Following is an overview of the Kalispell Montana real estate results for the residential market as of November 2022. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market remains on the cusp of a balanced market.
Sales Volume
In the month of November 2022, there were 53 residential sales in Kalispell which is 53% less than the same time last year and 23% less than last month. The lower number of sales could be attributed to buyers holding off on making purchases at this time due to economic challenges.
Inventory
In terms of available homes on the market, inventory had seen significant upward movement early this year. The number of homes on the market dropped in September mostly due to 50 condo listings in a 55+ senior community that were canceled. Twelve of those came back on the market in October so inventory did rise slightly. As of early November, there were 251 homes for sale in Kalispell and there are currently 214. Inventory is dropping, but that is likely (at least in part) attributed to the early onset of winter in the area with the first significant snowfall occurring on November 1st-2nd.
Of the homes currently available, 16 are condominiums, 16 are townhouses, four are manufactured homes and the rest are single family homes.
In the past twelve months, 926 residential homes sold in Kalispell which is an average of 77 per month. With 214 homes currently for sale, that means there are slightly less than three months of inventory currently available which is a little lower than last month. Kalispell does remain a seller's market but only four or five months of inventory would be needed for a balanced market. With nearly three months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.
Median Sales Prices
Interestingly, after decreasing since June, the median price point increased in November to $570K, a 17% year-over-year and 10% month-over-month increase. Also of interest, nearly 20% of November sales had a price point of $1M or more which is unusual for the area. One of those homes had been on the market for four and a half years and finally sold, but the remainder appear to have been mostly newer, large homes with lots of land and extra amenities that happened to be on the market at the same time. There doesn't appear to be any specific market based reason for the price increase except the makeup of homes that sold was a bit more heavily weighted to luxury homes. We'll see what happens next month.
Another interesting data point is that 53% of all currently listed homes have seen recent price decreases. The average amount of decrease in price is nearly 9%, but it has reached as high as 30%.
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 a three bedroom, two bath manufactured home with 924 square feet of living space on a quarter acre of land. It sold for close to $200K. The most expensive home was a three bedroom, two bath home with 20 acres of land located on route 93. This home sold for more than $2.2M. 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 remains on the cusp of being considered a balanced market. 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 the perfect new land or 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.
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