Kalispell Real Estate Market – May 2020

Kalispell Real Estate Market – May 2020

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

In May 2020, Kalispell Montana sales and median prices remained healthy. Following is an overview.

Sales Volume

In the month of May 2020, there were 78 residential sales in Kalispell which was fairly steady when compared to the 80 sold in April. May results were 15% less than May of 2019. The difference from last year is not that surprising when considering the 2020 Coronavirus pandemic did result in some sellers holding off putting their homes on the market. So while both April and May had healthy sales rates, I do believe the next few months will be higher as sellers take the plunge.

Furthermore, looking at the number of homes currently under contract is telling, There were 137 under contract during last month’s report and there are now 205. That indicates there were many homes that came on the market and went under contract quickly. With 78 closings during the last month, that means 146 additional homes went under contract during the same timeframe.  That’s a lot of movement!

Inventory

In terms of inventory, there are currently 221 residential homes on the market, which is only slightly lower than last month’s 224 level. Of the homes currently available, five are condominiums, 15 are townhouses, four are manufactured homes and the rest are single family homes. In the past twelve months, 1,034 residential homes sold in Kalispell which means there are approximately two and a half months of inventory currently available. That indicates the Kalispell area is still experiencing a sellers market.

Median Sales Prices

The median sales price for May 2020 was $335,000 which was 4% higher than the same time last year and 5% higher than the previous month. May median prices were the highest we’ve seen in the last year. Low inventory levels typically result in higher price points, so it appears the Kalispell market is doing just as expected. There may also be a higher demand for homes in the area now as some people may wish to move to a more rural area (although that is just my own guess, and not a statistically proven fact).

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 May was a three bedroom, two bath, ~1,500 square foot double-wide manufactured home with detached garage and rental apartment. That sold for under $150K. The most expensive home was a 7 bedroom, 5 bath, ~3.900 square foot custom home on 20 acres of land. The home included a three bedroom guest house, shed, and heated shop/barn. This home sold for under $2M.

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!

Summary

The residential real estate market in Kalispell Montana continues to be 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, 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.