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Flathead Lake Real Estate Sales – May 2017

Flathead Lake Real Estate Sales

May Sales

Flathead Lake is making its annual transition from spring to summer. The lake level is within 12-18 inches of full pool as the snow continues to melt at the top of the drainage. We have been fortunate thus far in that the runoff has been steady with no significant flooding events as the snowpack is well above average in the Flathead Lake drainage.

There were 6 reported sales in MLS for the month of May. Sales reported to date continue to shown a bit of resistance at the $1M mark, with the exception of one May sale in the table below. Buyer traffic has increased for the higher priced segments, and optimism is high for the Flathead Lake real estate sales in general.

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.

Half of this year’s sales in the upper west shore region are contributing to the higher year-to-date average this year highlighting the premium value of the Northwest region of the lake relative to the overall average.

Given the reduction in inventory, we expect to see some continued upward price pressure this year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 111 listings, down from 116. The number of land listings is down only one to 43 from 44.

Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 6 out of 53 sales for last year), so land listings are holding steady while the number of residential listings are down a bit more significantly. We are continuing to see about a month delay this year in listings and sales due to the longer winter season.

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 have held relatively steady in the $550-$600k range.

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.

With the number of affordable single-family properties on the lake under $1M dropping, condos were a viable option for buyers last year. More waterfront condos were sold last year than in each the past 3 years by an average of 25%. We expect this trend to continue through 2017.

Flathead Lake Real Estate Sales – April 2017

Flathead Lake Real Estate Sales

April Sales

The Flathead Valley continues to feel the lingering effects of one of the more significant winters in recent history. With record snowfall and colder temperatures, we maintained snow at lake level until the end of March. While the weather seemed to hold off the typical spring activity around the lake, it seems to all be catching up at once now that the sun has emerged. Listings are flooding into the market and five sales were reported in MLS.

Sales reported to date have shown a bit of resistance at the $1M mark, but the expectations based on pending sales around the lake are likely to change this trend by mid-summer. Buyer traffic has increased for the higher priced segments, and optimism is high for the Flathead Lake real estate sales in general.

April Sales:

Prices based on a per-waterfront-foot have stabilized at just 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 some continued upward price pressure this year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 100 listings, down from 113. The number of land listings is also down to 37 from 43.

Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 6 out of 53 sales for last year), so land listings are holding steady while the number of residential listings are down more significantly. The snow cover and colder temperatures have delayed our spring inventory, and our current May numbers are more typical of what we see in April.

Median waterfront land prices have held relatively steady in the $550-$600k range.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales – March 2017

Flathead Lake Real Estate Sales

March Sales

Allegedly we are several weeks into spring, but the weather is not cooperating yet in Northwest Montana. The winter turned out to be one of the coldest and snowiest on record, and we are still feeling the effects. We can hope that the additional moisture and snow pack will keep fires out of the forecast for the coming summer season.

There were four sales posted for the month of March, representing the entire lake with sales in Polson, Somers, and Bigfork. It is pleasing to see the market starting to warm up for the season. Our year-to-date sales numbers are comparable to the past three years, and we expect sales to continue to pick up as we move towards summer.

March Sales:

Prices based on a per-waterfront-foot have stabilized at just over $4,000/ft for the entire lake after adjusting for improvements in the past few years. The three sales in the Lakeside/Somers this year are contributing to the higher year-to-date average this year highlight the premium value of the Northwest region of the lake relative to the overall average.

Given the reduction in inventory, we expect to see some continued upward price pressure this year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 88 listings, down from 113. The number of land listings is also down to 31 from 39.

Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 6 out of 53 sales for last year), so land listings are holding steady while the number of residential listings are down more significantly. The snow cover and colder temperatures have delayed our spring inventory, and our current April numbers are more typical of what we see in March.

Median list prices for residential listings ticked up to $1.1M. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted.

Median waterfront land prices have held relatively steady in the $550-$600k range.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales – February 2017

Flathead Lake Real Estate Sales

February Sales

Spring is just around the corner, but Old Man Winter has not yet agreed to go quietly. There is still snow on the valley floors, and the ski resorts are enjoying the near-record snowfall for the year.

