Flathead Lake Real Estate Sales – August 2017

Flathead Lake Real Estate Sales

August Sales

The beautiful, dry and warm summer in the Flathead ultimately led to a smoke-filled end of August and beginning of September due to fires in the region. A cooler, wetter weather pattern moved into the area the second week of September clearing the air and leaving the first traces of snow on the mountaintops.

August was a banner month for Flathead Lake real estate sales. There were nine reported sales in MLS for the month, continuing a strong sales trend for the summer. While 2017 started off a bit sluggish, the year-to-date numbers have now outpaced last year and every year since the recession except for 2013.

We have reported 40 closed transactions and over $30M in total sales through the end of August. Last year over the same period, we reported 30 transactions totalling $22M in sales. The average transaction size has held relatively steady.

I expect the stronger sales trend to continue and that this year will end significantly higher than 2016 in transactions and total sales.

Significant Sales

An estate property in the Lakeside/Rollins area sold last month for $2.495M, the largest posted sale on Flathead Lake for the year.

The historic Flathead Lake property sits on nearly 7 acres with 437 feet of frontage with remarkable lake and mountain views, just south of West Shore State Park. The property includes multiple structures: a restored 1890 Fish Cabin (once used by Charlie Russell), a remodeled and greatly updated 1920 log main house, a newer log guest home, an additional exercise/guest house facility and detached garages for 6-plus cars.

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.

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

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 118 listings, down from 124. The number of land listings is down to 40 from 54.

Total listings on the lake historically peak in August and bottom out between January and March. While this year was a bit slower to get started with lake listings, the numbers have normalized over the past 4-6 weeks. Year-to-date waterfront land sales are up this year to 9 transactions averaging $478k.

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 had held relatively steady in the $550-$600k range this year, jumping to $743k for the current period. The increase in land sales has depleted land inventory and the remaining, higher priced listings yield a higher median price trend.

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 condo market has cooled off a bit this year, we are five transactions slower year-to-date than the same period last year (28 sales compared to 19 this year). Average price per sale has increased 17% year over year from $335k to $391k.

Flathead Lake Real Estate Sales – July 2017

Flathead Lake Real Estate Sales

July Sales

Summer on Flathead Lake has been incredible this year! We have had nearly seven weeks of a stable high pressure system that has translated to calm water, sunshine, and perfect lake days that never seem to end.

There were five reported sales in MLS for the month of July, a strong follow up to the eight sales we reported in June. While 2017 started off a bit sluggish, the year-to-date numbers have now outpaced last year. We have reported 31 closed transactions and nearly $23M in total sales through the end of July.

Last year over the same period, we reported 28 transactions totalling $20M in sales. The average transaction size has held relatively steady.

I expect the stronger sales trend to continue and that this year will end significantly higher than 2016 in transactions and total sales.

Significant Sales

The iconic “Soaring Osprey” House sold in July for $2.4M. Designed by Richard Wyman Smith and constructed in 1994, it has captivated many Flathead Lake visitors.

The 6,771 sf home sits on 2.9 acres and 560 linear feet of frontage. The adjacent conservation easement is home to several nesting osprey eagles each year, enhancing the unique design of this landmark property.

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.

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

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 120 listings, down from 125. The number of land listings is down to 42 from 55.

Median waterfront land prices had held relatively steady in the $550-$600k range, jumping to $695k for the current period.

Increased sales have led to a decline in inventory and a resultant increase in average list prices.

Flathead Lake Condominium Market

The condo market has cooled off a bit this year, we are five transactions slower year-to-date than the same period last year (21 sales). Average sales are a bit higher, and I expect an increased number of condo sales in the third quarter of this year.

Flathead Lake Real Estate Sales – June 2017

Flathead Lake Real Estate Sales

June Sales

Locals and visitors alike are enjoying one of the most glorious Flathead Lake summers in recent memory. Warm, dry days with calm water for boating, swimming, fishing, and touring.

There were 8 reported sales in MLS for the month of June, making it the strongest month of the year so far. Two of the 8 sales for the month were vacant land – both in the Polson area. Also notable was the first sale of the year at the $2M mark.

Buyer traffic has increased for the higher priced segments, and optimism is high for the Flathead Lake real estate sales in general.

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.

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

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 119 listings, down from 123. The number of land listings is down ten to 45 from 55.

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

Flathead Lake Condominium Market

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

Flathead Lake Condominium Market

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

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