Annual Report for the Northwest Montana Association of REALTORS® Service Area FOR RESIDENTIAL REAL ESTATE ACTIVITY IN FLATHEAD, LINCOLN AND LAKE COUNTIES
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area FOR RESIDENTIAL REAL ESTATE ACTIVITY IN FLATHEAD, LINCOLN AND LAKE COUNTIES
Fervent buyer demand, driven by pandemic-induced changes to housing needs and preferences, reached extraordinary levels in 2021. The inventory of homes for sale remained low, as home seller activity did not rise proportionally to meet this demand. New construction activity, while strong, remains limited by a combination of material and labor shortages, rising material costs, and a regulatory and operational environment that makes it difficult to scale quickly.
Prices: Home prices were up compared to last year. The overall median sales price increased 32.8 percent to $498,000 for the year. Single Family home prices were up 34.6 percent compared to last year, and Townhouse\Condo home prices were up 33.0 percent. List Price Received: Sellers received, on average, 100.2 percent of their original list price at sale, a year-over-year improvement of 2.1 percent.
The strong seller’s market of 2020 continued and even strengthened in 2021, with inventory levels remaining low and multiple offer situations common across much of the housing market both locally and nationally. Multiple offers again drove prices significantly higher for the year.
The 2021 housing market was once again strong both locally and nationally. Inventory shortages and high buyer demand continued to push home prices higher, with multiple offers on a limited number of homes the common theme in most market segments.
Sales: Pending sales decreased 12.5 percent, finishing 2021
This year looks to continue the trends seen in the last 18 months, pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.
at 3,367. Closed sales were down 6.9 percent to end the year at 3,371.
Listings: Comparing 2021 to the prior year, the number of homes available for sale was lower by 34.1 percent. There were 346 active listings at the end of 2021. New listings decreased by 9.9 percent to finish the year at 3,819.
Bedroom Count: Increases in sales prices occurred across homes of all sizes over the last year. In 2021, properties with 1 bedroom or less saw the largest growth at 57.4 percent. The highest percent of original list price received at sale went to properties with 3 bedrooms at 100.9 percent.
Table of Contents 3
Quick Facts
5
Property Type Review
6
Bedroom Review
7
Price Range Review
8
Area Overviews
9
Area Historical Prices
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 2
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Quick Facts New Listings
Pending Sales 4,239
3,847
3,992 3,852
3,819
2,426
2,409
3,367
2,727
3,689
2017
+ 8.2%
- 3.5%
+ 10.0%
- 9.9%
2018
2019
2020
2021
Top Geographies: Change in New Listings from 2020
+ 100.0% + 34.5% + 22.9% + 20.9% + 17.8% + 9.2% 0.0% - 0.8% - 9.6% - 11.6%
Swan Lake Eureka Libby Lakeside Lincoln County Ronan West Glacier Columbia Falls Polson Whitefish
Closed Sales
- 0.7%
+ 13.2%
+ 41.1%
- 12.5%
2018
2019
2020
2021
2017
Top Geographies: Change in Pending Sales from 2020 Eureka Libby Lincoln County Ronan Columbia Falls Troy Lakeside Whitefish Flathead County Kalispell
+ 35.6% + 22.2% + 16.9% + 13.0% - 5.9% - 6.3% - 11.5% - 13.6% - 14.8% - 17.2%
Inventory of Homes for Sale At the end of the year.
