Flathead Lake Real Estate Sales
Flathead Lake is making its annual transition from spring to summer. The lake level is within 12-18 inches of full pool as the snow continues to melt at the top of the drainage. We have been fortunate thus far in that the runoff has been steady with no significant flooding events as the snowpack is well above average in the Flathead Lake drainage.
There were 6 reported sales in MLS for the month of May. Sales reported to date continue to shown a bit of resistance at the $1M mark, with the exception of one May sale in the table below. Buyer traffic has increased for the higher priced segments, and optimism is high for the Flathead Lake real estate sales in general.
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.
Half of this year’s sales in the upper west shore region are contributing to the higher year-to-date average this year highlighting the premium value of the Northwest region of the lake relative to the overall average.
Given the reduction in inventory, we expect to see some continued upward price pressure this year.
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are down from the number of listings for this time last year at 111 listings, down from 116. The number of land listings is down only one to 43 from 44.
Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 6 out of 53 sales for last year), so land listings are holding steady while the number of residential listings are down a bit more significantly. We are continuing to see about a month delay this year in listings and sales due to the longer winter season.
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 have held relatively steady in the $550-$600k range.