The housing market in the Kalispell, MT metro area is currently experiencing a complex landscape, characterized by contrasting trends in pricing, sales, and inventory. As of February 2025, the Median Sales Price stands at $634,000, reflecting a 6.0% decrease year-over-year. This decline in sales price contrasts sharply with the Median List Price, which has surged by 34.9% to $849,000, indicating a significant gap between seller expectations and buyer willingness.

In terms of Price Per Square Foot, the Median Sales Price per square foot has increased by 5.1% to $357.72, while the Median List Price per square foot has decreased by 5.2% to $392.25. This divergence suggests that while sellers are listing properties at higher prices, buyers are negotiating lower prices per square foot, potentially due to market saturation or buyer caution.

Sales activity presents a mixed picture. The number of Homes Sold has increased by 8.4% year-over-year, reaching 90 homes. However, Pending Sales have decreased by 3.6%, totaling 108, indicating a potential slowdown in future sales activity. New Listings have dropped significantly by 27.3%, with only 101 new properties entering the market, which could contribute to a tightening inventory in the coming months.

Inventory levels have risen by 6.3% to 570 homes, providing a moderate cushion for buyers. However, the Months of Supply have decreased by 20.0% to 6.3 months, suggesting that the market is moving towards a more balanced state, albeit with a lean towards sellers. The Median Days on Market have decreased by 12.0% to 127 days, indicating that homes are selling more quickly than they did a year ago.

The average sale to list ratio remains unchanged at 0.0%, as does the sold above list ratio, suggesting that homes are generally selling at or below their listed prices. Price Drops have increased slightly by 1.2% to 13.3%, reflecting some seller adjustments in response to market conditions. Additionally, the percentage of homes going off market in two weeks has decreased by 6.4% to 19.4%, indicating a slower pace of quick sales.

Overall, the Kalispell housing market in early 2025 is marked by a notable disparity between list and sales prices, a rise in inventory, and a decrease in New Listings. While sales activity shows some positive momentum, the market remains in a state of flux, with sellers adjusting expectations and buyers navigating a landscape of mixed signals.