Kalispell Market Report: Residential Homes – November 2023

By
Real Estate Broker/Owner with eXp Commercial, Referral Divison RRE-BRO-LIC-75443

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.

 
Sales Volume

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.

 

    Kalispell Market Report: Residential Homes – November 2023 bar chart of monthly sales

 
Inventory

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.

 

    Kalispell Market Report: Residential Homes – November 2023 line graph of active listing and UC

 
 
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.

 

Kalispell Market Report: Residential Homes – November 2023 bar chart of median 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 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!

 
Summary

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 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.

Posted by

Kalispell, Bigfork, Lakeside and Somers areas. 

Are you getting ready to sell or purchase land or a home in Kalispell  or the surrounding vicinity? Let’s talk!

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Comments (6)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Kat and thank you for sharing your market report with us here in the Rain.  Make it a great Tuesday!

Dec 05, 2023 07:41 AM
Kat Palmiotti

Thank you Will Hamm - I wish the same to you!

Dec 05, 2023 08:26 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Kat... our market here is still more of a seller's market than balanced, but we do have some areas that are moving towards a balanced market. 

Dec 05, 2023 08:13 AM
Kat Palmiotti

Nina Hollander, Broker - Time will tell if they get there!

Dec 05, 2023 08:26 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

With a 4.5 month inventory the balance is only slighted weighted to sellers. Buyers need to be active to get their deals, however.

Dec 05, 2023 10:54 AM
Kat Palmiotti

Thanks for commenting Ed Silva, 203-206-0754 !

Dec 05, 2023 10:55 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It seems that things in Kalispell move at a slower pace.  I would certainly trust the advice from the House Kat.

Dec 06, 2023 04:09 AM
Kat Palmiotti

Thank you Brian England !

Dec 06, 2023 04:27 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti - Taking into consideration the season we are in, a balanced month is always a good month! 

May all your plans and community services be rewarding to those in need. And may goodness follow you always. 

Dec 06, 2023 05:07 AM
Kat Palmiotti

Thank you so much Patricia Feager, MBA, CRS, GRI,MRP - I wish the same for you!

Dec 06, 2023 05:33 AM
Patricia Feager, MBA, CRS, GRI,MRP

Kat Palmiotti - Thank you!

Dec 06, 2023 05:36 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Have a great day!

Dec 06, 2023 06:18 AM
Kat Palmiotti

Thank you Roy Kelley!

Dec 06, 2023 06:33 AM