to be the strongest in transactions and volume that we have seen in the past 3 years.
We are coming off a very strong sales year for lakefront properties in 2015. The expectation for 2016 is to continue this trend barring outside market forces such as rising interest rates, uncertainty in the stock market, and a big election year.
Price on an improvement-adjusted per foot basis are expected to hold or slightly increase depending on what kind of inventory we see come on the market over the spring.
March 2016 Sales:
Annual Sales Date:
Active Waterfront Listings
Residential waterfront listings for this month are up substantially compared to the number of listings for at this time last year at 113 listings up from 90. The number of land listings is down annually to 39.
We are beginning to see the seasonal increase in listings as the snow melts 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 after posting a dip in March of last year. 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.