Kalispell Market Report: Residential Homes – September 2023

Kalispell Market Report: Residential Homes – September 2023

Following is an overview of the Kalispell Montana real estate results for the residential market as of September 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 but it is even closer to being a balanced market. In September sales were lower than the previous month and remain lower than last year. Inventory increased for the sixth month in a row and homes under contract decreased again.

Sales Volume

In the month of September 2023, there were 71 residential sales in Kalispell which was lower than last month and 9% less than last year. Year to date sales have been 16% lower than the same timeframe in 2022. This year’s home market is definitely softer than last year’s.

Of the homes that sold in September, nine were town homes, five were manufactured homes and the remainder were single family homes. No condos sold in September.

Inventory

In terms of available homes on the market, inventory has been steadily increasing since March of 2023. In March, there were 161 homes on the market and there are now 295, an increase of 83%. Buyers definitely have more choices now!

Of the homes currently available, 20 are condominiums, 18 are townhouses, ten are manufactured homes and the rest are single family homes.

In the past twelve months, 768 residential homes sold in Kalispell which is an average of 64 per month. With 295 homes currently for sale, that means there are 4.6 months of inventory currently available which is higher than last month.

Median Sales Prices

The August median price point was $575,000, an increase of 6% since last month. Median prices are higher than the same time last year. TThe median price point has been fluctuating between $490K and $550K so far this year, so this month does reflect a jump. That seems to just reflect the different makeup of types of homes sold this month. In August, fewer manufactured homes and condos sold, and more single family homes sold. And quite a few of them were higher end homes.

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 September was a 1972 910 square foot manufactured home with no land. It was listed at $15K. The most expensive property was a five bed, five bath 6,661 square foot home with 18 acres and 800 feet of waterfront on Foy’s Lake. This home was listed at $5.6M.

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 and while it is still a seller’s market, it is continues to move towards a more 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 – September 2023.”