Following is an overview of the Kalispell Montana real estate results for the residential market as of January 2023. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
While the Kalispell residential market remains on the cusp of a balanced market, in January sales and available inventory decreased and homes under contract and median prices increased slightly.
In the month of January 2023, there were only 34 residential sales in Kalispell which is 41% less than the same time last year and 13% 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 and could also be due to winter and holiday conflicts.
In terms of available homes on the market, inventory had seen significant upward movement early last year but available homes starting dropping in August 2022 and have continued to do so. In July '22, Kalispell had 320 listings and as of early February 2023, there are only 177, a decrease of 45%.
Of the homes currently available, 19 are condominiums, 16 are townhouses, four are manufactured homes and the rest are single family homes.
In the past twelve months, 853 residential homes sold in Kalispell which is an average of 71 per month. With 177 homes currently for sale, that means there are two and a half 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 two and a half months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.
Median Sales Prices
With the exception of November, median prices were declining since July 2022. The median price for January was $493K, 10% higher than last year and 5% more than last month.
Another interesting data point is that 40% of all currently listed homes have seen price decreases. The average amount of decrease in price is 7%, but it has reached as high as 35%.
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 January was a one bedroom, one bath "investor special" with ~1200 square feet of living space that needed TLC. It was listed at $159K. The most expensive home was a five bedroom, four bath 5,800 square foot home with 20 acres of land, a three car garage, two stall shop, basketball court and more. This home was listed at $2.575M.
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!
The residential real estate market in Kalispell Montana saw sales and listings decline in January while properties under contract and median prices increased slightly. We'll see what happens as we move through 2023!
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 email@example.com.
For more information on Kalispell, Montana, feel free to read this overview.
Previous Kalispell MT market reports can be found here.
Yes, Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 - I am interested to see how this year goes!