Kalispell Market Report: Residential Homes – March 2023

Kalispell Market Report: Residential Homes – March 2023

Following is an overview of the Kalispell Montana real estate results for the residential market as of March 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. In March, sales, homes under contract and median prices increased while inventory decreased. While the Kalispell market appeared to be moving towards a balanced market, data suggests it is now moving back towards a stronger seller’s market.

Sales Volume

In the month of March 2023, there were 58 residential sales in Kalispell which is 7% more than the same time last year and 26% more than last month. The increase in sales could signal an early Spring season and/or could be caused by more confidence in the financial markets.

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 have continued to do so. In July ’22, Kalispell had 320 listings and as of early April 2023, there are only 161, a decrease of 50%.

Of the homes currently available, 22 are condominiums, 10 are townhouses, two are manufactured homes and the rest are single family homes.

In the past twelve months, 863 residential homes sold in Kalispell which is an average of 72 per month. With 161 homes currently for sale, that means there are 2.2 months of inventory currently available which is lower than last month. Kalispell remains a seller’s market.

Median Sales Prices

With the exception of November, 2022 median prices were declining during the last half of the year. In terms of 2023, the median price for January was $493K, 10% higher than last year and 5% more than last month. February increased again to $530K, 8% higher than January and 11% more than February 2022. March is higher still at $549K, 7% higher than 2022 and 3% more than last month. Lowering inventory does tend to result in higher prices.

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 was a two bedroom, two bath mobile home with 1,035 square feet of living space that needed to be moved to a new location (no property was included). It was listed at $155K. The most expensive property included two homes on 20 acres with mountain views. This home was listed at $2.985M.

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, median prices, and homes under contract increase while inventory decreased slightly. We’ll see what happens as we move through 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.

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