Kelley’s Market Trends: Whitefish Area Residential Sales

Sales, prices and building permits are all ahead of 2015's pace

By Jim Kelley

In the first half of this year, Whitefish and the area within 3.5 miles of the city limits represented 18 percent of the home sales within Flathead County, compared to 16.2 percent in the first half of 2015. The number of sales in this area is up 10.8 percent to 133 from 120 for the same time period in 2015.

The median home price in this area is $316,361 this year, compared to $307,450 for the same period in 2015. This represents a 2.9 percent increase, which is slightly less that the 4.7 percent increase seen this year on a countywide basis. This current median price is a 3.7 percent lower than the all-time high median of $328,500 for this area in 2007.

Within the city of Whitefish there have been 33 new single-family home permits with an average construction cost of $301,952, plus another 10 duplex/townhouse building permits in the first six months of 2016 with an average construction cost of $295,000. The cost reported in the building permit does not include the land value. In the same period of 2015 there were 26 new single-family home permits with an average cost of $464,262 and four townhouse permits with an average cost of $206,250.

Within this area of Whitefish and 3.5 miles outside the city limits, there is a current inventory of 350 homes on the market, with a median asking price of $524,000 and an average asking price of $1,071,802. The total number of sales in this area was 292 in the last year, so with 350 on the market, there is currently around 14.4 months of inventory that is on the market. It is also noted that only 20.6 percent of the active listings in this area are price at or below the median sold price of $316,361.

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