Market Info Archives - DAVID FETVEIT

Flathead Lake Real Estate Sales – November 2018

Flathead Lake Real Estate Sales

Waterfront Sales

The Flathead has seen a few light dustings of white leading into the winter season, but autumn is still holding its own this year. There is a collective anticipation that any morning we will wake up to a foot of snow and we will all put our snow removal tools to work.

Building on an already strong sales year to-date, Flathead Lake waterfront sales for November included a handful of exceptional sales that pushed the year well over the top for the biggest year in waterfront sales.

The year-to-date totals are at 68 transactions representing over $70M in total volume. These record sales have 2018 yielding the strongest waterfront sales period in more than 12 years, preceding the first issue of this publication.

Significant Sale:

Shelter Island Estate

Listed at $13.9M

The iconic Shelter Island property closed in November, six years after the original owner offered it for $78M in 2012. The property has received continued international publicity over the years that included a series of price reductions, brokerage changes, and transfer of ownership into an asset management firm.

The estate rests on over 22 private island acres in the middle of Flathead Lake. The five bedroom, eight bath estate includes 18,646 square feet with over 6,000 feet of private, secluded lakefront access. The estate is three levels, each level accessible via commercial grade elevator.

The sale included a 230-ft shoreline marina and boat launch on Rollins Lakeshore Drive for ferry access to the island.

November Sales:

Prices based on a per-waterfront-foot have continued to increase to around $4,000/ft for the entire lake after adjusting for improvements in the past few years. This year’s average had been averaging just over this mark, however the recent sale of larger frontage properties has dragged the price per foot average down to $3,984.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (103 listings vs 94). The number of land listings has decreased from 33 to 27. Total listings on the lake historically peak in August and bottom out between January and March.

With the increased activity in waterfront sales, more owners have decided it is the time to sell and are listing their properties. As a result, listing inventory for residential waterfront properties remains higher over last year even as it should be diminishing with increased sales.

Median list prices for residential listings rose dramatically over the winter months fueled by a record low inventory. Prices peaked at $1.45M in February, dropping back below $1.3M in April due to new listings coming on the market. As the inventory of lower-priced properties continues to sell, the median price of active listings continues to rise. The current median price is just under $1.5M.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

With over a dozen waterfront condominium communities around Flathead Lake, there are 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 since the first of the year.

The waterfront condo market is maintaining compared to last year with 31 posted sales on the lake to date. With 42 active condo listings, we have approximately 15 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Sold prices continue to move upwards, and listing prices downward to meet realistic market values. This has resulted in an increase of sales – especially in the Bigfork market.

Correction Notice: Last month’s Waterfront Market Report over-reported condo sales as it included 12 month trailing results and not 2018 sold-to-date numbers. The table below has been corrected and updated.

Flathead Lake Real Estate – October 2018 Sales

Flathead Lake Real Estate Sales

Waterfront Sales

October in the Flathead was stunning this year, both visually and in waterfront sales. The mild weather pattern resulted in a prolonged season of changing foliage with the fall leave colors lasting long enough to match the vibrant yellow needles of the deciduous Western Larch in the area.

Waterfront real estate sales on Flathead Lake were also nothing short of spectacular with a dozen reported sales equaling over $12.6M in total sales volume for the month.

The year-to-date totals are at 62 transactions representing over $49M in total volume. We continue to meet and exceed the expectations of increased sales for the year, and expect the positive trend to continue. Current projections have 2018 yielding the strongest waterfront sales period in over 10 years, eclipsing every annual total as far back as 2007.

Significant Sale:

Sylvan Drive Estate

$4.9M

This magnificent estate on Flathead Lake’s east shore in Bigfork closed in early October. The property included 370 feet of gravel beach frontage on over 3.8 acres. The 3,732 sf main home included all the modern features one would expect complemented with natural wood finishes and craftsmanship that translate into unique rustic elegance. A guest cabin sits right at the water’s edge and provides easy access to the state-of-the-art dock ready to accommodate all the water toys you need to enjoy a summer on Flathead Lake.

