Kalispell Market Report: Residential Homes – October 2023

Kalispell Market Report: Residential Homes – October 2023

Following is an overview of the Kalispell Montana real estate results for the residential market as of October 2023. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

According to my calculation, the Kalispell residential market spent the month of October in a balanced market where neither sellers or buyers had an advantage. In October sales were lower than the previous month and remain lower than last year. Inventory decreased for the first time since April and homes under contract remained relatively flat.

Sales Volume

In the month of October 2023, there were 56 residential sales in Kalispell which was 21% lower than last month and 19% less than last year. This year’s home market remains softer than last year.

Of the homes that sold in October, two were condos, three were town homes, seven were manufactured homes and the remainder were single family homes.

Inventory

In terms of available homes on the market, inventory was steadily increasing since March of 2023. However, in October we saw a decrease from 295 to 285 homes on the market, a decrease of ten. Buyers still have plenty of choices at the moment.

Of the homes currently available, 23 are condominiums, 19 are townhouses, nine are manufactured homes and the rest are single family homes.

In the past twelve months, 749 residential homes sold in Kalispell which is an average of 62 per month. With 295 homes currently for sale, that means there are 4.6 months of inventory. Approximately five months of inventory would reflect a balanced market. So would an absorption rate between 15-20%. Absorption rate is calculated by taking the number of homes sold and dividing by the number of homes on the market. In this case, September reflected a rate of 19.6%.

Median Sales Prices

The October median price point was $594,500, an increase of 3% since last month. Median prices for the month are higher than the same time last year. The median price point was fluctuating between $490K and $550K earlier this year, so the last two months do reflect a jump in prices. With fewer sales (less buyer demand), I would expect this to decrease but time will tell.

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 October was a three bedroom, two bath 924 square foot manufactured home with no land. It was listed at $70K. The most expensive property was a four bedroom, three bathroom ~3,100 square foot new construction home with many community amenities. This home was listed at $1.9M.

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. The numbers indicate October was a 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 – October 2023.”