Kalispell Real Estate Market – October 2019

Kalispell Real Estate Market – October 2019

Following is an overview of the Kalispell Montana real estate results for the residential market as of October 2019. This initial report covers the entire residential market, which includes single family homes, townhouses, condominiums and manufactured homes. Future monthly editions of this market data may include different reports for the four types of residential homes.

During 2019, sales have remained healthy and median prices have been higher than 2018 – in every month so far this year.

Following is an overview of the October 2019 Kalispell results.

Sales Volume

In the month of October 2019, there were 91 residential sales which was 9% lower than the same month last year and 13% lower than September of 2019. As you can tell from the chart below, sales in the area do tend to start out lower at the beginning of the year, surge to a high in June or July and then hit lower levels in the later months of the year.

It’s also important to note, however, for those who might be wondering if they should sell now or in the spring or summer months – there are still typically between 50 and 75 sales in each of the “slower” months. Also of interest, there are currently more than 130 homes under contract. This reiterates that area homes are definitely still selling, even in November!

Inventory

In terms of inventory, there are currently 298 residential homes on the market. Eight are condominiums, ten are townhouses, ten are manufactured homes and the rest are single family homes. In the last twelve months, 963 residential homes sold in Kalispell which means there is slightly less than four months of inventory currently available. In my book, less than four months of inventory means the Kalispell area is currently experiencing a sellers market. Homes that are prepared and priced properly are selling!

Median Sales Prices

The median sales price for October 2019 was $345,000*, which is the highest median sales price in at least the last two years. A quarter of the homes sold in October were built in the last five years. New construction homes typically have higher price points, which could be one reason for the higher October results. The median price for the entire year is $299K, so the most recent month’s results might just be a blip, or perhaps a sign of things to come. Only time will tell.

Type of homes being sold

To get an idea of the types of homes that are selling in Kalispell, the lowest priced home sold in October was a one-story home built in the 1940s. The three bedroom two bath single family home included nearly a half acre of land with a firepit and rock gardens. It sold for slightly less than $160K.

The most expensive home that sold in October had four bedrooms and two baths in ~2,800 square feet. In addition, there was a chef kitchen, theater/game room, patio and hot tub nook. The property included a three car garage, lake frontage, 1.5 acres of land along with mountain and lake views. It sold for more than $1M.

One of the interesting things about the area is the ability to find whatever you might be looking for. Kalispell has brand new four bedroom homes, off-the-grid cabins and everything in between.

Summary

The residential real estate market in Kalispell Montana is definitely healthy and strong. If you have any specific questions about Kalispell or any other part of the Flathead Valley, feel free to contact me. And if you need help selling or finding that perfect new home to purchase, I can be reached at 406-270-3667. Enjoy your month!

* Please see the November report for an updated median price for October; four sold listings were not included in the original information above.

For more information on Kalispell, Montana, feel free to read this overview!