Record year for waterfront sales on Flathead Lake
Sales of Flathead Lake waterfront real estate in 2018 broke all-time records for transactions and total volume.
According to a waterfront market report released by David Fetveit of PureWest Real Estate, 2018 saw 75 posted sales for just over 78 million at one point. At the time of sale, the listing had dropped to 75 million in volume. That year there had been one 20 million.
By area, Bigfork sales in dollar volume rose about two and a half times in one year, from 21 million in 2018. Property sales in the northwest area encompassing Lakeside, Somers and Rollings also more than doubled in dollar volume, from 31 million in 2018.
Dayton, Elmo and Big Arm experienced a leap in the number of transactions, from five in 2017 to 18 in 2018, with sales volume rising from just under 10.3 million.
Polson was the only area around the lake to see a decrease in transactions and sales volume in 2018, down from almost 14 million. Transactions fell from 28 in 2017 to 23 in 2018.
Average prices for Flathead Lake waterfront property rose 28 percent since 2017, when the average closing price was just over 1 million. The current median price for waterfront listings is just under 297,000. Of the 42 units on the market currently, prices range from 1.7 million, for an average of almost $590,000.
According to Fetveit, sales are expected to be strong into 2019, but due to a lending bubble, prices are not likely to spike as they did in the previous cycle.
Reporter Heidi Gaiser may be reached at 758-4438 or email@example.com