Kalispell Market Report: Residential Homes – March 2021
Following is an overview of the Kalispell Montana real estate results for the residential market as of March 2021. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market continues to be strong, both in terms of sales and price points.
In the month of March 2021, there were 115 residential sales in Kalispell which is 25% higher than the same time last year and 62% higher than last month. As can be seen by the chart below, sales do typically bump up in March, so the 62% gain was expected. Looking at the total first quarter of the year, there were 273 sales in 2021 which is 40% higher than the same time last year. This year is definitely off to a strong start.
Also of interest, there are currently 190 homes under contract, which is slightly more than last month. This indicates buyer demand remains high. Next month’s sales results should be higher than last April.
In terms of available homes on the market, inventory has increased slightly as Spring arrived. There are currently 85 residential homes for sale, which is 20 more than the same time last month. Of the homes currently available, 17 are condominiums, one is a townhouse, six are manufactured homes and the rest are single family homes.
In the past twelve months, 1,365 residential homes sold in Kalispell which is an average of 114 per month. With only 85 homes currently for sale, that means there is less than one month of inventory currently available. Kalispell continues to experience a sellers market and the inventory of available homes is very low. That remains good news for sellers, and also presents some challenges for buyers. Buyers must be ready to make a strong offer as soon as they find a home they love!
Median Sales Prices
Median sales prices also remain strong in the Kalispell area. The median sales price for March 2021 was $380K which was 23% higher than last year, and 12% higher than last month. The continued shortage of inventory is keeping home prices high.
Regarding the first quarter, the median sales price was $356K, while in 1Q20 it was $303K. This is another indicator of the impact of demand for homes being higher than the supply.
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 March sold for under $100K. It was a 644 square foot home on a tenth of an acre in the middle of town.
The most expensive home was a 6,700+ square foot home with 10 acres of land and a 3,000+square foot heated shop. The home had four bedrooms, five baths, a butler’s pantry, workout room, an underground gun range and vaulted safe room. That sold for slightly under $2M.
Kalispell has just about any kind of property you can imagine. Brand new four bedroom homes, large luxury homes, manufactured homes, small off-the-grid cabins and everything in between!
The residential real estate market in Kalispell Montana continues to be very strong with limited inventory and increasing price points. 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 that perfect new home to purchase, call me! I can be reached at 406-270-3667 or firstname.lastname@example.org.
For more information on Kalispell, Montana, feel free to read this overview.
Previous Kalispell MT market reports can be found here.