Following is an overview of the Kalispell Montana real estate results for the residential market as of February 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 February sales, homes under contract and median prices increased while inventory decreased slightly. Time will determine whether we are headed back to a stronger seller's market.
Sales Volume
In the month of February 2023, there were 46 residential sales in Kalispell which is 8% less than the same time last year and 35% more than last month. We won't know until next month, but the increase in sales could signal an early Spring season and/or could be caused by more confidence in the financial markets.
Inventory
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 March 2023, there are only 174, a decrease of 46%.
Of the homes currently available, 20 are condominiums, 14 are townhouses, two are manufactured homes and the rest are single family homes.
In the past twelve months, 861 residential homes sold in Kalispell which is an average of 72 per month. With 174 homes currently for sale, that means there are two and a half 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 two and a half months of inventory available, we remain 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. February increased again to $530K, 8% higher than January and 11% more than February 2022. Lowering inventory does tend to result in higher 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 February was a two bedroom, two bath mobile home with ~900 square feet of living space that needed to be moved to a new location (no property was included). It was listed at $30K.
The most expensive home was a five bedroom, four bath 4,100 square foot home with 10 acres of land, a three car garage, mountain views and more. This home was listed at $1.975M.
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 saw sales, median prices, and homes under contract increase while inventory decreased 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 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 posted at thehousekat.com.
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