Kalispell Market Report: Residential Homes – May 2022

Kalispell Market Report: Residential Homes – May 2022

Following is an overview of the Kalispell Montana real estate results for the residential market as of May 2022. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

The Kalispell residential market remains a sellers market, but there were some changes to note.

Sales Volume

In the month of May 2022, there were 96 residential sales in Kalispell which is 10% less than last year and slightly less than last month. There are also currently 15% fewer homes under contract than a month ago. So buyer demand may be softening.

Inventory

In terms of available homes on the market, inventory has seen a significant upward movement. As of the beginning of June, there are 57% more homes on the market than there were a month ago. Currently there are 218 homes on the market in Kalispell. The last time we had that many was in the Spring of 2020.

Of the homes currently available, 59 are condominiums, nine are townhouses, seven are manufactured homes and the rest are single family homes.

In the past twelve months, 1,117 residential homes sold in Kalispell which is an average of 93 per month. With 218 homes currently for sale, that means there are almost two and a half months of inventory currently available. The last time we had that much inventory available was June of 2020.

Kalispell does remain a seller’s market. Four or five months of inventory would be needed for a balanced market. We are not close but are moving in that direction.

Because Kalispell is still experiencing a seller’s market, buyers must be ready to make a strong offer as soon as they find a home they love!

Median Sales Prices

For most of 2021, median price points in Kalispell fluctuated between $400-500K. In January, the median price point returned to the level it was in most of 2021, which was $447K. And February’s median price point was $475K, a slight increase. I was expecting the March number to be in the same ballpark, but the March median sales price jumped to $512,750, April was at $572K and May was $595K. So everything else is pointing to a market that is moving more towards a balanced one, with the exception of the prices. Since these were based on homes that were under contract earlier in the year, we might see some prices decreases in the next few months.

Another interesting data point is that  27% of all currently listed homes have seen recent price decreases ranging from 1% decrease to 31% decrease. That’s even more inventory with price decreases than we saw last month.

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 ~1,120 square foot manufactured home with three bedrooms and one bath. It sold for less than $150K. The most expensive home was a four bedroom, four bath ~3.300 square foot home with 10 acres and 360º of mountain views. This home sold for more than $2.2M.

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 continues to be a sellers market but there are signs that it is moving towards a more balanced market.

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.

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