Kalispell Market Report: Residential Homes – September 2022

Kalispell Market Report: Residential Homes – September 2022

Following is an overview of the Kalispell Montana real estate results for the residential market as of September 2022. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

The Kalispell residential market remains on the cusp of a balanced market.

Sales Volume

In the month of September 2022, there were 78 residential sales in Kalispell which is 21% less than the same time last year and 27% less than last month. Inventory levels have risen since early this year and the number of homes under contract is relatively flat. The lower number of sales could be attributed to buyers holding off on making a purchase at this time.

Inventory

In terms of available homes on the market, inventory has seen significant upward movement since early this year but dropped in September. The early October listings of 242 are 24% less than last month. Of interest, 50 condo listings in a 55+ senior community were canceled this month so most of the decline in active listings can be attributed to just that one community.

Of the homes currently available, seven are condominiums (compared to 56 last month), 19 are townhouses, nine are manufactured homes and the rest are single family homes.

In the past twelve months, 1,010 residential homes sold in Kalispell which is an average of 84 per month. With 242 homes currently for sale, that means there is ~three months of inventory currently available which is lower than last month.

Kalispell does remain a seller’s market but only four or five months of inventory would be needed for a balanced market. With nearly three months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.

Median Sales Prices

For most of 2021, median price points in Kalispell fluctuated between $400-500K. In January 2022, the median price point returned to the level it was in most of 2021, which was $447K. And February’s median price point was $475K, a slight increase. The March median sales price jumped to $513K, April was at $572K, May was $595K and surprisingly enough June was $653K. So while everything else was pointing to a market that was moving more towards a balanced one, as of June, prices were not in alignment. I indicated at the time that this could be strictly a timing issue, as homes that close were under contract a month or two earlier. That seems to have played out, as the July median price point dropped to $534K, August was $525K and September remained relatively flat at $529K.

Another interesting data point is that 55% of all currently listed homes have seen recent price decreases. The average amount of decrease in price is 8%, but it has reached a 36% reduction for some homes. October has even more inventory with price decreases than we saw last month.

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 September was a three bedroom, two bath manufactured home on a half acre in the Evergreen area of town. It sold for close to $200K. The most expensive home was a seven bedroom, five bath home with nearly 30 acres of land with riverfront access, two kitchens, a three-car garage, a four-bay shop with living quarters and more. This home sold for more than $3M.

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 is still on the cusp of being considered a balanced market.

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.

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