Today I’ve got a market report for you for the first quarter of 2018. The numbers are pretty similar to last year, but there are a few exciting developments to note.
In the Flathead Valley, we saw an increase in sales from 631 in the first quarter of 2017 to 653 in the first quarter of 2018. That’s an increase of 3% and a healthy sign for our market. There’s definitely a shortage of homes for sale, especially under $400,000 and lakefront properties. After a decade of recession, this shift is welcome.
On Flathead Lake, we’ve seen six sales in the first quarter of this year after seeing seven in the first quarter of last year. However, there are seven pending sales in Flathead Lakes, pointing to a strong second quarter.
For condos on Flathead Lake, there are 34 active listings. Seven sales closed this year, compared to four closed sales last year. There are also three pending sales.
Out on Swan Lake, we have 10 active home listings and six active vacant land listings. Nothing sold here in the first quarter of last year, but this year we’ve already seen one home sale (with two more pending) and two vacant land sales.
For Echo Lake and Lake Blaine, we have a total of 11 active listings. After nothing sold in the first quarter of 2017, there were two closed sales in the first quarter of 2018. Our team was responsible for both of them.
Finally, let’s look at the West Lakes (Ashley, Bitterroot, McGregor). There are currently 22 active listings. In 2017, we saw four sales closed in the first quarter. This year, we’ve had just two, but there are five pending sales as well. We haven’t sold any vacant land out there so far this year, but there is a nice selection of inventory.
In summary, we have 20 reported waterfront transactions for the first quarter of 2018 and we have 20 pending sales waiting to close right now. You can definitely start to see a pick up in the pace, and we expect it to be a strong year for home values.
Thanks for tuning into our quarterly update. If you have any questions or need any more details about the market, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.