Following is an overview of the Kalispell Montana real estate results for the residential market as of July 2021. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market continues to be a strong sellers market. That being said, there are signs for the third month in a row that the market may be slowing down slightly.
Sales Volume
In the month of July 2021, there were 131 residential sales in Kalispell which is steady from last month and 10% less than last year. If you look at the chart below, it appears sales rates are similar to last year, but are occurring a month earlier. For example, sales started increasing in May last year (a late start due to Covid), compared to April this year. Sales were also basically flat in July and August of 2020, but this year they are flat in June and July. The point is that this year is behaving similar to last (so far).
As of the end of July 2021, there have been 715 sales in Kalispell, which is 15% more than the same time last year. So this is a strong year in terms of homes sold.
Inventory
In terms of available homes on the market, inventory has increased for the third month in a row. At this time last month, there were 135 residential homes on the market and now there are 163. Increasing inventory is providing additional options for buyers which is great news!
Of the homes currently available, 23 are condominiums, six are townhouses, eight are manufactured homes and the rest are single family homes.
In the past twelve months, 1,379 residential homes sold in Kalispell which is an average of 115 per month. With 163 homes currently for sale, that means there are about a 1.4 months of inventory currently available. That is the third increase in a row and while it's just a small increase, it is another positive sign for buyers.
While Kalispell continues to experience a strong sellers market, the inventory of available homes is increasing. That presents hope for buyers that the market may be slowly improving for purchasers. Still, buyers must be ready to make a strong offer as soon as they find a home they love! There are still multiple offers on appropriately priced homes.
Median Sales Prices
Median sales prices also remain strong in the Kalispell area. The median sales price for July 2021 was $445,000 which was 37% higher than last year and 5% higher than last month. So far this year, median prices have continued to outperform 2020.
In terms of pricing, of the currently active listings, 27% percent have seen price decreases, most within the last few weeks. This does point to potential lessening of median price increases going forward.
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 sold for approximately $180K. It was a 892 square foot two bed, one bath ranch home with carport on a 1/3 acre. It was being sold "as is." The most expensive home was also a ranch home, but this one with ~3,800 square feet, 40 acres of land, a guest home, 30'x'50' heated garage, 40'x40' shop, and mountain views! That sold for approximately $3.0M.
Kalispell has just about any kind of property you can imagine. Brand new four bedroom homes, large custom homes, manufactured homes, small off-the-grid cabins and everything in between!
Summary
The residential real estate market in Kalispell Montana continues to be strong with increasing inventory. Based on recent price reductions and the lower number of homes under contract, the market appears to be settling down. The next report should continue to be interesting.
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, or 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. This post was originally published at thehousekat.com.
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