Flathead Lake Real Estate Sales
October brought record rainfall to the Flathead Valley – nearly 5 inches at the airport (FCA), compared to the average of just under 1 inch. However, the cloudy skies and rain did not dampen the real estate sales around the lake for the month as t here were 10 recorded sales in October on Flathead Lake. Nine of the sales were residential properties, and one was vacant land. All were in the Polson or West Shore regions of the lake.
There were no reported sales in Lakeside, Somers, or Bigfork; nor were there any sales posted over $1M. This trend is consistent with what we have seen this year with a near-average transaction count, but lower average sales price.
T he totals for the year are 45 transactions and nearly $33M in total sales to date. These numbers are down slightly from last year when we had sold 48 waterfront properties totalling $42M through the first 10 months of the year. We are ahead of 2014 numbers for the same period.
While 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. While the average transaction size is down, the average price per foot of frontage has held relatively stable for the past several years at just under or at $4,000 per foot (adjusted for improvements).
October 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 104 listings, down from 116. The number of land listings is up slightly to 53 from 50.
Total listings on the lake historically peak in August. Not many land sales have been posted (only 4 out of 45 sales for the year), so land listings are holding steady while residential listings are down.
Median list prices for residential listings ticked up slightly to just over $1M. Median land prices spiked up in February, but normalized in April – 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.