Kalispell Market Report: Residential Homes – April 2022

Kalispell Market Report: Residential Homes – April 2022

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

The Kalispell residential market remains a strong sellers market, but there are a few signs that changes might be coming.

Sales Volume

In the month of April 2022, there were 100 residential sales in Kalispell which is 33% more than last year and 83% more than last month. That is quite a jump from the previous month. Because there are currently 162 homes under contract, which is 7% less than the same time last month, next month’s results should be relatively flat or perhaps even decrease a bit.

Inventory

In terms of available homes on the market, inventory is 16% higher than last month with 139 properties for sale as indicated with the blue line in the chart below. As mentioned for the last few months, 59 condominiums in a 55+ community were listed in January which increased the number of homes on the market. 57 of those condos are still on the market, so as with last month even with the increase of 19, the actual number of homes on the market (excluding that one community) remain low.

Of the homes currently available, 58 are condominiums, five are townhouses, three are manufactured homes and the rest are single family homes.

In the past twelve months, 1,138 residential homes sold in Kalispell which is an average of 95 per month. With 139 homes currently for sale, that means there is only about one and a half months of inventory currently available. Kalispell remains a seller’s market. Four or five months of inventory would be needed for a balanced market. We are not close.

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! There are still multiple offers on appropriately priced homes.

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 and April was at $572K.

While prices did not decrease in April,  21% of all currently listed homes have seen recent price decreases ranging from 1% decrease to 22% decrease. Perhaps this is indicative of a slowing of price increases, but we’ll know more next 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 April was a ~1,200 square foot single family fixer-upper home with one bedroom and one bath. It sold for less than $150K. The most expensive home was a two bedroom, two bath ~2,200 square foot home with 477 acres of income producing land with a mile of Flathead River frontage. This home sold for more than $4.5M.

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 strong sellers 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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