Following is an overview of the Kalispell Montana real estate results for the residential market as of November 2023. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
According to my calculations, the Kalispell residential market spent the month of November in a balanced market where neither sellers or buyers had an advantage. In November sales were lower than the previous month and remain lower than last year. Inventory decreased for the second month in a row and homes under contract also decreased.
In the month of November 2023, there were 48 residential sales in Kalispell which was 14% lower than last month and 9% less than last year. This year's home market has been softer than last year. Of the homes that sold in November, one was a condo, four were town homes and the remainder were single family homes. There were no sales of manufactured homes.
In terms of available homes on the market, inventory was steadily increasing since March of 2023. However, in October we saw a decrease from 295 to 285 homes on the market and in November a further decrease from 285 to 277. Buyers still have choices at the moment but inventory is declining - mostly due to normal seasonal decreases.
Of the homes currently available, 23 are condominiums, 22 are townhouses, ten are manufactured homes and the rest are single family homes.
In the past twelve months, 747 residential homes sold in Kalispell which is an average of 62 per month. With 277 homes currently for sale, that means there are 4.5 months of inventory. Approximately five months of inventory would reflect a balanced market. So would an absorption rate between 15-20%. Absorption rate is calculated by taking the number of homes sold and dividing by the number of homes on the market. In this case, November reflected a rate of 17.3%. Therefore, both calculations reflect a balanced market in Kalispell.
Median Sales Prices
The November median price point was $522,000, a decrease of 12% since last month. Median prices for the month are lower than the same time last year. The median price point was fluctuating between $490K and $550K earlier this year, and November is back in that range.
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 two bedroom, one bath ~1,150 square foot home listed in "as is" condition. It was listed at $285K. The most expensive property was a ~3,100 square foot home with 600 foot guest house on a lake with mountain views. This home was listed at $1.7M.
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 November 2023 residential real estate market in Kalispell Montana was a 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 firstname.lastname@example.org.
Originally published at thehousekat.com.