Bigfork Real Estate Market – January 2020

Bigfork Real Estate Market – January 2020

Following is my first overview of Bigfork Montana real estate results for the residential market. This report covers the entire residential market for January 2020. Similar to the Kalispell reports, this includes single family homes, townhouses, condominiums and manufactured homes. 

In January 2020, Bigfork Montana sales and median prices remained healthy. Following is an overview of the monthly results.

Sales Volume

In the month of January 2020, there were 16 residential sales which was nearly three times higher than the same month last year and 4 less than December of 2019. As you can tell from the chart below, in 2019 sales typically ranged between 10-20 per month with a surge in April with the Spring market and in the late Summer/early Fall. While higher than the previous January, January 2020 is within the “typical” monthly range. This winter has also been very mild, so perhaps more buyers were house shopping this year.

Inventory

In terms of inventory, there are currently 113 residential homes on the market. Of the homes currently available, 11 are condominiums, seven are townhouses, three are manufactured homes and the rest are single family homes. In the last twelve months, 265 residential homes sold in Bigfork which means there are more than five months of inventory currently available. That data indicates the Bigfork area is experiencing a relatively balanced market, where neither buyers or sellers have the upper hand.

Median Sales Prices

The median sales price for January 2020 was $360,000 which was 16% higher than the same time last year and 28% lower than December 2019. Bigfork’s sale prices can range dramatically each month which is why these reports focus on median prices instead of average. Median prices tend to smooth out all the outliers. If there were a lot of homes sold in a particular month that were quite pricey, and in the next month there were a lot that were inexpensive by comparison, the average prices reported could be dramatically different.

This is important in the Bigfork area, because there are a fair amount of homes sold above the $1M mark, and also a lot that are sold under $200K. For example, in April of 2019, 35% of the homes sold were under $300K, and only 4% above $1M. Compare that to May 2019 when only 12% of homes sold were under $300K and 11% were above $1M. That is all a long-winded way to indicate the large swings below are due to the dramatically different properties available (and sold) in the Bigfork area each month.

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 January was a one bedroom, one bath, 512 square foot condominium within walking distance of Bigfork Harbor. The home sold for under $100K. In January, there were three homes that sold over $1M. The most expensive was closer to $2M, and that 5,500+ square foot handcrafted log home was located in an area with views of Flathead Lake, Swan River, Swan Lake and the Swan Mountains. The home had four bedrooms, six baths, and 20 acres of property.

Summary

The residential real estate market in Bigfork Montana remains healthy and strong. If you have any specific questions about Bigfork, Kalispell or any other part of the Flathead Valley, feel free to contact me. If you are wondering what you might be able to get for your Montana home, check out this online home evaluator. And if you need help selling your home or finding that perfect new home to purchase, I can be reached at 406-270-3667. Finally, Bigfork has just about any kind of property you could imagine. 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.

Have a wonderful month!