Following is an overview of the Kalispell Montana real estate results for the residential market as of May 2023. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market remains a seller's market. In May, sales increased over the previous month but are still lower than last year. Inventory increased while homes under contract and median prices decreased. The Kalispell market is still experiencing a seller's market. but is moving towards a more balanced market.
Sales Volume
In the month of May 2023, there were 90 residential sales in Kalispell which is 53% more than last month and 6% less than last year. It looks as though the Spring market started a bit late this year.
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 continued to do so through March of this year. However, April did see a 23% increase in listings with 198 homes on the market and May increased to 218. That provides buyers with more choices.
Of the homes currently available, 21 are condominiums, 11 are townhouses, six are manufactured homes and the rest are single family homes.
In the past twelve months, 810 residential homes sold in Kalispell which is an average of 68 per month. With 218 homes currently for sale, that means there are 3.2 months of inventory currently available which is higher than last month. At this time, Kalispell remains a seller's market.
Median Sales Prices
The May median price point decreased 7% over last month. It is also lower than the same time last year. This is the second month with lower prices. We'll have to keep watch to see whether the prices continue to trend down or remain as is.
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 May was a three bedroom, two bath manufactured home with 924 square feet of living space in Meadow Manor Village. It was listed at $99K. The most expensive property was a four bedroom, three bath home with ~3,900 square feet, 4 acres and a view of Ashley Lake. This home was listed at $1.85M.
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 some changes this month and while it is still a seller's market, it appears to be moving towards a more balanced market. We'll see what happens next month!
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(10)