Every real estate report continues to use the same phrases:
“The market is hot” “Inventory is low” “Home prices are surging” “All time high”
Will these trends continue? While we are out seeing and experiencing the market ourselves every single day, the Whitefish and Flathead County markets have been extremely volatile, making them hard to forecast. Without that elusive crystal ball, we will leverage what we do have – data and stats – to help us track and analyze the market.
Let’s take a look at some of the key data points for Whitefish, Montana and Flathead County, Montana from July 2021:
Average Sales Price
-4% vs July 2020
Whitefish had seen a steady climb in Average Sales Price over the past year, but saw a decline in July, the lowest it has been in over a year. Limited inventory might certainly be affecting this statistic, but the significant drop (the lowest since June 2020) might also be attributed to the “Covid Wave” of the past year slowing to a “Covid Ripple,” where the sheer influx of Pandemic panic buying has decreased.
Flathead County Residential
+29% vs July 2020
While Whitefish remains a “hot” market (yes we did just use that phrase), July didn’t match the velocity of Flathead County overall. Over the past year, interest in the Flathead has increased, driving average prices up at a higher rate than Whitefish.
Average Days on Market
-51% vs June 2021
-69% vs July 2020
Flathead County Residential
-24% vs June 2021
-59% vs July 2020
In both Whitefish and Flathead County, average days on market are at their lowest point recorded in 10 years.
New $1M+ Whitefish Residential Listings hit an all time high (39), whereas residential listings below $500,000 hit their 2nd lowest point in over 12 years (only December 2020 saw less new listings in that price range at 10).
This jump in $1M+ listings is not simply just rising prices, but also includes a portion of new listings that we might classify as “opportunistic” sellers pushing or testing the threshold of the market. And while the local market remains “hot,” we are seeing a subtle push back from Buyers. Those properties that are listed appropriately are selling quickly, but those priced more opportunistically are sitting, or even experiencing price reductions.
So what’s the “hottest” right now? Certain properties with desirable amenities, including those available for short-term (nightly/weekly) rental (AirBNB/VRBO potential), waterfront and on-mountain are all continuing to experience high demand. While the amount of short-term rental zoned properties on the market in Whitefish today are limited, we encourage interested Buyers/Investors to explore the Eagle Lake Condo development, breaking ground later this summer. Zoned for nightly/weekly rental, these premier 2, 3 and 4 bedroom condo units offer views of Big Mountain (Whitefish Mountain Ski Resort), private garages, lock-out units* and communal fire rings. Check out all the details on the Eagle Lake website or email us for more details.
*lock-out units in some, but not all, units
Equity Growth Across The State
For all homeowners in Montana, the average equity gain over the past 12 months has been astounding. Montana homeowners saw their equity rise $50K, with just 6 other states seeing larger growth (ID +$71K, CA +$70K, WA +$66K, UT +$53K, RI +$52 and AZ +$51K).
Are you curious how the above stats affect your property or property search? Shoot us an email, we’d love to set up time to have you come into the office to talk over a cup of coffee or a drink.
All MLS Data was pulled August 4, 2021. Data sourced from Montana Regional MLS via InfoSparks.