Kalispell Real Estate Market – July 2020
Following is an overview of the Kalispell Montana real estate results for the residential market as of July 2020. This report covers the entire residential market, which includes single family homes, townhouses, condominiums and manufactured homes.
July 2020 sales and median prices for Kalispell, Montana were extremely healthy. Following is an overview.
In the month of July 2020, there were 146 residential sales in Kalispell which was 24% more than the same time last year, and 20% more than June 2020. I can safely say that 146 sales is the highest number of sales since.. well, ever. I reviewed sales records for the Kalispell area going back to the 1990s and we have never sold this many homes in one month. Sales volumes are booming.
Also of note, so far in 2020 there have been 621 residential sales in Kalispell, which is 14% more than the same time last year. More people may be moving into the area from other states due to a desire for space, privacy and fewer restrictions.
In terms of homes under contract, there were 249 under contract during last month’s report and there are now 325. That indicates there were many homes that came on the market and went under contract quickly during the month of July. With 146 closings, that means 222 additional homes went under contract during the same timeframe. Kalispell is experiencing an extremely robust market!
In terms of inventory, there are currently 179 residential homes on the market, which is lower than last month’s 192. Of the homes currently available, eight are condominiums, nine are townhouses, nine are manufactured homes and the rest are single family homes.
In the past twelve months, 1,074 residential homes sold in Kalispell which means there are approximately two months of inventory currently available. Without a doubt, Kalispell is experiencing a sellers market and the inventory of available homes is very low. That’s good news for sellers!
Median Sales Prices
The median sales price for July 2020 was $325,000 which was 8% higher than the same time last year and 5% more than the previous month. Also of note, during the last month, the year to date median price has increased 2% to $319,900. That compares to a median year-to-date price of $299,000 in 2019, so the price trend is increasing. So not only are the numbers of sales increasing, so are the price points (which makes sense with the decreasing inventory levels).
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 July was a two bedroom, one bath, ~900 square foot condominium with views of the valley. This sold around $130K, with a final sales price that was higher than the list price. The most expensive home was a five bedroom, six and a half bath home built in 2018 with 6 acres of land, valley views, a covered deck, ~6,800 square feet of living space and more. This home sold for more than $1.5M.
Kalispell has just about any kind of property you can imagine. Brand new four bedroom homes, large luxury homes, manufactured homes, small off-the-grid cabins and everything in between!
The residential real estate market in Kalispell Montana is extremely healthy. 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, check out this online home evaluator. And if you need help selling your home or finding that perfect new home to purchase, call me! I can be reached at 406-270-3667 or firstname.lastname@example.org.
For more information on Kalispell, Montana, feel free to read this overview.
Previous Kalispell MT market reports can be found here.