Kalispell Market Report: Land – November 2023

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

This report covers the residential land market in Kalispell Montana as of the end of November 2023. The number of monthly sales and parcels under contract decreased while active listings remained flat. Overall the residential land market remains a buyers market.  

 
INVENTORY

As of early December 2023, there were 118 residential land parcels for sale in Kalispell which is the same as November's inventory.

Five or more acres

Of the land currently for sale 31% of the listings include five or more acres. This percentage is slightly lower than last month's report.

I define rural as those properties in the 5+ acre category. Those are most likely to be parcels located on a gravel mountain road, agricultural farming land, or acreage adjacent to National Forest or lumber parcels. They are often not located in a development, but by themselves, and provide privacy and multiple building and usage options. Kalispell Market Report: Land – November 2023 pie chart of acreage

The currently active properties over five acres range in price from $199K to $4.9M with an average price of $800K.

The lowest priced property is the same as last month. It includes five acres with multiple building sites. The highest priced property is also the same as last month. It is 795 acres with multiple building sites, a road system, and views.

 
Below five acres

In terms of the listings below five acres, many are located in developments. These parcels currently range in size from .09 of an acre to 4.77 acres and in price from $129K to $475K with an average price of ~$235K. Many of these come with monthly or annual HOA fees. They are also often covered by CCRs or Covenants, Conditions and Restrictions which define rules for building and living in that area.

 

 

PRICING

Price per acre can vary dramatically and often doesn't seem to make sense when viewing prices. Why is one 20 acre parcel priced under $200K and another $500K or more? Great question. Following are some pricing rules that seem to be true for land.

The first is, every parcel is unique. With land, you can't say the average price is $/acre, and this is a 20 acre parcel and therefore it should be $/acre times 20 acres. Instead, the specific topography, physical and legal access, utility availability, distance from town, potential usage, views, zoning, covenants and more need to be taken into account in order to come up with a legitimate price point. If you are thinking of selling your property and are told by an agent that the average price for land in Kalispell is a certain amount, and that you can just multiply that by the number of acres you have, call me. That's simply not the way the process works. Kalispell Market Report: Land – November 2023 table with sale price/acre

The second general rule is that the more land you are selling or buying, in general, the less you should expect to pay per acre. For example, looking at the last 11 months of land sales in Kalispell, you can see that as you purchase more land, the average price per acre decreases.

 
Bottom line

The bottom line with land in Kalispell, Montana is that every piece is unique, with different requirements, rules, views, utility options, amenities and of course prices.

 
 
SALES

In November 2023, nine land parcels sold which was 40% less than last month. There are currently 15 land sales under contract which is 11 less than last month.

Kalispell Market Report: Land – November 2023 bar chart of land sales by month
 
 
Length of Time to Sell

Land listings typically take longer to sell than home sales. The average days on market for land in 2021 was 5.1 months which was significantly less than the previous year. In 2022, the average was also 5.1 months. Year-to-date 2023, land took 6.5 months to sell which shows an increase over the last few years.

 
PRICES

Average or median sales prices are meaningless when discussing land sales. The qualities of one lot over another are so different as to make most comparisons moot. That being said, I am including a view of the total dollar value of all land sold per month to provide some kind of comparison to the previous year.

In November 2023, $3.2M of land was sold, double last November and nine less than last month. Land parcels currently under contract have a list price value of close to $12M which is 10% less than last month. However, it's important to note that just one of those deals has a list price of close to $7M so that one deal alone could appear to drastically change land value trends (but it's not). Next month's results may be higher than this month depending on which of the contracted sales close. So many factors go into the $ value of land sold that this is more of an informational fact than a predictive one. Kalispell Market Report: Land – November 2023 bar chart of $ sold  

 

In terms of the lowest and highest prices for a land parcel sold, the lowest priced parcel in November was 0.09 of an acre in The Starling Community with gas, water, power and sewer available. That was listed at $130K. At the other end of the price range was a 78 acre parcel with views that bordered the Forest Service and Stoltze lands. This was listed at $1.2M.

SUMMARY

The land market remains a buyers market. If you are interested in purchasing land in Kalispell, now is the time to do so with significant choices. Every piece of land is unique, even those in a development. Views can be dramatically different just moving from one acre to another. I love walking land with clients!

If you are interested in selling or buying land, and you want to work with a boot-wearing broker who is ready to find the borders, call me at 406-270-3667. I'd be happy to help! To see previous land-related market reports, click here. 

 

Originally posted 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 (16)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Kalispell offers a great opportunity for those looking to purchase land with a wide range of choices available. Whether you're selling or buying land, if you prefer a hands-on broker ready to navigate the boundaries wth boots on (haha), connect wth Kat!

Dec 05, 2023 10:27 AM
Kat Palmiotti

Thank you Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 - and I've now gained several new pairs of boots!

Dec 05, 2023 10:54 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Kat, for sharing this report.

