Bigfork Real Estate Market – August 2020
Following is an overview of Bigfork Montana real estate results for the residential market as of August 2020. Similar to the Kalispell reports, this data includes single family homes, townhouses, condominiums and manufactured homes.
In August 2020, the number of sales increased. Median prices decreased but still remain high for the area. Following is an overview of the market.
In the month of August 2020, Bigfork saw an increase in the number of sales. There were 53 residential sales during August which was 96% more than the previous year and 23% more than July 2020. This is great news for Bigfork. So far this year there have been a total of 199 residential sales. This was a 49% increase over 2019’s year-to-date sales of 134.
In terms of inventory, there are 89 residential homes on the market, which is slightly more than the same time last month. Another data point of interest — there are 84 homes under contract which is 13 less than last month. The slowing of homes under contract may indicate that the summer surge is slowing.
Of the 89 homes currently available, seven are condominiums, one is a manufactured home, three are townhouses and the rest are single family homes. In the last twelve months, 315 residential homes sold in Bigfork which means there are slightly less than three and a half months of inventory currently available, a little less than July. This data indicates the Bigfork area is experiencing a seller’s market.
Median Sales Prices
The median sales price for August 2020 was $457,000 which was 8% less than the same time last year and 23% less than July 2020. As indicated previously, prices in Bigfork do tend to change month by month due to the relatively small amount of inventory and the huge differences in price points and home styles/location. $457K still reflects a strong median price for the area.
Type of homes being sold
To get an idea of the types of homes that are selling in Bigfork, the lowest priced home that sold in August was right around $200K. That home was a two bedroom, two bath ~1,300 square foot condominium in the Marina Cay community.
The most expensive home sold for slightly under $1.6M. This Flathead lakefront property included 130 feet of lake frontage, 8 acres of land, a commercial cherry orchard, an 1,800 square foot home, a boat dock with boat and wave runner lifts and a level building site to build another home.
As can be seen above, there are many different types of homes available in the Bigfork area that run the gamut from small condominiums and manufactured homes to large sprawling estates. This is part of the reason for the volatility in median sale prices.
The residential real estate market in Bigfork Montana is very strong both in terms of volume and prices. If you have any specific questions about Bigfork, feel free to contact me.
If you would like an estimated market value for your Montana home, check out this online home evaluator. If you would like a market value that is specific to your home, give me a call and I’d be happy to come take a look and provide detailed analysis. And as always, if you need help selling your home or finding that perfect new home to purchase, call me at 406-270-3667. Finally, if you’re interested in seeing what homes are currently available or just want more information about the area, feel free to check out this Bigfork page.
More next month!