Kalispell Real Estate Market – March 2020

Kalispell Real Estate Market – March 2020

Following is an overview of the Kalispell Montana real estate results for the residential market as of March 2020. This report covers the entire residential market, which includes single family homes, townhouses, condominiums and manufactured homes. 

In March 2020, Kalispell Montana sales and median prices were healthy. Following is an overview.

Sales Volume

In the month of March 2020, there were 92 residential sales which was 42% higher than March of 2019, and 84% higher than February 2020. To address the elephant in the room upfront, more than 80% of those sales were completed prior to Montana issuing a formal Covid-19 Stay-at-Home directive on March 26th. And while there has been a demonstrable decrease in the number of buyers who are interested in purchasing homes at this moment, there are closings that are still happening. As with much of the world, the real estate industry is embracing technological ways to show homes and complete closing documentation.

As mentioned in last month’s report, the Spring market is well underway. There were 155 homes under contract at the beginning of March and there are 145 under contract now. So with 92 deals closing in February, that means 82 homes went under contract in March. Homes are definitely selling, although I do expect to see a decrease in activity during the month of April due to the current world health and financial situations.

Inventory

In terms of inventory, there are currently 257 residential homes on the market, which is 23% more than last month. Of the homes currently available, seven are condominiums, 24 are townhouses, six are manufactured homes and the rest are single family homes. In the last twelve months, 1,011 residential homes sold in Kalispell which means there are approximately three months of inventory currently available. That indicates the Kalispell area is experiencing a sellers market at this time.

Median Sales Prices

The median sales price for March 2020 was $309,250 which was slightly higher than the previous month. The median price has remained right around $300K for the last five months, so prices are continuing to remain relatively stable.

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 March was a two bedroom, one bath, ~850 square foot condo in the city of Kalispell with a one-car carport. That sold for right around $100K. The most expensive home sold for more than $2M.  That ranch home came with nearly 140 acres of land, lake frontage, 2,300 square feet of living space and a 1,760 square foot shop.

As can be seen, Kalispell has just about any kind of property you could imagine. Brand new four bedroom homes, large luxury homes, manufactured homes, small off-the-grid cabins and everything in between!

Summary

The residential real estate market in Kalispell Montana experienced a healthy March 2020. 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, 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.