Have a productive December.

Dec 05, 2023 10:38 AM
Kat Palmiotti

Thank you Roy!

Dec 05, 2023 10:54 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Look out Kat, your professionalism is showing again. As you can tell, I look at your market trends and availabilities each month and always enjoy your format 🎅

Dec 05, 2023 10:51 AM
Kat Palmiotti

Thank you for your comment and support Paul S. Henderson, REALTOR®, CRS !

Dec 05, 2023 10:54 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Kat Palmiotti ,

What an informative market report for Kalispell! Lots of choices and good opportunities for buyers. You are agent who knows the real estate market. Buyers and sellers need to seek you out for representation!

Dec 05, 2023 10:58 AM
Kat Palmiotti

Thank you Dorie Dillard Austin TX !

Dec 05, 2023 11:42 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kat Palmiotti  I so get it, when there is nothing to sell it is difficult to have sales and both numbers reflect that shortage, Endre

Dec 05, 2023 10:29 PM
Kat Palmiotti

Good morning and thank you Endre Barath, Jr. 

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

Kat Palmiotti - Selling land is a niche that only a Specialist in this area of expertise should sell and you do it so well. Winters make it more challenging for buyers and sellers with snow and ice on the roads. And of course, Glacier National Park is closed. You are so well prepared and always busy and I commend you for all your hard work that you do. 

Dec 06, 2023 05:16 AM
Kat Palmiotti

Thank you for your kind words Patricia Feager, MBA, CRS, GRI,MRP !

Dec 06, 2023 05:32 AM
Patricia Feager, MBA, CRS, GRI,MRP

Kat Palmiotti - Comments from the heart. 

Dec 06, 2023 05:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Kat... buyers looking for land in Kalispell should pay attention to your report. It's a buyer's market... time to buy!

Dec 06, 2023 06:46 AM
Kat Palmiotti

Thank you Nina Hollander, Broker !

Dec 06, 2023 07:38 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Kat Palmiotti - Though the winter months are a bit more challenging to sell land, serious buyers and sellers are out there.  You continue to update your clients and potential clients with the most current information for their analysis. Good job!

Dec 06, 2023 10:32 AM
Kat Palmiotti

Thank you Sheri Sperry - MCNE® !

Dec 06, 2023 01:43 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

List and sell lots of land and the first acre is the most expensive. Like buying a can of corn, not the entire case. The higher the price, the thinner the buyers. That first acre is the price of admission Kat Palmiotti . Thank you for the land specific market report. For many agents it is not just home home house list and sell.

Dec 07, 2023 03:58 AM
Kat Palmiotti

Thank you Andrew Mooers | 207.532.6573 for your comment!

Dec 07, 2023 05:10 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Kat- what I've learned from reading your land reports is that it takes a special agent to handle land sales. You've become the local expert for that!!!

Dec 07, 2023 07:19 PM
Kat Palmiotti

Thank you Kathy Streib !

Dec 08, 2023 04:40 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Friday morning, Kat.

I hope all is going well for you this week.

Dec 08, 2023 09:25 AM
Kat Palmiotti

Thank you Roy - it is and I wish the same for you!

Dec 08, 2023 11:37 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

You are so right, Kat. From one month to the other, number of sales drives the market, inventory and price also determine that, Happy Sunday!

Dec 10, 2023 10:15 AM
Kat Palmiotti

Happy Sunday to you too Wanda Kubat-Nerdin - Wanda Can! !

Dec 10, 2023 11:29 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Another stellar land report for Kalispell, Kat. Anyone thinking of buying or selling in your area should only call YOU. You truly have your fingers on the pulse of your market - and, of course, boots on the ground!! 

Dec 10, 2023 07:31 PM
Kat Palmiotti

Thank you Debe Maxwell, CRS !

Dec 11, 2023 04:42 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The Land Kat Palmiotti is the only agent I would trust in Kalispell for my real estate needs!

Dec 11, 2023 05:31 AM
Kat Palmiotti

Thank you Brian England !

Dec 11, 2023 06:23 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Monday morning, Kat. We have the first snow day of the season in Maryland. Schools were delayed for two hours but everything should be back to normal by late afternoon. 

Have an outstanding week.

Dec 11, 2023 10:03 AM
Kat Palmiotti

Good morning! We haven't had a snow day yet, but we don't usually have any. It has to be really terrible for school to cancel!

Dec 11, 2023 10:18 AM
Steven Beam
RE/MAX Alliance - Parker Colorado Real Estate. - Parker, CO
Parker Colorado Real Estate

Montana has been discovered. Shocking how the prices have climbed over the past 10 years.  I always wonder if all the people who have moved there will adjust to the weather and stay or eventually move. I hope Montana can stay Montana with all the new growth. 

Dec 12, 2023 08:51 AM
Kat Palmiotti

So do all the natives and people who have been here a while, Steven Beam !

Dec 12, 2023 09:01 AM