Flathead Lake Real Estate Sales
Spring is fading as the long, sunny days are launching the Flathead into the full summer season. Vacationers have begun to trickle into the valley and a handful of brave individuals can be seen tubing or skiing on the lake on warmer days.
There were only two reported sales on the lake in May, but they were relatively significant. The two sales bring up the total for the year to 17 transactions for just over $14M in total sales for the year.
While the two sales for May were significant in total price, the price per foot of frontage when adjusted for improvements was below average. This is not surprising as larger tracts typically result in price-per-foot number that are lower than smaller tracts of similar topography.
There are at least 10 additional waterfront properties that have accepted purchase contracts. These properties will likely be closing in June, so the activity on the water continues to be in line with last year’s stronger sales.
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 116 listings up only one from 115. The number of land listings is down annually to 43 from 63.
We are beginning to see the seasonal increase in listings as we head into the summer season. 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.