Kalispell Market Report: Residential Homes - September 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 September 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 September 2022, there were 78 residential sales in Kalispell which is 21% less than the same time last year and 27% less than last month. Inventory levels have risen since early this year and the number of homes under contract is relatively flat. The lower number of sales could be attributed to buyers holding off on making a purchase at this time.

Kalispell Market Report: Residential Homes - September 2022 bar chart of # sales  

Inventory

In terms of available homes on the market, inventory has seen significant upward movement since early this year but dropped in September. The early October listings of 242 are 24% less than last month. Of interest, 50 condo listings in a 55+ senior community were canceled this month so most of the decline in active listings can be attributed to just that one community.

Of the homes currently available, seven are condominiums (compared to 56 last month), 19 are townhouses, nine are manufactured homes and the rest are single family homes.

In the past twelve months, 1,010 residential homes sold in Kalispell which is an average of 84 per month. With 242 homes currently for sale, that means there is ~three months of inventory currently available which is 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.

 

Kalispell Market Report: Residential Homes - September 2022 line graph of active listings 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. 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 at the time 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, August was $525K and September remained relatively flat at $529K.

Another interesting data point is that 55% of all currently listed homes have seen recent price decreases. The average amount of decrease in price is 8%, but it has reached a 36% reduction for some homes. October has even more inventory with price decreases than we saw last month.  

 

Kalispell Market Report: Residential Homes - September 2022 bar 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 September was a three bedroom, two bath manufactured home on a half acre in the Evergreen area of town. It sold for close to $200K.

The most expensive home was a seven bedroom, five bath home with nearly 30 acres of land with riverfront access, two kitchens, a three-car garage, a four-bay shop with living quarters and more. This home sold for more than $3M.

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 still 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.

Comments (14)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Kat Palmiotti ,

What an excellent overview of the real estate market in September 2022 in Kalispell. It appears to be pretty much the same as many markets across the country, higher inventory, fewer pending listings and fewer sales as consumers grapple with our unstable economy.

Oct 05, 2022 06:58 AM
Kat Palmiotti

Yes, Dorie Dillard Austin TX - that's a great way to say it!

Oct 05, 2022 07:44 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Have a productive autumn.

Oct 05, 2022 07:05 AM
Kat Palmiotti

Thank you Roy!

Oct 05, 2022 07:44 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, great report, and a good way to describe the changing market - on the cusp of a balanced market.

Oct 05, 2022 07:13 AM
Kat Palmiotti

Joan Cox - Thank you! "cusp" is a fun word. haha.

Oct 05, 2022 07:44 AM
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,
Nice overview of the Kalispell market. I'm glad to see more markets entering the "balanced" zone.

Oct 05, 2022 07:26 AM
Kat Palmiotti

I am also Carol Williams ! Now if we could only get the rental costs down. :-)

Oct 05, 2022 07:44 AM
Carol Williams

I hear ya, Kat Palmiotti . Rentals are crazy expensive here too! 

Oct 05, 2022 09:42 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Another informative report, Kat.  It was particularly interesting to read about all of the condo cancellations.  That must be one big 55+ community. 

Oct 05, 2022 07:27 AM
Kat Palmiotti

It'll be a lot bigger if those condos come back on the market, Ray Henson !

Oct 05, 2022 07:45 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

It is hard to believe that you didn't live here your whole life - you are certainly the go to agent now! 

Oct 05, 2022 08:05 AM
Kat Palmiotti

Lise Howe - thank you so much! That was a very nice comment. :-)

Oct 05, 2022 10:07 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Kat - you provide good information but the analytics you provide adds context to the numbers.

Oct 05, 2022 10:09 AM
Kat Palmiotti

Thank you Grant Schneider !

Oct 05, 2022 10:10 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

You offer a very detailed explanation of the Kalispel real estate market, which may also be impacted by the increase in interest rates. Your area is getting close to a neutral market

Oct 05, 2022 02:27 PM
Kat Palmiotti

Ed Silva - it is hovering right before the "neutral" area.

Oct 06, 2022 04:42 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti - I thought your market is similar to other states except for the '50 condo listings cancelled in the 55+ community,' what's up with that?  

As always, your marketing reports tell a story about the current market which proves to be helpful to prospective buyers and curious sellers.

Oct 05, 2022 04:47 PM
Kat Palmiotti

Patricia Feager, MBA, CRS, GRI,MRP - I have some theories about that, but nothing I want to put in writing since it's all conjecture on my part! :-)

Oct 06, 2022 04:43 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Thank you Kat. Your price point analysis certently speaks volumns 🙂

Oct 05, 2022 04:55 PM
Kat Palmiotti

Good morning and thank you Paul S. Henderson, REALTOR®, CRS !

Oct 06, 2022 04:43 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Kat- excellent residential market report for Kalispell,!!!   It's interesting to see that your market is approaching being balanced. 

Oct 05, 2022 05:56 PM
Kat Palmiotti

Yes, Kathy Streib - this year has been a lot different than the last few.

Oct 06, 2022 04:43 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Your market reports are always so solid and easy to understand, especially with the video!  Kalispell sure is lucky to have you there to help people with their real estate needs!

Oct 06, 2022 05:27 AM
Kat Palmiotti

Thank you for your kind comment Brian England !

Oct 06, 2022 05:32 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Kat... as always, your market report is stellar. But what's with 50 cancelled condo listings in one community if I read that right?

Oct 06, 2022 08:00 AM
Kat Palmiotti

Yes, Nina Hollander, Broker - I don't know for sure what's going on but do have some guesses. We'll see if I'm right.

Oct 06, 2022 08:18 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I hope the people at exp understand what an asset you are to their company Kat 🙂

Oct 10, 2022 06:19 AM
Kat Palmiotti

Thank you very much for your kind words Paul S. Henderson, REALTOR®, CRS !

Oct 10, 2022 07:22 AM