The ice on Flathead Lake that covered most of the north end (Somers Bay to Angel Point) and all of Polson Bay is beginning to break up. Ice fisherman can still be seen in these areas where the ice is still over a foot thick.

There was one posted sale for February in the Polson area. Given the limitations of winter weather, January and February typically post the fewest sales of the year.

Pre-listing and showing activity has already begun to warm up ahead of the weather. There are currently six waterfront properties under contract or pending around the lake that are expected to close within the next 30-45 days.

February Sales:

Prices based on a per-waterfront-foot has stabilized at just over $4,000/ft for the entire lake after adjusting for improvements in the past few years. The two sales in the Lakeside area in January are contributing to the higher year-to-date average this year highlight the premium value of the Northwest region of the lake relative to the overall average.

Given the reduction in inventory, we expect to see some continued upward price pressure this year.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 86 listings, down from 96. The number of land listings is up to 35 from 27.

Median list prices for residential listings ticked up to $1.1M for two months, and have settled back to just under the $1M mark. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted.

Median waterfront land prices have held relatively steady in the $550-$600k range.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales – January 2017

January Sales

Winter of 2016-2017 in the Flathead has been deemed ‘epic’ by most locals. Significant snowfall and cold temperatures of this magnitude have not been seen in these parts for 20 years or more. The extreme weather has been a boon for local ski resorts who have enjoyed excellent snow conditions throughout the season.

There were two posted sales for January, both in the Lakeside area. Continued interest in waterfront through the harshest of winters demonstrates the demand for Flathead Lake waterfront properties.

January Sales:

Prices based on a per-waterfront-foot stabilized just over $4,000/ft for the entire lake after adjusting for improvements in the past few years. The two sales in the Lakeside area this year highlight the premium value of the Northwest region of the lake relative to the overall average of the entire lake.

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 84 listings, down from 98. The number of land listings is up to 36 from 28.

Median list prices for residential listings ticked up to $1.1M for two months, and have settled back to just over the $1M mark. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted.

Median land prices have held relatively steady in the $600k range.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales 2016 Year in Review

2016 Year in Review

Flathead Lake Real Estate Sales

The 2016 year has drawn to a close, and we are already rushing into the new year. The La Nina weather year has brought above average snow to the ski areas and valleys alike for quite the winter-wonderland.

Complete sales data for 2016 have been reported, and we have summarized the Flathead Lake real estate waterfront sales below.

Total dollar volume for waterfront sales (excluding condos) was reported at $39.2M in 53 transactions. While transactions were only 2 less than the previous year, the total sales volume was down by $9.2M (19%). The primary factor for this decrease was a handful of luxury sales in 2015 that we did not see last year.

There were four transactions in 2015 above the $2.5M mark totalling $12.3M in total sales volume. There were no sales in this price range for 2016, and only two transactions over $2M for the year. This disparity accounts for the record sales number for 2015 and the contrasting 2016 tally.

An interesting trend to acknowledge in the graph above is the intersection of transaction count and $MM in sales volume in 2009. The average transaction size prior to the bottom of the cycle was over $1 million, while the past seven years of recovery have shown average transactions on the lake of less than the $1 million mark.

Prices based on a per-waterfront-foot have stabilized just over $4,000/ft for the entire lake after adjusting for improvements. These prices are still less than half of the seasonally adjusted average of $8,600/ft seen at the peak of the market in 2007.

Annual Sales Data:

Sales By Area

The distribution of waterfront sales around Flathead Lake shifted somewhat in 2016 when compared to the previous year. The upper west shore region of Lakeside-Somers-Rollins reported a significant decrease of 51% in total volume compared to 2015.

Bigfork and the lower west shore both posted significant gains. The combined volume in these areas totaled 66%. The Polson area decreased by 24%.

Sales by Area

Distribution of Waterfront Sales – 2016

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 80 listings, down from 101. The number of land listings is up to 41 from 30.

Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 6 out of 53 sales for the year), so land listings are holding steady while residential listings are down more significantly.

