Bigfork Real Estate Market – July 2020
Following is an overview of Bigfork Montana real estate results for the residential market as of July 2020. Similar to the Kalispell reports, this data includes single family homes, townhouses, condominiums and manufactured homes.
In June 2020, the number of sales and median prices in Bigfork Montana increased. Following is an overview of the market.
Similar to the Kalispell area, in the month of July 2020, Bigfork saw a large increase in sales. During July, there were 43 residential sales in Bigfork which was 153% more than the previous year and 65% more than June 2020. This is great news for Bigfork. So far this year there have been a total of 146 residential sales. This was a 36% increase over 2019’s year-to-date sales of 107.
In terms of inventory, there are 85 residential homes on the market, which is 12 less than the same time last month. Another data point of interest — there are 97 homes under contract which is a 37% increase over June. Less inventory and more homes under contract mean activity is indeed increasing.
Of the 85 homes currently available, eight are condominiums, four are townhouses and the rest are single family homes. There are no manufactured homes available at this time. In the last twelve months, 289 residential homes sold in Bigfork which means there are about three and a half months of inventory currently available, a month less than June. This data indicates the Bigfork area has moved into a seller’s market.
Median Sales Prices
The median sales price for July 2020 was $591,500 which was 54% more than the same time last year and 63% higher than June 2020. Prices in Bigfork do tend to change month by month due to the relatively small amount of inventory sold each month and the huge differences in price points and home styles/location. I would caution sellers about getting too excited about this price increase. A quarter of the homes sold this past month were over $1M. That is unusual for the area. It will be interesting to see what happens in August.
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 July was a one bedroom, one bath ~500 square foot condominium in the Marina Cay community. That home sold for more than $130K.
In July, the most expensive home sold for around $4M. This ~16,000 square foot hand-crafted log home and guest house were located on more than 70 acres of land. The property had seven bedrooms and 12 bathrooms, ten rock fireplaces throughout, multiple living areas, a saloon and more.
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!