Following is an overview of the Kalispell Montana real estate results for the residential market as of June 2020. This report covers the entire residential market, which includes single family homes, townhouses, condominiums and manufactured homes.
In June 2020, Kalispell Montana sales and median prices remained healthy. Following is an overview.
Sales Volume
In the month of June 2020, there were 122 residential sales in Kalispell which was 28% more than the same time last year, and 56% more than May 2020. There may have been sellers who held off putting their homes on the market until June 2020 when coronavirus restrictions lessened. However, it may just be that there are more people moving into (or around) the area this year. So far in 2020, there have been 475 residential sales in Kalispell, 12% more than the same time last year.
In terms of homes under contract, there were 205 under contract during last month's report and there are now 249. That indicates there were many homes that came on the market and went under contract quickly. With 122 closings during the last month, that means 166 additional homes went under contract during the same timeframe. That's a lot of movement!
Inventory
In terms of inventory, there are currently 192 residential homes on the market, which is lower than last month's 221 level. Of the homes currently available, two are condominiums, 11 are townhouses, four are manufactured homes and the rest are single family homes.
In the past twelve months, 1,054 residential homes sold in Kalispell which means there are approximately two months of inventory currently available. If last month's sales trend continued, we would only have one and a half months of inventory available. Kalispell is still experiencing a sellers market and the inventory of available homes is very low. That's good news for sellers!
Median Sales Prices
The median sales price for June 2020 was $310,000 which was 2% higher than the same time last year and 7% less than the previous month. Also of note, the year to date median price remains flat at $312,500. That compares to a median year-to-date price of $295,000 in 2019, so the price trend is increasing. While June's median price is lower than May, that does not necessarily indicate a downward price trend is starting. In fact, demand for listings has been enabling even those homes that have been on the market for a long time (some as long as years) to sell. In addition, more than a third of the homes sold in June were located in the center of the city of Kalispell. Those homes are usually lower priced than those located further out.
Type of homes being sold
To get an idea of the types of homes that are selling in Kalispell, the lowest priced home that sold in June was a two bedroom, one bath, ~800 square foot ranch home that was listed as a fixer-upper. The home included an acre of land and sold for less than $115K. The most expensive home was a custom home with more than 20 acres of land. The 6,500 square feet included four bedrooms, two and a half baths and a barn that included automatic water feeders, 14'x14' heated stalls, heated bathing area and outdoor riding arena. This home sold for under $1.5M. Kalispell has just about any kind of property you can imagine. Brand new four bedroom homes, large luxury homes, manufactured homes, small off-the-grid cabins and everything in between!
Summary
The residential real estate market in Kalispell Montana continues to be healthy. If you have any specific questions about Kalispell or any other part of the Flathead Valley or would like to see the market data for a specific residential segment, feel free to contact me.
If you are wondering what you might be able to get for your Montana home, check out this online home evaluator. And if you need help selling your home or finding that perfect new home to purchase, I can be reached at 406-270-3667 or kat@thehousekat.com.
For more information on Kalispell, Montana, feel free to read this overview.
Previous Kalispell MT market reports can be found here.
Originally posted at thehousekat.com.
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