3,622 2,436
2,421
3,371
2,667
1,287
1,344 1,078 525
2017
- 0.6%
+ 10.2%
+ 35.8%
- 6.9%
2018
2019
2020
2021
Top Geographies: Change in Closed Sales from 2020 Swan Lake Eureka Lincoln County Libby Ronan Kalispell Lakeside Columbia Falls Flathead County Troy
2017
346
+ 4.4%
- 19.8%
- 51.3%
- 34.1%
2018
2019
2020
2021
Top Geographies: Change in Homes for Sale from 2020 + 100.0% + 56.7% + 22.3% + 14.3% + 13.9% - 6.4% - 7.2% - 8.0% - 8.8% - 9.7%
Lakeside Polson Columbia Falls Eureka Whitefish Libby Flathead County Kalispell Lincoln County Lake County
+ 133.3% - 17.9% - 25.0% - 25.8% - 25.9% - 27.3% - 31.9% - 36.1% - 37.0% - 39.8%
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 3
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Quick Facts Median Sales Price
Average Sales Price $698,937
$498,000
$269,000
2017
$300,000
$325,000
$527,992
$375,000 $333,922
+ 11.5%
+ 8.3%
+ 15.4%
+ 32.8%
2018
2019
2020
2021
Top Geographies: Change in Median Sales Price from 2020 Swan Lake Pablo Lakeside Eureka Columbia Falls Bigfork Flathead County Arlee West Glacier Kalispell
+ 200.8% + 52.6% + 51.1% + 49.7% + 48.3% + 43.9% + 37.4% + 35.5% + 34.4% + 29.9%
Days on Market Until Sale 99
94
94
2017
$383,967
$410,939
+ 15.0%
+ 7.0%
+ 28.5%
+ 32.4%
2018
2019
2020
2021
Top Geographies: Change in Avg. Sales Price from 2020 Swan Lake Lakeside Columbia Falls Ronan Bigfork Flathead County Kalispell Lake County Eureka Troy
+ 200.8% + 63.9% + 58.1% + 57.2% + 53.5% + 35.7% + 35.5% + 30.3% + 30.2% + 30.0%
Percent of List Price Received 100.2% 80 98.1% 43
2017
- 5.1%
0.0%
- 14.9%
- 46.3%
2018
2019
2020
2021
Top Geographies: Change in Days on Market from 2020 Arlee Swan Lake Big Arm Libby Ronan Lincoln County Bigfork Whitefish Flathead County Kalispell
- 7.1% - 7.2% - 26.9% - 44.3% - 44.7% - 45.9% - 46.5% - 46.7% - 47.1% - 47.2%
97.1%
2017
96.9%
97.0%
- 0.2%
+ 0.1%
+ 1.1%
+ 2.1%
2018
2019
2020
2021
Top Geographies: Change in Pct. of List Price Received from 2020 Swan Lake + 38.8% Big Arm + 7.5% West Glacier + 5.4% Arlee + 3.5% Bigfork + 3.2% Lakeside + 2.9% Libby + 2.6% Lincoln County + 2.3% Polson + 2.3% Whitefish + 2.2%
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 4
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Property Type Review 44
38
Average Days on Market Single Family
Average Days on Market Townhouse\Condo
Top Geographies: Townhouse\Condo Market Share in 2021
Days on Market Until Sale This chart uses a rolling 12-month average for each data point. Single Family
Townhouse\Condo
140
120
100
80
60
40
20
0 1-2017
1-2018
1-2019
1-2020
Whitefish
44.1%
West Glacier
40.0%
Flathead County
23.1%
Bigfork
19.6%
Kalispell
18.5%
Polson
13.9%
Lakeside
12.2%
Columbia Falls
8.9%
Lake County
6.3%
Libby
1.2%
Eureka
0.7%
Lincoln County
0.6%
Arlee
0.0%
Big Arm
0.0%
Elmo
0.0%
Pablo
0.0%
1-2021
+ 34.6%
+ 33.0%
100.1%
