Kalispell Real Estate Market – October 2020

Kalispell Real Estate Market – October 2020

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

The Kalispell residential market was incredibly hot this year. Activity is still very strong, but is starting to slow down a bit. See below for specifics.

Sales Volume

In the month of October 2020, there were 110 residential sales in Kalispell. That result is 16% higher than the same time last year, but a third lower than the previous month. As can be seen by the chart below, sales do typically slow down in the October period and stay relatively low for the next three or four months. Of course 2020 has been nothing you would call “typical,” so time will tell what happens next.

Another important data point is the number of homes under contract, since many of those will be closing during the next few months. There are currently 283 homes under contract which is slightly more than the same time last month. My interpretation is that closed sales will stay relatively high for at least the next few months.

Inventory

In terms of inventory, inventory has been shrinking for the last five months. There are currently 137 residential homes on the market, which is 12% lower than last month. Of the homes currently available, ten are condominiums, eight are townhouses, ten are manufactured homes and the rest are single family homes.

In the past twelve months, 1,228 residential homes sold in Kalispell which means there are only 1.3 months of inventory currently available. Without a doubt, Kalispell is continuing to experience a sellers market and the inventory of available homes is very low. That’s remains good news for sellers!

Median Sales Prices

Median sales prices are remaining strong as well. The median sales price for October 2020 was $337,000 which was slightly more than the same time last year and slightly less than the previous month. The fact that the price went down slightly from last month should not cause anyone to think the market is slowing. The monthly results remained strong. And the year-to-date median price remained flat at $325K. That’s a steady price trend.

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 October was right around $130K. It was a three bedroom, two bath, ~1,850 square foot manufactured home on the east side of Kalispell. That sale was a foreclosure.

The most expensive home was a five bedroom, four bath home with more than 3,900 square feet of living space and more than 40 acres of land. It came with a five-car garage, views of Foy’s Lake and mountains, and more. This sold for close to $2.4M.

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 remains 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 kat@thehousekat.com.

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

Previous Kalispell MT market reports can be found here.