Looking back to look ahead: we’re analyzing the Q4 2023 real estate market data to make informed decisions in this new year. Read on for the data, charts and the biggest takeaways from Q4 in our latest Market Report.
Mobile Readers: Swipe left on the tables below to view all data.
Average Sales Price By County
| Average Sales Price | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|
| Flathead | $821,789 | -5% | +6% |
| Missoula | $654,250 | +7% | +24% |
| Ravalli | $650,000 | +5% | -12% |
| Lewis & Clark | $465,018 | +7% | -2% |
Average Sales Price By Town
| Average Sales Price | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|
| Whitefish | $1,252,880 | -14% | +10% |
| Kalispell | $607,767 | -6% | flat |
| Missoula | $568,578 | -6% | +8% |
| Helena | $465,986 | -2% | +7% |
Don’t let the negative change from Q3 concern you – we’re watching the YOY (year over year) increases and know the market is returning to a healthier level, inclusive of inventory and demand. Prices are still significantly higher than where they were pre-pandemic, but just as we reported in past Market Reports, we see pricing right-sizing, making it easier to analyze the market and provide comprehensive Market Analysis Reports for our clients. If you are curious what the value of your home is today, Contact Us – we’d love to put a no-strings-attached Competitive Market Analysis together for you to help you make informed decisions on your real estate invesments.
Homes For Sale
| # Homes | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|
| Flathead County | 759 | -6% | +8% |
| Missoula County | 321 | -4% | +33% |
| Ravalli County | 219 | -13% | -11% |
| Lewis & Clark County | 181 | -7% | -6% |
| Whitefish | 179 | -18% | +5% |
| Kalispell | 282 | +1% | +35% |
| Missoula | 238 | -6% | +41% |
| Helena | 125 | -7% | +20% |
The number of homes for sale is rising compared to last year, in some parts as much as 35% (Kalispell) and 41% (Missoula), yet remains flat or slightly down from Q3. Typically, Q4 sees limited number of new listings compared to the rest of the year, for example:
Missoula:
- Q3 2023 New Listings: 456
- Q4 2023 New Listings: 183
- -60% drop between the two quarters
Whitefish:
- Q3 2023 New Listings: 169
- Q4 2023 New Listings: 98
- -42% drop between the two quarters
All this to say, we’re excited to see inventory levels return to a healthier level.
Supply & Demand
| Months Supply | % Change (vs LQ) | % Change (vs LY) | Average Days on Market | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|---|---|---|
| Flathead County | 6.3 | flat | +26% | 94 | -9% | -22% |
| Missoula County | 3.3 | flat | +50% | 68 | +15% | -13% |
| Ravalli County | 4.3 | -12% | +30% | 100 | +14% | +14% |
| Lewis & Clark County | 2.5 | flat | +47% | 66 | -8% | +38% |
| Whitefish | 7.5 | -13% | +25% | 117 | -19% | -39% |
| Kalispell | 4.6 | +5% | +59% | 85 | -12% | -16% |
| Missoula | 2.9 | -3% | +53% | 64 | +19% | -19% |
| Helena | 2.2 | -8% | +38% | 61 | +27% | -12% |
Overall, residential supply has remained relatively flat from last quarter, but we continue to see big gains from the same period last year, which is promising, as limited inventory remained a barrier for many seeking to buy in Western Montana.
We continue to see Average Days On Market remain low, especially in Missoula (68) and Lewis & Clark (66) Counties. Supply also remains lower in both of those counties, which makes for a more competitive market. Are you struggling in a competitive market? Contact Us, with a seasoned team of veteran Agents, we have ways to navigate challenging markets.
We’re Here For You
No matter where the market turns, you can count on our seasoned team of Agents to provide expert advice, as we not only work in the Western Montana market, but we proudly live and serve here, too.
