Flathead Lake: September real estate sales may be highest in a decade
This 9,000-square-foot, 5 bedroom, 7 bath home on Flathead Lake at Finley Point recently sold. It was listed at $5.9 million, according to a waterfront market report from PureWest Realtor David Fetveit.
Real estate sales on Flathead Lake continued to surge to new highs throughout September.
David Fetveit, a Realtor with PureWest Montana Realty, said “September of 2020 may ultimately be the monthly high-water mark for Flathead Lake sales in this decade,” in his monthly Waterfront Market Report.
According to Fetveit’s monthly roundup of Flathead Lake real estate data, there were a record-setting 25 closed transactions yielding $37.5 million in total sales volume in September. That brings the current year-to-date total to 90 transactions and $117 million in volume, eclipsing the annual sales record of 89 transactions and $88 million in sales during 2006.
Fetveit attributed the busy month to shrinking inventories and a strong buyer presence in the real estate market.
He pointed out that 37 of the 66 active residential listings on the lake are in escrow.
Fetveit said the inventory of residential properties is in “record low territory.”
In September 2019, there were 104 residential properties on the market, compared to 66 this year. The number of land listings from last September to this year also dropped from 36 to 14.
That low inventory is driving up median sales prices. The median waterfront sales price for a residential property jumped from $1.1 million in August to $1.5 million currently.
The 2020 year-to-date average sales price for lakefront property in September was $1.3 million, compared to just over $1 million for the total sales in 2019. In the same time period, the improvement-adjusted frontage value per linear foot of lakefront properties rose from $4,719 in 2019 to $5,177 in September 2020.
The impressive list of September sales included a 6.4-acre, 9,410-square-foot property in Polson that sold for $5.6 million.
THE WATERFRONT condominium market is seeing similar trends, Fetveit said. The available condo inventory on Flathead Lake is especially low: there are approximately six months of condo inventory on the market right now, but because many of those are already under contract, Fetveit puts the actual inventory at less than one month for lakefront condos.
There are currently 24 condo listings around Flathead Lake, but only six of those are active; the other 18 are under contract.
Last year at this time, there were approximately 24 months’ worth of inventory in the lakefront condo market.
So far this year, there have been 51 condo sales on Flathead Lake. The average price of condo units sold throughout 2020 to date is at $443,243. However, the average price for the 24 active listings is $569,821.
Reporter Bret Anne Serbin may be reached at (406)-758-4459 or bserbin@dailyinterlake.com.