Kalispell, MT Metro Area Housing Market Analysis - November 2024
The Kalispell, MT metro area housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales, and inventory levels. The Median Sales Price has risen to $695,000, marking a significant year-over-year increase of 7.8%. This upward trend in sales prices indicates a robust demand for housing in the region, despite broader economic uncertainties.
In contrast, the Median List Price has seen a more modest increase of 2.8% year-over-year, reaching $719,500. This disparity between the sales and list price growth rates suggests that sellers may be adjusting their expectations to align more closely with market realities. The median Price Per Square Foot has also increased by 3.9% to $361.69, while the list Price Per Square Foot has seen a marginal rise of 0.2% to $383.33, further highlighting the competitive nature of the market.
Sales activity has been particularly strong, with the number of Homes Sold rising by 25.0% year-over-year to 105 units. Pending Sales have also increased, albeit at a slower pace of 2.0%, totaling 103 units. This growth in sales activity is complemented by a 7.5% increase in New Listings, which now stand at 100. However, the inventory has surged by 27.3% to 727 units, indicating a potential shift towards a more balanced market.
The Months of Supply, a key indicator of market balance, has increased by 10.0% to 6.9 months. This suggests that while demand remains strong, the market is gradually moving towards equilibrium, providing more options for buyers. The Median Days on Market have also increased significantly by 46.0% to 112 days, reflecting a slower pace of sales and potentially more discerning buyers.
Interestingly, the average sale to list ratio remains unchanged at 0.0%, indicating that homes are generally selling at their listed prices. Similarly, the sold above list ratio has not changed, suggesting that bidding wars are not a prevalent feature of the current market. Price Drops have decreased by 4.5% to 16.6%, which may indicate that sellers are becoming more realistic in their pricing strategies.
The percentage of homes going off the market in two weeks has decreased by 6.2% to 15.5%, further emphasizing the trend towards a more balanced market where buyers have more time to make decisions. Overall, the Kalispell housing market is characterized by rising prices and increased inventory, with a strong sales performance that suggests continued demand despite a cooling in the pace of transactions.