October Sales:

Prices based on a per-waterfront-foot have continued to increase to around $4,000/ft for the entire lake after adjusting for improvements in the past few years. This year’s average had dropped below this mark earlier in the year, but has rebounded as expected to an adjusted average of $4,005 per linear foot of frontage.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (113 listings vs 108). The number of land listings has decreased from 38 to 29. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

The waterfront condo market is maintaining compared to last year with 32 posted sales on the lake to date. With 47 active condo listings, we have approximately 15 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Sold prices continue to move upwards, and listing prices downward to meet realistic market values. This has resulted in an increase of sales – especially in the Bigfork market.

Flathead Lake Real Estate – September 2018 Sales

Flathead Lake Real Estate Sales

Waterfront Sales

Flathead Lake is making its annual transition from long, warm, summer days to the cooler days of autumn. The highlights of October include cool, sunny days where the fiery reds and yellows from east shore cherry orchards are stunning against the dark Swan Range with the occasional snowy peak.

September real estate sales on Flathead Lake were strong with six sales, following August’s record numbers. Three of the sales were land, and three residential properties.

The year-to-date totals are at 50 transactions representing over $36M in total volume. We continue to meet the expectations of increased sales for the year, and expect the positive trend to continue.

Significant Sale:

Shelter Bay Home

$1.3M

Magnificent custom-built home in Shelter Bay. Enjoy the gourmet kitchen featuring granite countertops and high end appliances. Ample space for all your summertime guests. Entire master bedroom suite on the second floor with its own balcony to enjoy views of Flathead Lake. Located in a protective cove with 187 feet of frontage with south facing exposure.

September Sales:

Prices based on a per-waterfront-foot have continued to increase to around $4,000/ft for the entire lake after adjusting for improvements in the past few years. This year’s average had dropped below this mark earlier in the year, but has rebounded as expected to an adjusted average of $3,959 per linear foot of frontage.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (126 listings vs 116). The number of land listings has decreased from 39 to 33. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

The waterfront condo market is maintaining compared to last year with 27 posted sales on the lake to date. With 45 active condo listings, we have approximately 15 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Sold prices continue to move upwards, and listing prices downward to meet realistic market values. This has resulted in an increase of sales – especially in the Bigfork market.

Flathead Lake Real Estate – August 2018 Sales

Flathead Lake Real Estate Sales

Waterfront Sales

September is a beautiful month and an annual favorite of locals on and around Flathead Lake. The bustle of summer activities begins to fade and clear, calm days on the lake can still be found with temperatures in the 70s and 80s.

While the cooler nights have had a calming effect on area wildfires, the the month of August was ablaze with waterfront real estate sales. There were 14 reported sales on the lake with a dozen homes and two vacant lakefront lots.

The significantly active month of August brings the year-to-date totals to 44 transactions representing over $32M in total volume. We are meeting the expectations of increased sales for the year. In fact, the year-to-date numbers for 2018 are higher than any other year-to-date numbers for waterfront sales on Flathead Lake since the recession.

Significant Sale:

Lakeside Boulevard

$2.25M

Spectacular Flathead Lake home on three lots and 285 ft of frontage designed by Richard Wyman Smith. The design of this home is a perfect balance between contemporary elegance and northwestern craftsman. Generous windows bring in views of the lake and mountains beyond. Enjoy water activities on the gently sloped frontage and over sized dock, or take in view from the deck. Guest cabin includes private deck and kitchenette.

August Sales:

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. This year’s average had dropped below this mark earlier in the year, but has rebounded as expected to an adjusted average of $4,005 per linear foot of frontage.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month up compared to the inventory at this time last year (128 listings vs 118). The number of land listings has decreased from 40 to 36. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

The waterfront condo market is maintaining compared to last year with 22 posted sales on the lake to date. With 48 active condo listings, we have approximately 18 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Flathead Lake Real Estate – July 2018 Sales Report

Flathead Lake Real Estate Sales

Waterfront Sales

Flathead Lake is enjoying another glorious summer. A cooler, wet June broke into over a month of sunshine starting on the 4th of July. While fire danger is high; the smoke and fires have had a minimal impact on the Flathead this year.

There were four reported sales for the month of July, two each in Polson and Dayton. Waterfront sales typically dip in the month of July with another run of closings expected to take place August through October.

