Kalispell Market Report: Residential Homes – August 2023

Kalispell Market Report: Residential Homes – August 2023

Following is an overview of the Kalispell Montana real estate results for the residential market as of August 2023. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

The Kalispell residential market remains a seller’s market but it is even closer to being a balanced market. In August sales were higher than  the previous month but remain lower than last year. Inventory increased for the fifth month in a row and homes under contract decreased again.

Sales Volume

In the month of August 2023, there were 92 residential sales in Kalispell which was higher than last month and 14% less than last year. Year to date sales have been 17% lower than the same timeframe in 2022. This year’s home market is definitely softer than last year’s.

Of the homes that sold in August, seven were condos, three were town homes, ten were manufactured homes and the remainder were single family homes.

Inventory

In terms of available homes on the market, inventory has been steadily increasing since March of 2023. In March, there were 161 homes on the market and there are now 284, an increase of 76%. Buyers definitely have more choices now!

Of the homes currently available, 21 are condominiums, 12 are townhouses, six are manufactured homes and the rest are single family homes.

In the past twelve months, 784 residential homes sold in Kalispell which is an average of 65 per month. With 284 homes currently for sale, that means there are 4.4 months of inventory currently available which is higher than last month.

Median Sales Prices

The August median price point was $545,000, an increase of 4% since last month. Median prices are higher than the same time last year. That being said, the median price point has been fluctuating between $490K and $550K this year and it continues to do so. We’ll keep an eye on future months.

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 August was a three bedroom, two bath manufactured home with 1,216 square feet of living space located in the Ridgewood Trailer Park. It was listed at $99K. The most expensive property was a three bed, three bath 5,058 square foot home located on Treasure Island at Foy’s Lake. This home was listed at $2.995M.

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 saw some changes this month and while it is still a seller’s market, it is continues to move towards a more 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.

Thanks for reading “Kalispell Market Report: Residential Homes – August 2023.”