Following is an overview of the Kalispell Montana real estate results for the residential market as of August 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 sellers market. That being said, there are signs for the fourth month in a row that the market is slowing down slightly.
Sales Volume
In the month of August 2021, there were 93 residential sales in Kalispell which is 29% less than last month and 35% less than last year. There are currently close to 200 homes under contract, so homes are definitely still selling, but demand does seem to be slowing. As of the end of August 2021, there have been 808 sales in Kalispell, which is only 6% more than the same time last year. It will be interesting to see how we are doing at year end.
Inventory
In terms of available homes on the market, inventory has increased for the fourth month in a row. At this time last month, there were 163 residential homes on the market and now there are 182. Increasing inventory continues to provide additional options for buyers which is great news!
Of the homes currently available, 15 are condominiums, four are townhouses, 11 are manufactured homes and the rest are single family homes.
In the past twelve months, 1,320 residential homes sold in Kalispell which is an average of 110 per month. With 182 homes currently for sale, that means there are about a 1.7 months of inventory currently available. That is the fourth 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 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 in Kalispell had a very strong month. The median sales price for August 2021 was $498,000 which was 36% higher than last year and 12% higher than last month. Median prices continue to outperform 2020.
In terms of pricing, of the currently active listings, 28% percent have seen price decreases, most within the last few weeks. This might 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 August sold for less than $190K. It was a 1,280 square foot three bed, two bath remodeled manufactured home on a quarter acre. The most expensive home was a ~4,800 square foot home with 6 bedrooms, 4.5 bathrooms on nearly 10 acres. It also had a riding arena, several insulated shops, barn, hay shed, storage shed and more. This home sold under $1.5M.
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, 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. IAlso, 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.
Originally posted at thehousekat.com.
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