With 30 transactions totaling over $20M for the year so far, the market is trailing last year’s numbers at the same time with $22M in sales with 31 transactions. There has been increased activity reported by all waterfront brokerages, and the market is ultimately expected to outperform last year.

Significant Sale:

Cedar Hills Ln – Dayton

$1.25M

Premium stretch of Flathead Lake shoreline (204 ft) with perfectly planned medley of living space. With a true cottage feel, there is a 2 bedroom main house with covered deck right at water’s edge. The hot tub has a perfect front row view of the waterfront to watch your guests play at the lake or boating in to moor at the large dock. The boathouse not only houses your boat, but also features 2 guest bedrooms where you can hear the water lapping. Back from the main house is a 2 bedroom guest cottage with mini kitchen and bath. A south facing deck enjoys the expansive lawn and lake views. Lastly all can come to the Rec Room for evening games or work out in the extensive exercise studio. Finish the night by the lakefront fire as you view Wild Horse Island and Mission Mountains.

July Sales:

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. This year’s average to date has dipped below this $4,000 mark, but it is expected to recover to last year’s mark by the end of the year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month up compared to the inventory at this time last year (132 listings vs 120). The number of land listings has decreased from 42 to 39. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

The waterfront condo market was busy last year with 32 posted sales on the lake. With 50 active condo listings, we have approximately 18 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Flathead Lake Real Estate – June 2018 Sales

Flathead Lake Real Estate Sales

Waterfront Sales

Flathead Lake is enjoying another glorious summer. A cooler, wet June broke into over 15 straight days of sunshine starting on the 4th of July.

Flathead Lake real estate sales have been warming up as well with nine reported sales for the month of June. As an interesting note, there were no sales in Bigfork or the east shore of the lake for the entire month, but every community from Polson to Somers on the west shore reported at least one sale.

With 26 transactions totaling over $17.5M for the year so far, the market is matching last year at the same time with $17.6M in sales with exactly 26 transactions as well. There has been increased activity reported by all waterfront brokerages, and the market is ultimately expected to outperform last year.

Significant Sale:

Shady Lane – Polson

$979.5k

This beautiful home boasts over 2,400 square feet on 150 feet of Indian Bay in Polson. End of the road privacy and protected frontage define this classic Flathead Lake setting. The home was constructed in 2001 with attention paid to the natural stone and hardwood finishes. The property is gently sloping lawn to the frontage and protected dock with boat lift. Northern exposure provides expansive views across nearly 20 miles of Flathead Lake.

June Sales:

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. This year’s average to date has dipped below this $4,000 mark, but it is expected to recover to last year’s mark by the end of the year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month up compared to the inventory at this time last year (129 listings vs 119). The number of land listings has decreased from 45 to 38. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

The waterfront condo market was busy last year with 32 posted sales on the lake. With 48 active condo listings, we have approximately 18 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Flathead Lake Real Estate – April-May 2018 Sales

Flathead Lake Real Estate Sales

Waterfront Sales

The month of June historically bridges the gap between spring and summer on Flathead Lake. The lake level is finally reaching full pool from the melting snow in Glacier National Park and the wilderness areas, and the 16 hours of sun each day are rapidly warming the area in preparation for summer fun.

Flathead Lake real estate sales have been warming up as well with several closings over the past two months. There were three reported sales on Flathead Lake for the month of April, and five for May.

With 17 transactions totaling over $11.8M for the year so far, the market is just ahead of last year at the same time with $11.3M in sales. There has been increased activity reported by all waterfront brokerages, and the market is expected to outperform last year.

Significant Sale:

Hughes Bay Home

$1.15 million

This beautiful western home boasts over 4,100 square feet on 161 one feet of Hughes Bay in Lakeside. End of the road privacy and protected frontage define this classic Flathead Lake setting. The home includes custom embossed leather finishes, log accents, and western art accents throughout.

April-May Sales:

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. With only 17 sales to date this year, the average has dipped below this $4,000 mark, but it is expected to recover to last year’s mark by the end of the year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month up slightly compared to the inventory at this time last year (117 listings vs 111). The number of land listings has decreased from 43 to 37. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices also rose during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k.

