What is happening in the Waterfront real estate market? I’ve got the latest numbers from the third quarter to share with you today.
How is the Waterfront real estate market doing? I have the latest numbers from the third quarter to share with you today.
First, let’s look at Flathead Lake.
There are 118 homes active on the market. 61 of them are over $1 million. There are six pending sales, three of which are over $1 million. There have been 36 sales so far this year, which is just one short of the 37 sales this time last year. Five of those sales have been over $1 million this year, while eight sales were over $1 million last year.
In other words, that $1 million and up market segment is struggling a bit this year. I’ll explore why that is in-depth in an upcoming video.
Meanwhile, Flathead Lake’s median sales price is $640,000 this year, which is down a little from $700,000 last year. That’s not a huge drop, so we are in a pretty steady market there.
As for vacant land in Flathead, there are 48 lots for sale, three pending, and 14 closed so far this year. Land sales are very strong right now. In fact, the number of closed sales went up 230% from six land sales last year. This may be because there are fewer homes for sale under $1 million in this area, and buying land at an affordable price is a great way to start owning in Flathead Lake.
Waterfront pricing in Flathead ranges from $1,500 a foot to $6,500 a foot, where the property had 60 feet of waterfront. The average is probably closer to $3,500 or $4,000 per foot.
Next up is Swan Lake.
Swan Lake has 11 homes for sale and two pending sales. Nine of the listings are over $1 million and two of them are priced under $1 million. Of the six closed sales this year, three were under $475,000 and three were over $880,000. Basically, there was a $400,000 gap where nothing was happening. There were only five sales last year, so closed sales stayed about the same.
As for vacant land, there are five properties for sale, and all but one are over $375,000. There is one pending sale and only one sale so far this year. There were only two sales last year, and not a lot of vacant lot sales over the last couple years. The three sales we’ve had were all under $300,000, so people are out shopping for affordable lake lots. Other price points are just struggling.
Now let’s see what’s happening in Echo/Blaine.
There are 15 active listings now and no pending sales on either lake. There were two sales this year and three sales last year, so the market has been pretty steady.
There are eight vacant lots for sale and one pending. The pending sale is over $1 million, so that just proves that you never know when lightning is going to strike. So far this year, there haven’t been any closings on Blaine or Echo.
Next, let’s check on the lakes west of Kalispell: Ashley, Bitterroot, and McGregor.
There are 16 properties for sale and seven pending sales. So far this year, 10 sales have closed. That is a 50% jump from the five sales these three lakes saw last year, which is interesting because inventory is down.
There are 20 vacant lots and one pending sale. The five vacant land sales that have closed were all on Ashley Lake. In 2016, there were only four closing sales, two on Ashley and two on Bitterroot. McGregor hasn’t seen any land sales in the last couple years and over half of the available lots are on McGregor, which may mean it’s the place to look right now.
Finally, let’s see what’s happening with Flathead condos.
There are 42 condos on the market right now, and two pending sales. So far this year, there have been 20 closed sales. Last year, there were 38. The median sales price last year was $305,000; this year, it’s $370,000. The interesting thing in this market is that we saw a 20% increase in the median sales price and a 20% decrease in sales at the same time.
If you would like more details on any of these specific areas, please give me a call or send me an email. I would be happy to help you!