Flathead Lake Real Estate Sales
September sales numbers set a new monthly sales record in a market marked by diminished inventory and increased prices. Eleven sales were posted in MLS with a total volume over $43M. This sets a high-water mark for total sales volume in any given month, with the help of a single sale at $21M. For perspective, annual sales volume for 2017 was $43.9M.
Year-to-date numbers reflect a similar trend with a total of $157.4M in total lakefront sales compared to $117.5M in 2020 and $43.1M in 2019 over the same period.
Average sales prices and price per front foot have also increased steadily over the past 24 months. Average price per front foot so far this year has eclipsed $6,000 for the first time in over a decade. Average sales price overall has doubled since 2019 to just over $2.2M.
The expectation for the fourth quarter of the year is that transaction count will decrease due to limited inventory, with continued price support from steady demand and sales of higher priced listings.
Pricing and Sales Summary:
1065 Lakeside Blvd
520 Feet of Flathead Lake Frontage
15,264 Total Sq Ft
List Price: $20M
This quintessential lakeside retreat lies on the shores of Flathead Lake in northwestern Montana. Designed and constructed by Orlan Sorensen of Landmark Builders in 2009, the 15,264 sf home includes 520 ft of lake frontage on 5.85 acres.
The design is contemporary western and represents a study in contrast using organic and inorganic materials, large and small spaces, rough and smooth surfaces, new and reclaimed materials, and bright and muted colors. The first example is the entrance; the massive front door is constructed of 70-year-old cherry vats. The exterior is rough and unstained while the inside is smooth and red from maraschino dye.
Reclaimed material used throughout the house came from the old Bonner Mill outside of Missoula and from a 90-year-old schoolhouse in Oregon. As a nod to the region’s rich railroad history, exposed steel beams over the great room emulate trestles, with some encased in reclaimed wood.
The centerpiece of the great room includes an ‘avalanche’ rock fireplace with oversized boulders tumbling from ceiling to floor, and a bank of sliding glass panels that retract completely into stone walls erasing the barrier between indoor and outdoor living space.
The spaces in the home were intentionally designed to feature small, intimate spaces that radiate from large common areas. The great room is immediately adjacent to a small entertaining wet bar and sitting area. The kitchen adjoins a gathering room with dining room and nook connected.
The downstairs entertaining space features a full western bar, pool table, and a turn of the century “Old West” theater complete with an abridged balcony, velvet drapes, brass railings and walnut accents.
The rooms are spacious with generous windows. The bathroom finishes are a tasteful combination of rustic and modern. There are six total bedrooms, including a two-bedroom guest apartment above the garage with a separate kitchenette and living space. The home also features a total of five wood-burning fireplaces, each with its own unique stone and steel design.
Active Waterfront Listings
Residential waterfront listings for this month are down significantly compared to the inventory at this time last year (36 vs 66). The number of land listings has dropped to 10 from 14. Total listings on the lake historically peak in August and bottom out between January and March. The residential inventory on the lake has dropped to record low territory. The combination of record sales over the past 18 months along with lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory. Total active listings in October 2019: 140; October 2020: 80; October 2021: 46.
Median prices for residential listings continue to increase to nearly $4.0M, while land prices bounced back to $2.0M. With such limited inventory of both residential and land listings, median price trends have become erratic with higher priced listings coming on and off the market. The overall trend is that active listing prices have essentially doubled over the past 12 months.
Flathead Lake Condominium Market
With over a dozen waterfront condominium communities around Flathead Lake, there has historically been plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home. Below is a list of all of the current condo listings for the various communities around the lake, along with a report of total sold units and average prices for the first nine months of 2021.