Flathead Lake Real Estate Sales
After the record rainfall in October, November weather was seasonally mild. Now December has arrived bringing winter weather; as a significant winter storm reached the Flathead Valley the first weekend of the month.
There were six Flathead Lake waterfront sales for the month of November. Three in Polson, and one each in Lakeside and Bigfork.
The totals for the year are 51 transactions and nearly $37M in total sales to date. These numbers are down slightly from last year when we had sold 50 waterfront properties totaling $44M through the first 11 months of the year. We are ahead of 2014 numbers for the same period.
The first six months of waterfront sales put this year on a trajectory to set new sales records. Transactions leveled off slightly in the third quarter, then regained momentum in the fourth quarter of the year. It is expected that the annual numbers for 2016 will finish down from 2015 numbers, but ahead of 2014. The primary factor for these annual sales totals will be the closing of 4 properties in 2015 for over $2.5M each. Thus far in 2016, there has been only one posted sale over $2M.
While the average transaction size is down, the average price per foot of frontage has held relatively stable for the past several years around $4,000 per foot (adjusted for improvements).
November 2016 Sales:
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 90 listings, down from 112. The number of land listings is also down to 48 from 50.
Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 5 out of 51 sales for the year), so land listings are holding steady while residential listings are down more significantly.
Median list prices for residential listings ticked up to $1.1M. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted. There are currently 47 of the 90 active residential listings posted for $1M or more (52%). Residential sales year to date report only 8 of 46 selling for $1M or higher (17%).
Median land prices spiked up in February, but normalized in April – an inverse relationship with the number of listings on the market. Median waterfront land prices then dropped to below $550k for the first time in December.