Following is the real estate market report for Lakeside Montana for the second 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 second quarter 2020 report on the Lakeside Montana real estate market.
Sales and Inventory
Sales were sluggish in the second quarter. In fact, first quarter and second quarter had the exact same number of sales (11). The second quarter sales included one condominium, one townhouse and nine single family homes. It appears as though Spring did not come to the Lakeside area as it did in Kalispell and Bigfork. The pandemic could have affected the area differently with fewer buyers in town looking for property.
In terms of current inventory, there are 30 homes for sale in the area, which include five condos, one townhouse and the remainder are single family homes. There are no manufactured homes on the market in Lakeside at this time.
In the past year, 67 homes sold in Lakeside. The 30 homes currently on the market indicate there are about five months of inventory available. Therefore, the market is a balanced market, where neither seller nor buyer have the upper hand.
However, there are signs that the market is now heating up. There are currently 15 homes under contract which is 150% higher than last month. Also, the days on market (the number of days from listing to sale) were much lower in June than at any time during the last year. If homes are selling quicker, and more of them are under contract, we should see higher sales results in the next month or two.
Median Sales Prices
The median sales price for the second quarter 2020 was $483,000 which was 36% higher than the same period last year, and 28% higher than the first quarter of the 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 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 $483K median sales price, Lakeside's real estate market is definitely 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 second quarter was a two bedroom, two bath, ~3,600 square foot single family home within walking distance of the lake. That sold for close to $280K. The most expensive home sold for more than $1.7M. That home came with 4 bedrooms, 5 baths, more than 4,700 square feet of living space, amazing lake views, 330 feet of private lake frontage and 2.5 acres of land. 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 somewhat slow second quarter but signs indicate that the third quarter will be stronger.
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.
Originally published at thehousekat.com.
Comments(14)