Kalispell Market Report: Residential Homes – December 2022

Kalispell Market Report: Residential Homes – December 2022

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

While the Kalispell residential market remains on the cusp of a balanced market, sales, available listings, properties under contract and median sale prices fell in the month of December.

Sales Volume

In the month of December 2022, there were only 39 residential sales in Kalispell which is 61% less than the same time last year and 26% less than last month. The lower number of sales could be attributed to buyers holding off on making purchases at this time due to economic challenges and could also be due to winter and holiday conflicts.

Inventory

In terms of available homes on the market, inventory had seen significant upward movement early this year but available homes starting dropping in August and have continued to do so. In July, Kalispell had 320 listings and as of early January 2023, there are only 182, a decrease of 43%.

Of the homes currently available, 17 are condominiums, 13 are townhouses, three are manufactured homes and the rest are single family homes.

In the past twelve months, 871 residential homes sold in Kalispell which is an average of 73 per month. With 182 homes currently for sale, that means there are less than three months of inventory currently available which is a little lower than last month.

Kalispell does remain a seller’s market but only four or five months of inventory would be needed for a balanced market. With nearly three months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.

Median Sales Prices

With the exception of November, median prices have been declining since July. The median price for December was $469K, 15% less than last year and 18% less than last month.

Another interesting data point is that 45% of all currently listed homes have seen price decreases. The average amount of decrease in price is nearly 8%, but it has reached as high as 30%.

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 December was a two bedroom, one bath manufactured home with 951 square feet of living space that needed TLC. It sold for less than $100K. The most expensive home was a four bedroom, three bath 3,700 square foot home with 10 acres of land and a three car heated garage with apartment. This home sold for less than $2.25M.

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 sales, listings, properties under contract and median prices decline in December. We’ll see what happens in 2023!

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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