Here is a recap of what’s been happening in Q3 of 2023 in Flathead Valley.
Welcome to our third-quarter recap of waterfront transactions in the beautiful Flathead Valley. Let’s dive into the current real estate trends in Flathead and Lake Counties and see how the market is faring.
As of now, there are a little over 1,000 homes available for sale in both counties. This year, we’ve seen almost 1,400 closings, which is a decrease from the nearly 1,700 closings recorded last year. This represents about a 15%-16% decrease in the number of transactions. However, pending sales are on the rise, indicating a steady, though not as brisk, market.
Land sales have seen a significant reduction. While there are 711 vacant properties for sale, only 404 properties have sold compared to 600 last year, which equates to a roughly 30% decrease. While there are 140 pending sales, it’s clear that there’s a shortage of available properties for buyers.
Several factors contribute to this trend, including fluctuating interest rates and increased travel costs. Even the cost of flying to Flathead Valley has risen, affecting the real estate market.
Flathead Lake Condos
Taking a closer look at Flathead Lake, we find that the condominium market is relatively stable. There are only seven condos for sale and 12 that have sold this year, providing about a six-month supply, compared to 14 last year. Additionally, three condos are currently pending sale. This indicates a consistent demand for lakefront condos.
Flathead Lake Homes
The number of Flathead Lake homes sold has seen a significant drop. With 38 active listings, only 17 sales have occurred this year, compared to 32 the previous year. This represents a 50% decrease in sales, with six pending transactions. Notably, 33 of the 38 homes for sale are priced over $2 million, making entry-level housing on Flathead Lake even scarcer.
Vacant Land Sales
The market for vacant land has also experienced a significant reduction, with about a 50% drop in transactions compared to the previous year. While there are 18 properties available, three are pending, indicating a reasonable supply with some demand.
Other lakes in the region have varying market activity. Notable mentions include Poison Lake, Echo Lake, Swan River, and Foys Lake, which have all had their unique trends in sales and pending transactions.
If you have any questions or would like more information on these trends, please don’t hesitate to reach out to us by phone or email. We’re here to help you navigate the ever-evolving real estate landscape of the Flathead Valley.