Autumn is officially upon us! The leaves are turning a spectrum of colors, the apples are being harvested, and there is a tangible crisp in the air. This is just the first phase of two spectacular fall color shows. The second “show” will arrive in 2-3 weeks when the needles of the Western Larch (called Tamaracks locally) all turn bright yellow before they drop. Autumn is definitely not a dull season around Flathead Lake.
There were five recorded sales in September. The totals for the year are 35 transactions and nearly $27M in total sales to date. These numbers are down from last year when we had sold 45 waterfront properties totalling $36M through the first 9 months of the year.
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 $4,000 per foot (adjusted for improvements).
September 2016 Sales:
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are down slightly from the number of listings for this time last year at 114 listings, down from 119. The number of land listings is also down annually to 53 from 55.
Total listings on the lake historically peak in August. Land sellers appear to not be renewing their listings as these listings are not selling as well as properties with improvements in place. This trend may begin to shift if we continue to see fewer residential listings on the water.
Median list prices for residential listings are holding just under $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.