Flathead Lake Condominium Market

Flathead Lake Real Estate – March 2018 Sales

March Sales

Winter is having the last word this year as a potent spring storm dropped several inches of snow around Flathead Lake the first week of April. The brief cold snap has not hindered determined lakefront buyers from staking their claim on the shores of Flathead.

The busier than usual winter traffic along with an improving economy appear to be contributing to a good start to the Flathead Lake real estate market for 2018.

There were three reported sales on Flathead Lake for the month; one residential sale in Bigfork, and two additional vacant land sales.

Significant Sale:

Waterfront Equestrian Property

$2.0 million

This 23 acre property on the East shore of Flathead Lake boasted over 350 feet of wooded waterfront with pastures and equestrian facilities above. The property also included a ranch home, caretaker cottage, and several outbuildings.

March Sales:

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. We expect to see this trend continue as we move through the year.

Given the reduction in inventory, we also expect to see continued upward price pressure.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are nearly identical to the inventory at this time last year (87 listings vs 88). The number of land listings is also relatively unchanged from April of 2017 at 32, up one from 31. Total listings on the lake historically peak in August and bottom out between January and March.

Median waterfront land prices had held relatively steady in the $550-$600k range for the earlier part of last year, increasing steadily starting in August. The new normal seems to have settled in just under $800k. The increase in lower-priced land sales has depleted the inventory and the remaining, higher priced listings have resulted in an increased median price trend.

Flathead Lake Condominium Market

The waterfront condo market was busy last year with 32 posted sales on the lake. With 38 active condo listings, we have approximately 12 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Flathead Lake Real Estate – February 2018 Sales

Flathead Lake Real Estate Sales

February Sales

The winter wonderland of the Flathead is giving way to sunny days as spring arrives in the Northwest. The ski areas are still holding significant snowfall and are expected to remain open for as long as skiers will come.

The busier than usual winter traffic along with an improving economy appear to be contributing to a good start to the Flathead Lake real estate market for 2018.

There were two reported sales on Flathead Lake for the month; one residential sale in Polson, and a vacant land sale in Lakeside. The early spring activity is increasing, and we are optimistic for a strong year in Flathead Lake real estate sales.

February Sales:

Given the reduction in inventory, we also expect to see continued upward price pressure.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from 86 at the same time last year to 79 active listings. This marks the lowest number of active residential listings on the lake in the past five years. The number of land listings is down as well from 35 to 31 over the same period. Total listings on the lake historically peak in August and bottom out between January and March.

As a result of the reduced inventory, median list prices for residential listings have risen dramatically for three consecutive months from an average of $1.0-$1.1M to $1.45M 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.

Flathead Lake Condominium Market

The waterfront condo market was busy last year with 32 posted sales on the lake. With 37 active condo listings, we have approximately 12 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

Flathead Lake Real Estate – January 2018 Sales

Flathead Lake Real Estate Sales

January Sales

The Northwest has experienced several significant winter storms this year to the benefit of our local ski resorts. Blacktail Mountain Ski Area and Whitefish Mountain Resort have boasted some of the deepest snow and best ski conditions in the Western US this year as winter moisture seems to elude Colorado and Utah.

The busier than usual winter traffic along with an improving economy appear to be contributing to a good start to the Flathead Lake real estate market for 2018.

There were four reported sales on Flathead Lake for the month; all were residential properties. The four sales totaled just over $2M in total sales.

January Sales:

Given the reduction in inventory, we also expect to see continued upward price pressure.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from 84 at the same time last year to 79 active listings. This marks the lowest number of active residential listings on the lake in the past five years. The number of land listings is down as well from 36 to 30 over the same period. Total listings on the lake historically peak in August and bottom out between January and March.

As a result of the reduced inventory, median list prices for residential listings have risen dramatically for three consecutive months from an average of $1.0-$1.1M to $1.475M 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.

Flathead Lake Condominium Market

The waterfront condo market was busy last year with 29 posted sales on the lake. With 34 active condo listings, we have approximately 12 months of inventory currently on the market. This is down from highs over the past few years where we saw as much as a three to four year inventory on the market.

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