Median list prices for residential listings ticked up to $1.1M. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted.

Median land prices ticked up to just under $600k for the month.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales – November 2016

Flathead Lake Real Estate Sales

November Sales

After the record rainfall in October, November weather was seasonally mild. Now December has arrived bringing winter weather; as a significant winter storm reached the Flathead Valley the first weekend of the month.

There were six Flathead Lake waterfront sales for the month of November. Three in Polson, and one each in Lakeside and Bigfork.

The totals for the year are 51 transactions and nearly $37M in total sales to date. These numbers are down slightly from last year when we had sold 50 waterfront properties totaling $44M through the first 11 months of the year. We are ahead of 2014 numbers for the same period.

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, then regained momentum in the fourth quarter of the year. It is expected that the annual numbers for 2016 will finish down from 2015 numbers, but ahead of 2014. The primary factor for these annual sales totals will be the closing of 4 properties in 2015 for over $2.5M each. Thus far in 2016, there has been only one posted sale over $2M.

While the average transaction size is down, the average price per foot of frontage has held relatively stable for the past several years around $4,000 per foot (adjusted for improvements).

November 2016 Sales:

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 90 listings, down from 112. The number of land listings is also down to 48 from 50.

Total listings on the lake historically peak in August and bottom out between January and March. Not many land sales have been posted (only 5 out of 51 sales for the year), so land listings are holding steady while residential listings are down more significantly.

Median list prices for residential listings ticked up to $1.1M. With a higher percentage of properties under the $1M mark selling, the ratio of active listings above this price mark has shifted. There are currently 47 of the 90 active residential listings posted for $1M or more (52%). Residential sales year to date report only 8 of 46 selling for $1M or higher (17%).

Median land prices spiked up in February, but normalized in April – an inverse relationship with the number of listings on the market. Median waterfront land prices then dropped to below $550k for the first time in December.

Flathead Lake Condominium Market

Flathead Lake Real Estate Sales – October 2016

Flathead Lake Real Estate Sales

October Sales

October brought record rainfall to the Flathead Valley – nearly 5 inches at the airport (FCA), compared to the average of just under 1 inch. However, the cloudy skies and rain did not dampen the real estate sales around the lake for the month as t here were 10 recorded sales in October on Flathead Lake. Nine of the sales were residential properties, and one was vacant land. All were in the Polson or West Shore regions of the lake.

There were no reported sales in Lakeside, Somers, or Bigfork; nor were there any sales posted over $1M. This trend is consistent with what we have seen this year with a near-average transaction count, but lower average sales price.

T he totals for the year are 45 transactions and nearly $33M in total sales to date. These numbers are down slightly from last year when we had sold 48 waterfront properties totalling $42M through the first 10 months of the year. We are ahead of 2014 numbers for the same period.

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 or at $4,000 per foot (adjusted for improvements).

October 2016 Sales:

Annual Sales Data:

Active Waterfront Listings

Residential waterfront listings for this month are down from the number of listings for this time last year at 104 listings, down from 116. The number of land listings is up slightly to 53 from 50.

Total listings on the lake historically peak in August. Not many land sales have been posted (only 4 out of 45 sales for the year), so land listings are holding steady while residential listings are down.

Median list prices for residential listings ticked up slightly to just over $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.

Flathead Lake Condominium Market

Flathead Lake Real Estate – September 2016 Sales

September Sales

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.

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.

Flathead Lake Condominium Market

Flathead Lake Real Estate – August Sales

Flathead Lake Real Estate Sales

August Sales

Our pleasant and generally smoke-free summer has begun to draw to a close. Many seasonal residents are beginning to head south. Cool mornings and sunny days makes September one of the favorite months of the year on Flathead Lake.

There were two recorded sales in August. The totals for the year are 30 transactions and just over $22M in total sales to date. These numbers are down from last year when we had sold 37 waterfront properties totalling $28.4M through the first 8 months of the year.

The first half of 2016 is on track to come in just under last year’s record sales numbers. 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).

August 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 124 listings, down from 127. The number of land listings is also down annually to 54 from 57.

Flathead Lake Condominium Market

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