100.9%
One-Year Change in Price Single Family
One-Year Change in Price Townhouse\Condo
Pct. of List Price Received Single Family
Pct. of List Price Received Townhouse\Condo
Median Sales Price
Percent of List Price Received 2017
2018
2019
2020
2021
2017
2018
2019
2020
$525K 100.1% 97.0% 96.7% 96.8% 98.0%
100.9%
$399K
$390K $315K
97.3% 97.6% 97.9% 98.6%
2021
$331K $289K
$272K $244K
Single Family
$300K
$250K
Townhouse\Condo
Single Family
Townhouse\Condo
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 5
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Bedroom Count Review + 57.4%
+ 33.8%
Growth in Median Sales Price 1 Bedroom or Less
Growth in Median Sales Price 4 Bedrooms or More
Median Sales Price
2020
2021
$689,000
$515,000 $689,000 $475,500 $334,500
$515,000
$355,000 $212,500
+ 28.8%
+ 57.4%
1 Bedroom or Less
2 Bedrooms
+ 33.9%
3 Bedrooms
+ 33.8%
4 Bedrooms or More
Top Geographies: 4 Bedrooms or More Market Share in 2021 Arlee
50.0%
Elmo
50.0%
Rollins
44.4%
Lakeside
42.9%
Columbia Falls
37.2%
Kalispell
35.7%
Eureka
33.3%
Bigfork
32.6%
Flathead County
31.9%
Polson
31.7%
Lake County
31.2%
Big Arm
28.6%
Libby
28.1%
Lincoln County
27.2%
Whitefish
23.6%
West Glacier
20.0%
Troy
19.6%
99.6%
100.1%
100.9%
99.5%
Percent of List Price Received in 2021 for 1 Bedroom or Less
Percent of List Price Received in 2021 for 2 Bedrooms
Percent of List Price Received in 2021 for 3 Bedrooms
Percent of List Price Received in 2021 for 4 Bedrooms or More
Percent of List Price Received 1 Bedrooms
2 Bedrooms
3 Bedrooms
4 Bedrooms or More
110%
105%
100%
95%
90%
85%
80% 1-2017
1-2018
1-2019
1-2020
1-2021
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 6
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Price Range Review $225,000 to $354,999
$121,999 Or Less
0.9%
- 62.5%
Price Range with Shortest Average Market Time
Price Range with Longest Average Market Time
of Homes for Sale at Year End Priced $121,999 Or Less
One-Year Change in Homes for Sale Priced $121,999 Or Less
Days on Market Until Sale by Price Range
Share of Homes for Sale $121,999 Or Less 7%
78
$121,999 Or Less
6%
5%
46
$122,000 to $224,999
4%
3%
37
$225,000 to $354,999
2%
1%
43
$355,000 or More
0% 1-2017
1-2018
1-2019
1-2020
1-2021
$355,000 or More
+ 27.7%
$121,999 Or Less
- 51.5%
Price Range with the Most Closed Sales
Price Range with Strongest One-Year Change in Sales: $355,000 or More
Price Range with the Fewest Closed Sales
Price Range with Weakest One-Year Change in Sales: $122,000 to $224,999
Closed Sales by Price Range
2019
2020
2021
2,479 1,969
1,077
1,236
1,112 698
391 87
61
30
$121,999 Or Less
356
164
$122,000 to $224,999
$225,000 to $354,999
$355,000 or More
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 7
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Area Overviews Total Closed Sales Flathead County
