Flathead Lake Real Estate - October 2023 Sales

Flathead Lake Real Estate

Our first winter storm arrived the last week of October and the remnants of fall colors are peeking through the snow. The lake takes a break from boat traffic and reflects the changing light and weather leading us through another season.

There were eight waterfront sales reported for the month of October representing one of the busiest sales months of the year. While the market appears to be returning to a pre-pandemic, seasonal sales cycle, prices have stabilized at much higher levels and inventory remains low.

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.

October 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 36 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 down to 32 this month, and the combined land and residential listing total of 43 listings is significantly down when compared to the pre-Covid era market. In November of 2019 we were carrying 129 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 where it has stabilized. 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.

Significant Sale

1035 Lakeside Blvd

8,754 SF, 7BR/9BA

3.55 Acres

435 Front Feet

List Price $13,500,000

The pinnacle of Montana luxury at this stunning masterpiece, nestled in picturesque Lakeside. With 435’ Flathead Lake frontage, this luxurious 8700+ sqft, 7 bed, 9 bath home boasts expansive views across the 3.5+ acre gated estate, creating an atmosphere of exclusivity and tranquility. A lodge-inspired entrance leads to a great room with massive windows, stone fireplace and enviable chef’s kitchen, while outside, 3 separate levels of decks take in the Swan Range and lake views. The property was intentionally designed to give guests the ability to recharge, whether around a fire pit, on the private tennis court, in the hot tub on the lakeside deck or from the covered boat docks. All within walking distance to Lakeside, this property has been meticulously maintained and offered turn-key, boasting a 6-figure rental income, and ready for its next owners to live the waterfront life most will only dream about.