Flathead Lake Real Estate

September is a favorite month of the locals on Flathead Lake. Cool, clear mornings and warm afternoons are hallmarks for the quiet calm that follows our busy summer season.

There were only two waterfront sales reported for the month of August; a home in Elmo and a land listing in Polson. Inventory and prices have stabilized overall, and it looks like the market has found somewhat of a balance for this season.

High interest rates and inflationary pressures have imposed a cooling effect in the primary residential market that is spilling over into the waterfront sector. Overall prices are still relatively high, but the lack of inventory will result in significantly fewer transactions and lower sales volume in 2023.

August Sales:

Pricing and Sales Summary:

Active Waterfront Listings

Residential and land waterfront inventory continues to hold at record low levels. The combination of record sales over the past 24 months along with lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory.

Residential listings ticked up to 36 this month, the highest number seen since November of 2021. The combined land and residential listing total of 51 listings is significantly down when compared to the pre-Covid era market. In September of 2019 we were carrying 159 total listings on the lake.

Median residential prices had been consistently rising over the past 12 months from $3.5M to over $5.5M due to a lack of inventory and high-priced listings persisting. The late summer listing season has introduced a small collection of lower priced listings dropping the median price to under $4M once again. Land prices held at just under $1.5M. With such limited inventory of both residential and land listings, median price trends have become volatile with higher priced listings coming on and off the market.

Based on these data, it appears we have reached a plateau in prices and the sustainable bottom of inventory for the time being.

Flathead Lake Condominium Market

With nearly two dozen waterfront condominium communities around Flathead Lake, there has historically been plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home. Below is a summary of currently active and sold units so far this year. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.