Percent Change Percent Townhouse/ from 2020 Single Family Condo
New Listings
Months Supply of Inventory
Days on Market
Pct. of List Price Received
2,452
- 8.8%
76.1%
23.9%
2,753
1.2
37
100.7%
Lake County
459
- 17.6%
93.2%
6.8%
531
1.4
54
99.2%
Lincoln County
460
+ 22.3%
99.3%
0.7%
535
1.5
60
98.7%
Arlee
14
- 33.3%
100.0%
0.0%
17
1.2
79
100.9%
Big Arm
7
- 30.0%
100.0%
0.0%
4
0.0
57
101.5%
Bigfork
276
- 21.6%
80.1%
19.9%
308
1.1
53
100.3%
Columbia Falls
218
- 8.0%
90.4%
9.6%
259
1.1
28
101.1%
4
- 42.9%
100.0%
0.0%
2
0.0
33
98.1%
141
+ 56.7%
99.3%
0.7%
160
2.0
56
99.0%
1,177
- 6.4%
80.8%
19.2%
1,222
0.8
28
101.3% 99.8%
Elmo Eureka Kalispell Lakeside
77
- 7.2%
87.0%
13.0%
110
2.2
36
Libby
160
+ 14.3%
98.8%
1.3%
188
1.1
44
99.0%
Pablo
2
- 33.3%
100.0%
0.0%
2
0.0
55
100.9%
Polson
199
- 23.5%
85.4%
14.6%
244
1.4
44
99.5%
Rollins
9
- 47.1%
100.0%
0.0%
11
0.8
49
101.5%
Ronan
82
+ 13.9%
100.0%
0.0%
95
0.8
52
98.7% 104.1%
Swan Lake
2
+ 100.0%
100.0%
0.0%
2
0.0
116
Troy
56
- 9.7%
100.0%
0.0%
66
1.5
64
96.3%
West Glacier
5
- 44.4%
60.0%
40.0%
9
1.0
24
101.6%
614
- 10.4%
55.7%
44.3%
732
1.5
48
100.0%
Whitefish
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 9
2021 Annual Report for the Northwest Montana Association of REALTORS® Service Area
Area Historical Median Prices 2017
2018
2019
2020
2021
Change From 2020
Change From 2017
Flathead County
$284,470
$315,000
$336,425
$385,000
$529,000
+ 37.4%
+ 86.0%
Lake County
$246,450
$300,000
$320,000
$384,950
$460,000
+ 19.5%
+ 86.7%
Lincoln County
$165,000
$201,500
$235,000
$290,000
$350,625
+ 20.9%
+ 112.5%
Arlee
$267,000
$279,500
$329,000
$348,000
$471,500
+ 35.5%
+ 76.6%
Big Arm
$433,500
$460,000
$499,900
$605,000
$510,000
- 15.7%
+ 17.6%
Bigfork
$342,500
$400,250
$393,750
$469,125
$675,000
+ 43.9%
+ 97.1%
Columbia Falls
$289,500
$289,750
$315,000
$370,000
$548,600
+ 48.3%
+ 89.5%
Elmo
$120,000
$0
$217,500
$792,000
$529,500
- 33.1%
+ 341.3%
Eureka
$215,000
$235,000
$285,000
$320,000
$479,000
+ 49.7%
+ 122.8%
Kalispell
$255,000
$279,000
$302,750
$334,900
$435,000
+ 29.9%
+ 70.6%
Lakeside
$297,500
$389,500
$429,000
$460,000
$695,000
+ 51.1%
+ 133.6%
Libby
$115,000
$142,000
$182,000
$229,000
$273,250
+ 19.3%
+ 137.6%
Pablo
$148,500
$242,500
$125,000
$145,500
$222,000
+ 52.6%
+ 49.5%
Polson
$242,700
$265,000
$317,000
$382,500
$415,000
+ 8.5%
+ 71.0%
Rollins
$549,000
$854,250
$698,650
$1,575,000
$1,450,000
- 7.9%
+ 164.1%
Ronan
$167,750
$199,250
$205,000
$242,500
$313,000
+ 29.1%
+ 86.6%
Swan Lake
$324,000
$4,600,000
$331,250
$180,000
$541,500
+ 200.8%
+ 67.1%
Troy
$174,500
$199,500
$246,900
$301,000
$350,000
+ 16.3%
+ 100.6%
West Glacier
$318,500
$799,000
$428,000
$398,000
$535,000
+ 34.4%
+ 68.0%
Whitefish
$343,000
$387,200
$434,500
$537,500
$659,000
+ 22.6%
+ 92.1%
Current as of January 5, 2022. All data from Montana Regional MLS. Report © 2022 ShowingTime. | 11
