Bigfork Real Estate Market – May 2020
Following is an overview of Bigfork Montana real estate results for the residential market as of May 2020. Similar to the Kalispell reports, this data includes single family homes, townhouses, condominiums and manufactured homes.
In May 2020, the number of sales in Bigfork Montana increased. Prices remained healthy. Following is an overview of the market.
In the month of May 2020, there were 17 residential sales in Bigfork which was 31% more than in the previous month and just about flat with May of 2019. As indicated in last month’s report, the April results were probably low due to the restrictions which existed as part of the Coronavirus pandemic. May results increased slightly, returning to more normal levels as those restrictions were relieved.
In terms of inventory, there are 105 residential homes on the market, which is a few less than the same time last month. Another data point of interest — there are 45 homes under contract which is 15 more than in April. Activity is indeed increasing.
Of the homes currently available, 13 are condominiums, five are townhouses, one is a manufactured home and the rest are single family homes. In the last twelve months, 253 residential homes sold in Bigfork which means there are five months of inventory currently available. This data indicates the Bigfork area is still experiencing a relatively balanced market, where neither buyers or sellers have the upper hand. A balanced market is typically a good time to both buy and sell.
Median Sales Prices
The median sales price for May 2020 was $330,000 which was 33% less than the same time last year and 10% lower than April 2020. As mentioned in previous reports, 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. The year to date median price is $343K, so May’s prices are still in the normal range for Bigfork.
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 May was a furnished one bedroom, one bath ~900 square foot condominium with views of Bigfork Bay. The home sold for more than $170K. In May, several homes sold in the $1-2M range. The most expensive home was a 3,000 square foot custom built home located on Flathead Lake with a private boat dock, attached garage and sundock. The home provided 40 mile long lake views and sold for more than $1.5M.
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 remains healthy in terms of volume and prices. If you have any specific questions about Bigfork, Kalispell or Lakeside, 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, I can be reached 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!