The number of residential land sales in the first quarter was nearly level with the first quarter of 2015. The first quarter was highest in 2005 with 313 sales and dropped to a low of 21 for the first quarter of 2009. Since that 2009 low, the number of sales increased to 107 in the first quarter of 2014, then dropped to 96 in 2015 and 95 in 2016.
On an annual basis, the number of residential land sales went from 1,089 in 2005 to a low of 156 in 2009. The number of sales climbed back to 527 in 2013, then dropped to 500 in 2014 and 481 in 2015.
Although the first quarter of this year is level with the first quarter of 2015, it is noted that the number of new residential land listings is 31 percent lower than it was in the first quarter of 2015. At this time in 2015 there were 1,268 residential land listings, compared to 1,113 that are currently on the market in Flathead County.
The median price in the first quarter was $65,000, compared to $61,500 in the first quarter of 2015 and $80,000 for all of 2015. This relatively large price discrepancy between the first quarter and the entire year is typical and due to the fact that most larger tracts sell later in the year. The average tract size for the first quarter was five acres in 2015 and four acres this year. The overall average tract size for all of 2015 was eight acres.
In general, land sales have been relatively flat in both the number of sales and prices over the last four years. The land inventory is starting to decrease and could eventually lead to increasing land prices.
In 1981, Jim started Kelley Appraisal in Kalispell and has since built an extensive database of economic and real estate-related data on northwestern Montana. Over the last several years, he has published annual reports on the Flathead Real Estate Market and been a guest speaker on numerous occasions for various groups in the Flathead.