Bigfork Real Estate Market – October 2020
Following is an overview of Bigfork Montana real estate results for the residential market as of October 2020. Similar to the Kalispell reports, this data includes single family homes, townhouses, condominiums and manufactured homes.
In October 2020, the number of sales and median prices remained strong. Following is an overview of the market.
In the month of October 2020, there were 39 residential sales which was 34% more than the previous year and 26% less than September 2020. As you can see from the chart below, sales do typically start to drop off during Autumn, so the lower number of sales is no surprise. So far this year there have been a total of 291 residential sales which reflects a 40% increase over 2019’s year-to-date sales. 2020 has been a very strong year for the Bigfork residential market.
In terms of inventory, there are 63 residential homes on the market, which is slightly less than the same time last month. Of the 63 homes currently available, three are condominiums, one is a townhouse and the rest are single family homes. There are no manufactured homes on the market at this time.
In the last twelve months, 336 residential homes sold in Bigfork which means there are approximately two and a quarter months of inventory currently available, less than September. This data indicates the Bigfork area is still experiencing a seller’s market.
Another data point of interest — there are 53 homes under contract which is 19 less than last month. As indicated in the last report, the slowing of homes under contract does indicate the summer surge is slowing.
Median Sales Prices
The median sales price for October 2020 was $490,000 which was 44% more than the same time last year and 4% more than September 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. $490K 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 October was slightly less than $160K. That home was a one bedroom, one bath 384 square foot waterfront condo with views, within walking distance to town.
The most expensive home sold for a little less than $4.5M. This 6,000+ square foot home included a 2800 bottle wine cellar, a cherry orchard, two boat lifts and included nearly 400 feet of Flathead Lake frontage.
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 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 (scroll to the bottom).
More next month!