Following is an overview of the Kalispell Montana real estate results for the residential market as of November 2020. This report covers the entire residential market, which includes single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market remains very strong this year, even through the Fall. Both sales volume and median price points have increased since the October report.
Sales Volume
In the month of November 2020, there were 120 residential sales in Kalispell. That result is 36% higher than the same time last year and 9% higher than the previous month. As can be seen by the chart below, sales typically slow down in the October period and stay relatively low for the next three or four months. While sales are lower than they were during the summer, they are still very strong. In addition, there are currently 222 homes under contract, which is nearly 20% fewer than there were last month. However, that represents quite a lot of homes that will show as "sold" within the next month or two. My interpretation is that closed sales will continue to stay high compared to last year, for the remainder of the year.
Inventory
In terms of inventory, inventory continues to shrink. There are currently 124 residential homes on the market, which is 9% lower than last month. Of the homes currently available, seven are condominiums, nine are townhouses, eight are manufactured homes and the rest are single family homes.
In the past twelve months, 1,235 residential homes sold in Kalispell which means there are only 1.2 months of inventory currently available. Without a doubt, Kalispell is continuing to experience a sellers market and the inventory of available homes is very low. That remains good news for sellers!
Median Sales Prices
Median sales prices are remaining strong as well. 2020 continues to surprise. The median sales price for November 2020 was $389,500 which was 29% higher than the same time last year and 16% higher than the previous month. The percentage of condominiums and manufactured homes that sold in November decreased, and the percentage of single family homes and townhouses increased. That could explain a small portion of the higher median prices, but it's more likely a bump caused by the continued low inventory.
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 November was right around $100K. It was a three bedroom, one bath, ~925 square foot manufactured home on the east side of Kalispelll.
The most expensive home was a four bedroom, three and a half bath home with more than 5,000 square feet of living space and nearly 10 acres of land. It came with a 1,000 square foot heated garage, mountain views, access to 800 acres of state land and more. This sold for close to $1.3M.
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 remains extremely 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, call me! 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 published at thehousekat.com.
Comments(5)