Whitefish home sales up in volume and price

The number of homes sold in Whitefish continued on an upward trend through the first half of 2013.

A total of 146 homes sold though the end of June, an increase of more than 20 percent over last year, according to a report from Kelley Appraisal of Kalispell. The volume of sales so far this year is the highest it’s been since 2006.

The median price of homes sold locally is up as well, an increase of nearly 6 percent over last year to $243,600, the highest since 2008.

“The numbers keep going up in Whitefish, which is good,” said Jim Kelley, with Kelley Appraisal.

Historically low interest rates spurred sales through the first six months, while a dwindling number of bank owned properties on the market helped keep median sale prices on the rise, Kelley said.

About 17 percent of properties in the Flathead sold through June were bank owned.

Brian Nicodemus, president of Northwest Montana Association of Realtors, is encouraged by the mid-year numbers.

“We’re up in the volume of sales over last year, and last year was pretty good,” he said.

Homes priced under $300,000 have been moving particularly quickly. In fact, there’s currently a limited inventory in that range, Nicodemus said, which has turned the market to the seller’s advantage

With interest rates slowly creeping higher, Nicodemus said buyers are feeling a sense of urgency.

“There’s some great value out there, just not as many,” he said.

From what he’s seen on the ground, a large number of buyers are locals looking to move up. Canadians are still influencing the market, as are buyers from Washington state.

“We’re seeing people from all around the country,” he added.

Land has been a hot commodity, as well.

There have been 81 lots in Whitefish sold so far this year, compared to 49 in the same time period in 2012.

A lack of sales along Whitefish Lake is one of the areas that surprised Kelley. According to his report, just one lakefront lot has sold this year.

“I would guess some of the asking prices are overly inflated,” Kelley said. “People are not willing to pay that much right now.”

Nicodemus said luxury properties in Whitefish have been moving.

“If lakefront property is priced right, it will sell,” he said.

Going forward, both Kelley and Nicodemus are cautiously encouraged.

Kelley expects the year-end total of home sales in Whitefish to be nearly 10 percent higher than last year.

“But if interest rates go up, the market might decline again,” he added.

Nicodemus thinks the market will continue to be strong, with more closings on the horizon.

“People want to live in Whitefish, and that will never change,” he said.

In Kalispell, the volume of home sales was up 18 percent through the first half of 2013 compared to the same time last year, and the median sale price was up nearly 11 percent to $173,000.

In Columbia Falls, the volume of sales was down 15 percent, but the median sale price rose more than 8 percent to $162,375.

In Bigfork, the sales volume is down 14 percent with 55 homes sold though June. Median price is up 18 percent to $253,000.