Kelley’s Market Trends: Kalispell Area Residential Sales

Residential building permits up significantly from 2015

By Jim Kelley

In the first half of this year, Kalispell and the area within 3.5 miles of the city limits represented 46.5 percent of the home sales within Flathead County. This is only slightly below the 47.2 percent that this same area represented in the first half of 2015.

The median home price in this area is $212,500 this year, compared to $203,500 for the same period in 2015. This represents a 4.3 percent increase, which is slightly lower that the 4.7 percent increase seen this year on a county-wide basis. This current median price is a new record high, surpassing the previous highs in 2006 of $203,000 and 2015’s $203,500 median.

Within the City of Kalispell there have been 49 new single-family home permits with a median construction cost of $189,900, plus another 20 townhouse building permits in the first six months of 2016, with a median construction cost of $125,500. The cost reported in the building permit does not include the land value. In the same period of 2015 there were 25 new single-family home permits with a median cost of $199,900 and two townhouse permits that cost $120,000 each.

Although the number of reported sales through the Realtor’s MLS service are slightly down in the Kalispell, the total number of all residential sales is up due to the increase number of new homes that are being constructed.

Within this area of Kalispell and 3.5 miles outside the city limits, there is a current inventory of 338 homes on the market, with a median asking price of $332,000 and an average asking price of $486,333. The total number of sale in this area was 751 in the last year, so with 338 on the market, there is currently around 5.5 months of inventory that is on the market. It should also be noted that only 14.5 percent of the active listings in this area are priced at or below the median sold price of $212,250.

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