Flathead Lake Real Estate Sales
October was a beautiful month in the Flathead. Changing colors and typical fall weather are reminiscent of what we typically experience in late September. Fall weather ended abruptly around the lake on the first of November as a winter storm moved in and ultimately dumped over a foot of snow in most Flathead Lake communities. Just another reminder of the unpredictability of weather in the northwest Rocky Mountains!
October waterfront sales on Flathead Lake cooled off just a bit following several strong months ending the summer. There were three reported sales in MLS for the month that are listed below. While 2017 started off a bit sluggish, the year-to-date numbers have now outpaced last year by nearly 15%.
We have reported 51 closed transactions and nearly $37M in total sales through the end of October. Last year over the same period, we reported 45 transactions totalling $32M in sales. The average transaction size has held relatively steady in the low $700s.
I expect the stronger sales trend to continue and that this year will end significantly higher than 2016 in transactions and total sales.
While there were no sales for the month of October on Flathead Lake reported over $1M, the largest sale for the month was a very typical sale for the year.
The property pictured below sold for $725,000. It is a classic, 2 bedroom lake cottage sitting on 90 ft of frontage at the north end of Woods Bay. It has generous views south down the lake framed to the east by the Mission Mountain Range.
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 108 listings, up from 104. The number of land listings is down significantly to 38 from 53.
Total listings on the lake historically peak in August and bottom out between January and March. While this year was a bit slower to get started with lake listings, the numbers have normalized over the past 4-6 weeks. 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. 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 this year, increasing steadily for the past three months. The increase in lower-priced land sales has depleted the inventory and the remaining, higher priced listings yield a higher median price trend.