Kalispell Market Report: Residential Homes – May 2021
Following is an overview of the Kalispell Montana real estate results for the residential market as of May 2021. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.
The Kalispell residential market continues to be a strong sellers market. That being said, there are some signs that the market may be slowing down slightly.
In the month of May 2021, there were 105 residential sales in Kalispell which is 35% more than last year and 40% more than last month. As can be seen by the chart below, sales increased a little later in 2020 but that could have been due to the pandemic constraints not due to normal activity. Therefore, this increase is most likely reflective of normal Spring activity.
Another data point – the number of homes under contract is the same as last month. This indicates that while buyer demand remains strong, demand may be easing a bit as more inventory has been coming on the market. In other words, buyers may have more choices and fewer competitors in the future.
In terms of available homes on the market, inventory has increased since last month. At this time last month, there were 90 residential homes on the market and now there are 113. That indicates new listings are indeed coming on the market (note: if you are a seller thinking of putting your house on the market, call me! Now remains a great time to sell).
Of the homes currently available, 15 are condominiums, six are townhouses, four are manufactured homes and the rest are single family homes.
In the past twelve months, 1,392 residential homes sold in Kalispell which is an average of 116 per month. With only 113 homes currently for sale, that means there is about a month of inventory currently available. That is the most inventory we’ve had so far this year, so while it’s just a small increase, it is a positive sign for buyers.
While Kalispell continues to experience a strong sellers market, the inventory of available homes is increasing. That remains good news for sellers, and presents some hope for buyers that the market may be slowly improving for purchasers. Still, 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 May 2021 was $409,900 which was 22% higher than last year but 8% lower than last month. This month ended the steadily rising price trend of the last four months. Also of interest, of the currently active listings, eight percent have seen a price decrease in the last few weeks. This may point to some future adjustments in the recent price trends.
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 May sold for approximately $160K. It was a ~730 square foot two bed, one bath manufactured home on a half an acre with Ashley Creek frontage.
The most expensive home was a ~4,000 square foot home with seven acres of land and and three horse pastures, a hay barn with shed, four-bay outbuilding and more. That sold for more than $1.1M.
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!
The residential real estate market in Kalispell Montana continues to be very strong with increasing inventory and slightly lower median price points. Also, based on recent price reductions and the steady number of homes under contract, it is possible the market will settle down a little in the upcoming months. The next report should be interesting.
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 email@example.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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