Kalispell Market Report: Residential Homes - November 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 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%.  

 

Kalispell Market Report: Residential Homes - November 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 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.

Comments (17)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Kat Palmiotti like you said on the video, it is interesting that everything decreased but yet the sales price increased.

Dec 05, 2022 11:21 AM
Kat Palmiotti

Yes, George Souto  - and I can't quite explain that!

Dec 05, 2022 03:05 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Kat... great report. A 50% drop in closed sales is huge! We are still quite a way away from being a balanced market at my end.

Dec 05, 2022 12:18 PM
Kat Palmiotti

Nina Hollander, Broker - wait until I share my land post tomorrow - only 5 sales in November. Very low.

Dec 05, 2022 03:05 PM
Nina Hollander, Broker

Kat Palmiotti oh wow!

Dec 05, 2022 03:31 PM
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

You always have such a detailed report of the Kalispell Real Estate Market Kat. This benefits your potential clients in a positive way and let's them know you are a market leader!

Dec 05, 2022 12:21 PM
Kat Palmiotti

Thank you so much for your wonderful comment Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 !

Dec 05, 2022 03:05 PM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Very thorough market report for Kalispell, Kat, as always! Our inventory is still very, very tight, there's just so little to choose from. That will keep prices up there, or cause increases in the median. 

How much of an impact does winter have on sales in Montana? I'd assume that because you expect it (not so much in MD) and it's a part of life "up there", it doesn't influence it much? Then again, it may keep the vacation home buyers away until Spring? 

Dec 05, 2022 01:42 PM
Kat Palmiotti

Andrea Bedard - the winter usually has less sales, but not by a large amount. In the Spring/Summer is when the tourists come and fall in love, so that might help oomph those sales in the summer.

Dec 05, 2022 03:07 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I do find it interesting that prices are up when tne market is somewhat struggling. Is this just your market and a traditional slow period Kat? 

Dec 05, 2022 03:20 PM
Kat Palmiotti

It does get a little slower in the winter months. Paul S. Henderson, REALTOR®, CRS . Enjoy your day!

Dec 06, 2022 04:36 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Kat,

A very well document market overview for the Kalispell Real Estate Market. Everything decreased except the sales price..tells me the properties are sought after even if taking longer to sell and with a  50% drop in closed sales. 

Dec 05, 2022 04:43 PM
Kat Palmiotti

Thank you Dorie Dillard Austin TX - I always appreciate your insights!

Dec 06, 2022 04:37 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Kat- I find your market reports easy to read, especially for someone like myself, who is not an agent. And, something I always find helpful is your summary. 

Dec 05, 2022 05:24 PM
Kat Palmiotti

Thank you Kathy Streib !

Dec 06, 2022 04:37 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Kat. Interesting your market is close to balanced at this time of year and given the current national economic outlook. Speaks volumes for your area. Enjoy your day.

Dec 06, 2022 04:42 AM
Kat Palmiotti

Thank you Wayne Martin !

Dec 06, 2022 05:54 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti - Of course, I only sell real estate in Texas but I've paid attention to seasonal sales in other states over the years on ActiveRain. I would say, there are advantages to selling in warmer climate but here in Texas we don't have Glacier National Park and all the outdoor beauty and winter activities. 

I agree, Regardless of where agents sell, challenges are many and there are something things that can't be explained. However, you explain things so well! I like  your video and the write up too. 

Dec 06, 2022 05:57 AM
Kat Palmiotti

Thank you Patricia Feager, MBA, CRS, GRI,MRP ! I hope you are having a wonderful week (or at least a good one!)

Dec 06, 2022 08:41 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for your informative market report.  Our market activity really fell off from last year.  We went from over 160 transactions last year to 71 this year.  For a city as large as Elk Grove, that is just not much.

Dec 06, 2022 06:27 AM
Kat Palmiotti

Wow, that is a big drop Ray Henson !

Dec 06, 2022 08:41 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am thinking that there is too much snow up in your neck of the woods this time of the year for me to want to visit, haha.

Dec 06, 2022 06:30 AM
Kat Palmiotti

Brian England - there is a lot of snow at my house. It came early this year.

Dec 06, 2022 08:41 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello kat and thanks you for the market report and great information to share with us here in the Rain.  Make it a good one.

 

Dec 06, 2022 08:38 AM
Kat Palmiotti

I hope you have a good one also Will Hamm !

Dec 06, 2022 08:42 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Kat Palmiotti - When it comes to price decreases, it depends on where these homes were positioned when the market started to change.  Right now, it may be a little of a catch-up with pricing.  As 2023 unfolds, the new home listings should be priced more in line with conditions, and hopefully, there will be less chasing the market.

Dec 06, 2022 09:04 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 recap for the Kalispell residential sector of your market.    I think many potential buyers and sellers are sitting on the sidelines right now.

Dec 06, 2022 09:29 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Kat, this is true of most areas of the Country. With rates so high, many folks are a bit scared to invest. They also know the cost to build is much higher right now. 

Dec 07, 2022 06:54 AM
Kat Palmiotti

True, Jeffrey DiMuria 321.223.6253 Waves Realty - the price to build has definitely increased over the last few years.

Dec 07, 2022 10:10 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Dec 07, 2022 08:02 AM
Kat Palmiotti

Thank you Roy!

Dec 07, 2022 10:09 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, since it is slower, maybe this gives you  more time to get together with friends and past clients for the Holidays! 

Dec 17, 2022 07:21 AM
Kat Palmiotti

True Joan Cox !

Dec 17, 2022 10:29 AM