Kalispell Market Report: Residential Homes – July 2023

Kalispell Market Report: Residential Homes – July 2023

Following is an overview of the Kalispell Montana real estate results for the residential market as of July 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 close to being a balanced market. In July sales were flat from the previous month and remain lower than last year. Inventory increased for the fourth month in a row and homes under contract decreased slightly.

Sales Volume

In the month of July 2023, there were 73 residential sales in Kalispell which is the same as last month and 17% less than last year. This year’s home market is definitely softer (so far) than last year’s.

Of the homes that sold in July, four were condos, seven were town homes, six were manufactured homes and the remainder were single family homes.

Inventory

In terms of available homes on the market, inventory had seen significant upward movement early last year but available homes starting dropping in August 2022 and continued to do so through March of this year. However, April did see a 23% increase in listings with 198 homes on the market, May increased to 218, June to 252 and July to 267. That provides buyers with more choices.

Of the homes currently available, 20 are condominiums, 12 are townhouses, six are manufactured homes and the rest are single family homes.

In the past twelve months, 798 residential homes sold in Kalispell which is an average of 67 per month. With 267 homes currently for sale, that means there are 4 months of inventory currently available which is higher than last month.

Median Sales Prices

The July the median price point was $525,000, a decrease of 4% since last month. Median prices are also lower than the same time last year. The median price point has been fluctuating between $490K and $550K this year. 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 July was a three bedroom, two bath manufactured home with 1152 square feet of living space located in Willow Glen/Twin Acres. It was listed at $155K. The most expensive property was a three bed, four bath 4,244 square foot home located on Foy’s Lake. The home had no covenants and included a guest house. This home was listed at $2.7M.

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 moving 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 – July 2023.”