Kalispell Market Report: Residential Homes - July 2022

By
Real Estate Broker/Owner with 406-270-3667, kat@thehousekat.com, Broker/REALTOR® RRE-BRO-LIC-75443

Following is an overview of the Kalispell Montana real estate results for the residential market as of July 2022. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

 

 

The Kalispell residential market continues to move towards a balanced market.

 
Sales Volume

In the month of July 2022, there were 88 residential sales in Kalispell which is slightly more than last month but 32% less than last year. With one exception, every month this year has had lower sales than last year. Buyer demand has softened.  

Kalispell Market Report: Residential Homes - July 2022 graph of sales  

Inventory

In terms of available homes on the market, inventory has seen significant upward movement. As of the beginning of August, there are 10% more homes on the market than there were in early July and 170% more than in March. Currently there are 320 homes on the market in Kalispell which is the most we have seen in several years.

Of the homes currently available, 57 are condominiums, 15 are townhouses, nine are manufactured homes and the rest are single family homes.

In the past twelve months, 1,036 residential homes sold in Kalispell which is an average of 86.3 per month. With 320 homes currently for sale, that means there is almost four months of inventory currently available. It's been several years since Kalispell has seen that much inventory. Kalispell does remain a seller's market but only four or five months of inventory would be needed for a balanced market. With nearly 4 months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.  

 

Kalispell Market Report: Residential Homes - July 2022 line chart of active and under contract

 

Median Sales Prices

For most of 2021, median price points in Kalispell fluctuated between $400-500K. In January 2022, the median price point returned to the level it was in most of 2021, which was $447K. And February's median price point was $475K, a slight increase. I was expecting the March number to be in the same ballpark, but the March median sales price jumped to $513K, April was at $572K, May was $595K and surprisingly enough June was $653K. So while everything else was pointing to a market that was moving more towards a balanced one, as of June, prices were not in alignment. I indicated in last month's report that this could be strictly a timing issue, as homes that close were under contract a month or two earlier. That seems to have played out, as the July median price point dropped to $534K.

Another interesting data point is that 36% of all currently listed homes have seen recent price decreases. The median amount of decrease in price is 7%, but it has reached a 38% reduction. August has even more inventory with price decreases than we saw last month.

Kalispell Market Report: Residential Homes - July 2022 chart of median prices

 
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 July was a ~950 square foot condo with two bedrooms and one and a half bath in town. It sold for less than $240K.

The most expensive home was a three bedroom, three bath ~3,700 square foot home with 14 acres of land, 360º views and more. This home sold for around $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 is moving towards a more 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.

Comments (19)

Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Kat,

We are moving toward a balanced market as you stated.  However, when I am positioning a property, I am looking at what is available in the desired neighborhood where the listing is.  Many buyers want a particular neighborhood and that does make a difference.

Aug 06, 2022 04:39 PM
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

Great market report Kat Palmiotti.  Sounds similar to what we are seeing here too.  Are we going to see a "normal market" again?

Aug 06, 2022 05:36 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kat hope you are contributing to these statistics, with that said I am always looking at what the nearby properties are listed and sold for so I can do the best for my sellers, Endre

Aug 06, 2022 10:19 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti - Your market reports are crisp, clean, and consistent with the type of Broker you are - Meticulous! Consistency leads to success and you exemplify success in business. 

Aug 07, 2022 03:00 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

It sure does Sheri Sperry - MCNE® - knowing the "local" market (whether that is a town or street) is key to coming up with the appropriate marketing!

Jim Patton - I bet we are!

Good morning Endre Barath, Jr. That is definitely important.

 

Aug 07, 2022 04:49 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Patricia Feager, MBA, CRS, GRI,MRP - thank you as always for making me smile!

Aug 07, 2022 04:49 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Those graphs really tell the story and your market report for Kalispell is always filled with the information people need!

Aug 07, 2022 04:58 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your excellent local real estate reports.

Aug 07, 2022 05:15 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Kat...  a nice market report that is easy to read and understand. From everything I've been reading it seems the housing markets in the west are moving to a more balanced market more quickly than we are here in the Southeast. But I suppose at some point we'll catch up with you.

Aug 07, 2022 05:17 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Interesting to see the Kalispell market is becoming a balanced market Kat. We're not seeing that here yet, but it must be on the way!

Aug 07, 2022 05:48 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Kat,

Same song, second verse....Kalispell is doing what so many areas are doing...moving to a more balanced market which was much needed. Your graphs are awesome and easily tell the story of your market place.

Aug 07, 2022 05:59 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Thank you Brian England !

Thank you Roy!

Nina Hollander, Broker - thank you, and yes, eventually you should!

Aug 07, 2022 07:56 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

It probably is Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 !

Thank you Dorie Dillard Austin TX !

Aug 07, 2022 07:56 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kat, your market is moving a bit quicker, but ours is right behind you.   A balanced market is sure easier for both buyers and sellers.

Aug 07, 2022 05:01 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I agree Joan Cox - buyers have a chance!

Aug 07, 2022 06:17 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Kat- it's been interesting seeing what the different markets are doing now that we are experiencing some changes. Anyone interested in the Kalispell area needs to call you. 

Aug 07, 2022 06:20 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Thank you Kathy Streib !

Aug 07, 2022 06:34 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Kat,
Great report. I always appreciate a combination of graphs along with an explanation of those stats.  Have a great week.

Aug 08, 2022 10:56 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I hope you have a great week also Carol Williams !

Aug 08, 2022 01:38 PM