The current Real Estate market is “trending,” in the media, at the water cooler and everywhere in between. We continue to hear about the plummeting inventory, insane prices and undeterred buyers entering bidding wars. Will it slow? Will it end? While we don’t have a crystal ball, we do have the 1st Quarter statistics for Residential and Land sales in our market.
The Biggest Takeaways
- Land continues to fly! In both Whitefish and Flathead County, we saw increases of +182% and +145% respectively (versus Q1 2020). Why? Residential inventory continues to plummet (-82% versus Q1 2021), forcing buyers to consider alternate options. Are you weighing the options between buying or building? Check out our blog post on the pros and cons of each.
- Both average and median sales prices have skyrocketed. The Whitefish Residential median sales price increased +18% this quarter and +57% (vs LY) to $648,000, while the Whitefish Residential average sales price increased +2% this quarter and +51% (vs LY) to $890,221. Even with rising prices, buyers are undeterred.
- While Q1 is typically the “slowest” quarter for home sales in our region, inventory dropped (from 1.9 months in Q4 2020 to 0.9 months in Q1 2021) and sales prices increased, indicating there is no “shoulder season” anymore.
- For Buyers hoping to get their piece of the Whitefish/Flathead County market… Don’t lose hope. You need a competent, confident Agent who can navigate these waters and get your offer to the top of the pile. Revel agents successfully navigated many Buyers to close, most with competing offers to contend with.
- For Sellers, or those contemplating selling your property – now is the time. It takes time to prepare a property for listing; let us guide you through the process to obtain top dollar. Contact us and let us show you what a concierge, white-glove real estate experience looks like.
Interested in the numbers? Let’s dive in…
Whitefish Residential
| Q1 2019 | Q1 2020 | Q1 2021 | |
| Total Sales | 71 | 107 | 135 (+26%) |
| Average Sales Price | $656,633 | $591,293 | $890,221 (+51%) |
| Median Sales Price | $450,000 | $412,000 | $648,000 (+57%) |
| Average Days on Market | 198 | 168 | 127 (-24%) |
| Months Supply | 6.5 | 5.0 | 0.9 |
| Gross Sales | $46,620,960 | $63,268,390 | $120,179,792 (+90%) |
Whitefish Land
| | Q1 2019 | Q1 2020 | Q1 2021 |
| Total Sales | 35 | 33 | 93 (+182%) |
| Average Sales Price | $252,450 | $203,424 | $493,898 (+143%) |
| Median Sales Price | $200,000 | $180,500 | $325,000 (+80%) |
| Average Days on Market | 251 | 262 | 140 (-47%) |
| Gross Sales | $8,835,775 | $6,713,000 | $45,932,499 (+584%) |
Flathead County Residential
| Q1 2019 | Q1 2020 | Q1 2021 | |
| Total Sales | 340 | 423 | 532 (+26%) |
| Average Sales Price | $405,739 | $433,058 | 594,061 (+37%) |
| Median Sales Price | $321,000 | $328,600 | $425,000 (+29%) |
| Average Days on Market | 148 | 156 | 110 (-42%) |
| Gross Sales | $137,951,557 | $183,183,518 | $316,040,637 (+73%) |
Flathead County Land
| | Q1 2019 | Q1 2020 | Q1 2021 |
| Total Sales | 131 | 128 | 314 (+145%) |
| Average Sales Price | $176,015 | $153,121 | $275,249 (+80%) |
| Median Sales Price | $115,000 | $107,250 | $170,000 (+59%) |
| Average Days on Market | 328 | 292 | 215 (-26%) |
| Gross Sales | $23,058,026 | $19,599,538 | $68,428,330 (+341%) |
This information is based on data supplied by Montana Regional MLS. Montana Regional MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by Montana Regional MLS may not reflect all real estate activity in the market. Percentage comparison from Q1 2020.
