Flathead Lake Real Estate Sales
With the exception of a winter storm at the beginning of the month, November has experienced typical late-autumn weather on and around Flathead Lake. All deciduous shrubs and trees including the Western Larch have lost their leaves and needles. The La Nina weather pattern is anticipated this year with above average snow and precipitation in the forecast.
There were five reported sales on Flathead Lake for the month; all were residential properties. The five sales totaled just under $4M in total sales, indicating an anticipated strong finish to the year.
We have reported 56 closed transactions and nearly $41M in total sales through the end of November. Last year over the same period, we reported 51 transactions totalling $37M in sales. The average transaction size has held relatively steady in the low $700s.
Of the five Flathead Lake waterfront sales in November, one exceeded the $1M mark, selling for $1.15M on November 2nd. Located on Finley Point, the property includes just over 4 acres and 360 titled feet of lake frontage. Although the high-water meander line yields closer to 550 linear feet.
The southern tip of the property extends out to the point, providing gravel beach frontage as well as protective rocky frontage. Two mid-century era cabins and a garage structure are also included in this classic Flathead Lake property. See more details on this property at Realtor.com.
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.
Given the reduction in inventory, we expect to see continued upward price pressure.
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are on par from the number of listings for this time last year at 94 listings, up from 90. The number of land listings is down significantly to 33 from 48.
Total listings on the lake historically peak in August and bottom out between January and March. Year-to-date waterfront land sales are up this year to 13 transactions averaging $479k each.
Median list prices for residential listings have been bouncing between $1.0-1.1M, spiking to up over $1.2M this month. 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 had held relatively steady in the $550-$600k range for the earlier part of this year, increasing steadily starting in August. The increase in lower-priced land sales has depleted the inventory and the remaining, higher priced listings yield a higher median price trend.