Kalispell Market Report: Residential Homes - October 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 October 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 October 2022, there were 69 residential sales in Kalispell which is 27% less than the same time last year and 12% 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.

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

           

Inventory

In terms of available homes on the market, inventory had seen significant upward movement since 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 are 251 homes for sale in Kalispell. Of the homes currently available, 17 are condominiums, 17 are townhouses, 11 are manufactured homes and the rest are single family homes.

In the past twelve months, 998 residential homes sold in Kalispell which is an average of 83 per month. With 251 homes currently for sale, that means there are three months of inventory currently available which is the same as 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 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 - October 2022 line chart 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. October has dropped further to $519,000.

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 7%, but it has reached as high as 29%.  

Kalispell Market Report: Residential Homes - October 2022 bar chart of median price points
 
 
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 October was a two bedroom, two bath manufactured home with 1200 square feet of living space. It sold for close to $200K. The most expensive home was a four bedroom, three bath log home with five acres of land. This home sold for more than $1.2M.

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.

Comments (8)

Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The House Kat can tell you all that you need to know about the residential market in Kalispell!

Nov 06, 2022 03:42 AM
Kat Palmiotti

Thank you Brian England .

Nov 06, 2022 04:27 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Kat... some 55% of our listings also saw price drops in October. Our markets are quite different in many ways so it's interesting to me that this particular statistic was the same in both of our areas.

Nov 06, 2022 05:03 AM
Kat Palmiotti

Nina Hollander, Broker - that is interesting, and you're right - our markets are very different but there are similarities!

Nov 06, 2022 06:23 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, our markets are so similar, and are seeing decreases in sales and increases in days on market also.

Nov 06, 2022 07:25 AM
Kat Palmiotti

Joan Cox - There are many markets like that! :-)

Have a wonderful Sunday!

Nov 06, 2022 08:34 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Nov 07, 2022 06:20 AM
Kat Palmiotti

Thank you Roy!

Nov 07, 2022 07:34 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

Like Kalispell Kat, our market is seeing some price adjustments now, although inventory is still very low.

Nov 08, 2022 06:15 AM
Kat Palmiotti

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 - Interesting that inventory is still very low. Every place is different!

Nov 08, 2022 09:23 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

My residential market looks pretty much the same as yours except our price points are going south also Kat 🙂

Nov 13, 2022 03:05 PM
Kat Palmiotti

Paul S. Henderson, REALTOR®, CRS - I think a bit of a price reduction is a good thing! At least in my area.

Nov 13, 2022 06:20 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Does you population move south in the winter or do they stay put Kat

Nov 18, 2022 10:16 AM
Kat Palmiotti

Both, Paul S. Henderson, REALTOR®, CRS - there are a good number of people that go south (AZ, TX, etc) and another good number that stays but complains, and another good number that stays and loves it. haha. We've got it all.

Nov 18, 2022 12:44 PM
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 reports are so easy to read and understand the Kalispell market.

Dec 04, 2022 08:50 AM
Kat Palmiotti

Thank you Joan Cox - I hope you're having a wonderful weekend!

Dec 04, 2022 09:41 AM