Market Info Archives - DAVID FETVEIT

Flathead Lake Real Estate – March Sales

Flathead Lake Real Estate

March 2019 Sales

The winter of 2019 that arrived the first week of February was one of the more severe winters on the books. The affect on real estate sales both on and off the water was evident, as sales in March were sparse. Now that the snow has melted and the ice has broken on Flathead Lake, buyers have begun to show up to start looking at properties coming out of the arctic thaw.

Waterfront sales for March were limited to a single residential sale. Although we are coming out of a record sales year in 2018, the slower start in the winter months is not totally unexpected. Inventories jumped up a bit relative to last year which will work to temper price increases that would typically accompany the higher sales volume.

Over the next 30-60 days we will be watching closely as new listings come on the market to see how Flathead Lake real estate will shape up for 2019.

March 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.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (93 vs 87). The number of land listings has decreased from 31 to 23. 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 steadily throughout 2018. Prices peaked at $1.6M at the end of the year as inventory dropped with increased sales. As new inventory has come on the market over the first quarter, prices have settled back to just under $1.5M.

Median waterfront land prices held steady for most of 2018, showing a $150k spike this month due to a few high priced listings and meager inventory.

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 posted 31 sales on the lake last year. With 46 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 – February 2019 Sales

Flathead Lake Real Estate

February 2019 Sales

Winter of 2019 has proven to be one of the more severe winters in decades. As of the writing of this newsletter, Flathead Lake is nearly 95% frozen over – a phenomenon last witnessed in 1990 (see article below). While Blacktail Mountain Ski Area is enjoying excellent conditions and ice fishermen are enjoying the sport, warm weather folks are searching eagerly for signs of spring.

The Flathead experienced a unseasonably warm start to the winter season during the holidays, then winter finally arrived at the end of January. With plenty of accumulating snowfall and an extended cold snap lasting well into March, we are reminded that we live in Montana!

Waterfront real estate sales for February included two residential sales. Although we are coming out of a record sales year in 2018, this is an expected start to the new year. Inventories jumped up a bit relative to last year which will work to temper price increases that would typically accompany the higher sales volume.

Over the next 60-90 days we will be watching closely as new listings come on the market to see how Flathead Lake real estate will shape up for 2019.

February 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.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (93 vs 79). The number of land listings has decreased from 31 to 25. Total listings on the lake historically peak in August and bottom out between January and March.

Median list prices for residential listings rose dramatically over the 2017/2018 winter months fueled by a record low inventory. Prices peaked at $1.45M in February of 2018, 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 last year during the colder months to the $800k range due to the lower inventory and have settled back to just over $600k. We are not seeing the increase in land prices this year compared to 2017/2018.

Flathead Lake Condominium Market

The waterfront condo market is posted 31 sales on the lake last year. With 44 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 Sales – January 2019

Flathead Lake Real Estate

January 2019 Sales

While the Flathead experienced a unseasonably warm start to the winter season during the holidays, winter finally arrived at the end of January. With plenty of accumulating snowfall and an extended cold snap, we are reminded that we live in Montana!

Communities around the lake benefit this time of year from the micro-climate created by our large body of water acting as a huge heat sink. When Kalispell temperatures dip into the negative teens (F), waterfront communities will typically hover in the single digits or low teens above zero. Blacktail Mountain Ski Area is enjoying prime ski conditions created by the change in weather, and it looks to be another great year up on the mountain.

Waterfront real estate sales for January included two modest sales. Although we are coming of a record sales year in 2018, this is an expected start to the new year. Inventories jumped up a bit relative to last year which will work to temper price increases that would typically accompany the higher sales volume.

Over the next 60-90 days we will be watching closely as new listings come on the market to see how Flathead Lake real estate will shape up for 2019.

January 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.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (92 vs 79). The number of land listings has decreased from 30 to 26. Total listings on the lake historically peak in August and bottom out between January and March.

Median list prices for residential listings rose dramatically over the 2017/2018 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 $1.6M.

Flathead Lake Condominium Market

The waterfront condo market is posted 31 sales on the lake last year. 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 – 2018 Annual Review

2018 Flathead Lake Real Estate Sales

Flathead Lake Sales Hit All-time High in 2018!

As predicted throughout most of the year, 2018 sales broke records for both transactions and total volume on Flathead Lake, eclipsing a mark set 14 years ago in 2004.

Last year’s numbers included 75 posted sales and just over $76M in total volume, including one transaction over $10M. In comparison, 2004 yielded 71 transactions with just under $75M in volume with that year’s highest single sale at $13.5M.

The three years that followed 2004 produced lower total sales number for the lake as inventory was tightened and prices soared. The adjusted average price per foot on the lake in 2007 was well over $8,000. In comparison, the annual average for 2018 was just over $4,000.

While we expect strong sales to continue into 2019, prices are not expected to spike as they did in the last cycle due to the lending bubble. Modest price increases and a healthy sales pace should make 2019 another great year for Flathead Lake real estate sales.

Annual Sales Data

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.

Annual Sales Data:

Sales by Region

The increase in waterfront sales was evident in nearly all regions around the lake with the exception of Polson. It was the only region of the lake that actually posted a decrease in both transactions and sales volume from the previous year.

Distribution of Waterfront Sales – 2018

Active Waterfront Listings

Residential waterfront listings for this month are up compared to the inventory at this time last year (87 listings vs 84). The number of land listings has decreased from 33 to 24. Total listings on the lake historically peak in August and bottom out between January and March.

Flathead Lake Condominium Market

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.

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.

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

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.

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