How are things looking in our waterfront market as we reach the mid-year point?
Things got off to a slow start with a snowy, rainy spring, but our market is starting to pick up, so it’s likely that our third quarter report will be substantially different.
In the meantime, there have been 48 total vacant land and residential sales on the waterfront, which is down three from the 51 we saw at this time last year. We also currently have 17 pending sales, so there’s a good number out there waiting to close.
At the end of last year, the big story was the number of waterfront condominiums that had sold on Flathead Lake. This year, Flathead Lake has seen eight condominiums sell, which is down from the 12 we saw at this point last year. There are five pending sales in this category, however, so we’re getting pretty close to catching up. Right now, there are 47 condominiums actively for sale.
Staying in Flathead Lake, 21 homes have sold this year, which is down slightly from the 27 that sold last year. The median home price, however, rose from $560,000 to $628,000. Two of those 21 homes sold for more than $1 million. Last year, three homes had sold at this point for more than $1 million, so both years started out rather slowly in that price range. There are five pending sales, and all are priced under $775,000.
If we look at the current inventory of 115 homes for sale on Flathead Lake, 58 of those are priced for more than $1 million. If you’re a buyer or seller in this price range, you can expect to see some shifting happening soon.
On the vacant land side, there have been five sales, which is up slightly from the four that sold last year. There are no current pending sales in this category, and there are 48 active vacant land lots for sale. This will be an interesting area to watch as the season develops.
Moving over to Swan Lake, there have been two residential sales so far this year, which is identical to the two that sold at this point last year. There is currently one pending sale and 13 active homes for sale. The median price for these residential homes is $999,000.
On the vacant land side, there have been no sales so far this year. Last year, there were two. However, there is one sale pending and 11 active vacants on the market, of which the median price is $395,000.
On Echo Lake and Lake Blaine, there have been no vacant land or residential sales, and last year there weren’t any sales in either of these two categories. There are two pending residential sales—one on Echo Lake and one on Lake Blaine. There are 15 residential homes active on the market and 11 vacant lots for sale. The median price is $1 million for residential homes and $500,000 for vacant lands. There are also a couple cabin properties for sale on Deer Island inside Echo Lake.
Heading over to the “West Lakes”—Ashley Lake, Bitterroot Lake, and McGregor Lake—there have been seven residential sales so far this year: two on Mcgregor, three on Bitterroot, and two on Ashley. Last year, there were two total residential sales encompassing this area, so this year has seen quite an uptick. There are two pending sales in the West Lakes—one on Ashley and one on Bitterroot. There are also 23 active homes for sale with a median price of $710,000.
On the vacant land side, there have been three sales on Ashley Lake so far this year. Last year, there was one on Ashley and one on Bitterroot. There is currently one pending sale on Ashley and 31 active vacants for sale at a median price of $710,000.
If you have any questions about these statistics or some of the market trends we’re seeing, don’t hesitate to reach out to me. I look forward to hearing from you, and I hope you have a good rest of the summer.