Lakeside MT Real Estate Market – 3Q20
Following is the real estate market report for Lakeside Montana for the third quarter of 2020. Unlike Kalispell and Bigfork MT, which have enough activity for a monthly report, Lakeside’s sales are typically low which results in very variable statistics. As such, Lakeside results are shared quarterly.
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 third quarter 2020 report on the Lakeside Montana real estate market.
Sales and Inventory
Lakeside MT sales were strong in the third quarter with 27 homes sold. That number reflects a more than doubling over the previous quarter. In addition, the third quarter of 2020 was 13% higher than the same time last year.
Homes sold included four condominiums, two townhouses, one manufactured home and 19 single family homes.
In terms of current inventory, there are 17 homes for sale in the area, about half as many as were reported at end of the second quarter. Current inventory includes only one condo and the remainder are single family homes. There are no manufactured homes or townhouses on the market in Lakeside at this time.
In the past year, 71 homes sold in the area. The 17 homes currently on the market indicate there are slightly less than three months of inventory available. Lakeside has slipped into a sellers market with lower inventory and higher sales.
There are signs that the market will perform well during the next month or so. There are currently 24 homes under contract which is 26% higher than last month. These homes should be closing within the next month or so, so the Fall results in Lakeside should remain strong.
Median Sales Prices
The median sales price for the third quarter 2020 was $439,000 which was 10% lower than the same period last year, and 9% lower than the second quarter of this year. Because of the low numbers of homes sold in the Lakeside area, each monthly (and accordingly quarterly) result can vary fairly dramatically. Monthly median prices during the last year have ranged from $340K to over $1M. The point is that if the quarterly results (which are based on a higher number of sales) are in the $400K to $550K range, the market is remaining relatively stable in terms of prices. And with a $439K 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 third quarter was a three bedroom, one bath, 840 square foot manufactured home with detached garage and carport. That sold for close to $150K. The most expensive home sold for over $2M. That home came with five bedrooms, five baths, close to 4,000 square feet of living space, 250 feet of lake frontage, private dock, terraced walkways, multiple decks, 2.6 acres of land and more.
As with other Flathead Valley towns, Lakeside has just about any kind of property you could imagine.
The residential real estate market in Lakeside Montana experienced a healthy third quarter and signs indicate that the fourth quarter will be similar.
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 email@example.com.