Lakeside MT Real Estate Market – 1Q20

Lakeside MT Real Estate Market – 1Q20

In addition to providing overviews of market trends in Kalispell and Bigfork MT, I also planned to do monthly reports of Lakeside, MT. However, sales in the area can be low as one or two per month which results in very variable statistics. Accordingly, Lakeside market results will only be reported quarterly. This is the first report for 2020. 

Lakeside is a small town of about 1,340 homes on the western shore of Flathead Lake. The town is a tourist destination due to the lake access, a town park, and proximity to Blacktail Mountain, Glacier National Park, skiing, hiking and outdoor activities. There are restaurants and a grocery in town, as well as many others to choose from in nearby Kalispell and Bigfork.

Following is the first quarter 2020 report on the real estate market.

Sales and Inventory 

In the first quarter of 2020, there were eleven residential sales which is 57% higher than the first quarter of 2019. There were two sales in January, 4 in February and 5 in March. The sales included two manufactured homes, two condominiums and seven single family homes.

There are currently twenty-eight homes for sale in the area, which include nine condos, one townhouse and 18 single family homes. There are no manufactured homes on the market in Lakeside at this time.

In the past year, seventy-four homes sold in Lakeside. The twenty-eight homes currently on the market indicates there are about 4 and a half months of inventory available. The market is on the cusp of becoming a balanced market, where neither seller nor buyer have the upper hand. That being said, at this time sellers still have a slight advantage.

There are also currently 8 homes under contract. Even with physical distancing rules that are in place, homes are still selling. Buyers and sellers are using appropriate precautions as well as technological methods to sell those homes that must be sold!

Median Sales Prices

The median sales price for the first quarter 2020 was $378,000 which was 8% higher than the same period last year, and 10% lower than the 4th quarter of 2019. Because of the low numbers of homes sold in the Lakeside area, each monthly (and accordingly quarterly) result can vary fairly dramatically. For example, in January of 2020, the median sales price was $1.2M and both February and March were closer to $300K. Median prices during the last year have ranged from under $300K to over $1M. The point is that if the quarterly results (which are based on a higher number of sales) are in the $350K to $500K range, the market is remaining relatively stable in terms of prices. And with a $378K median sales price, Lakeside’s real estate market is stable.

Type of homes being sold

To get an idea of the types of homes that are selling in Lakeside, the lowest priced home that sold in the first quarter was a three bedroom, two bath, ~1600 square foot manufactured home just a few blocks from the park and beach. That sold close to $200K. The most expensive home sold for more than $1M.  That home came with 5 bedrooms, 6 baths, more than 6,000 square feet of living space, a bar, theater, family room, game room and more. In addition, the four acres of land provided views of Flathead Lake and the mountains.

As with other Flathead Valley towns, Lakeside has just about any kind of property you could imagine.

Summary

The residential real estate market in Lakeside Montana experienced a healthy first quarter. If you have any specific questions about Lakeside or any other part of the Flathead Valley or would like to see the market data for a specific residential segment, 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 would like a more detailed price estimate for your current home, or need help finding that perfect new home to purchase, I can be reached at 406-270-3667 or kat@thehousekat.com.