We know that real estate blends both emotional and rational decision making – after all, making what most likely will be one of the largest purchases of your life should be somewhat influenced over whether or not you actually like (or love!) the property you’re about to buy. However, when it comes to making good real estate investments, it’s important to analyze the data and facts to back them up. Lucky for you, we’ve done most of the data crunching for you! It’s time to dive into the Q1 2024 Market Report, analyzing residential real estate numbers from across Western Montana, with a focus on Flathead, Missoula and Lewis & Clark Counties.
Mobile Readers: Swipe left on the tables below to view all data.
Average Sales Price By County
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead | $802,873 | -2% / -2% | $573,700 | -5% / -2% |
| Missoula | $551,276 | -16% / -2% | $530,000 | flat / flat |
| Lewis & Clark | $517,781 | +11% / +7% | $445,500 | +4% / +1% |
Average Sales Price By Town
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $1,472,436 | +18% / +12% | $940,000 | +21% / +6% |
| Kalispell | $612,476 | flat / flat | $525,000 | flat / flat |
| Bigfork | $996,921 | flat / -11% | $575,000 | -20% / -12% |
| Missoula | $556,777 | -2% / -2% | $532,418 | flat / +1% |
| Helena | $521,936 | +12% / +4% | $449,000 | +6% / -3% |
Across the board, data is a bit scattered and not as consistent with pricing as we’ve seen in past quarters. After experiencing a rather large dip in both Median and Average Sales Price in Q4, Whitefish has returned to pricing more consistent with 2023 as a whole, whereas, Bigfork experienced a similar dip across Median and Average Sales Price this past quarter. The Median Sales Price line graphs for both Missoula and Lewis & Clark Counties (and their largest towns of Missoula and Helena, respectively) have not experienced such dramatic highs and lows, and with that, see a more stable line across the graph.
Price Per Square Foot By County
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | $397 | flat / +4% | $348 | flat / +6% |
| Missoula County | $293 | -5% / +5% | $284 | flat / +1% |
| Lewis & Clark County | $258 | flat / +6% | $260 | +2% / +11% |
Comparing Median and Average Price Per Square Foot, Flathead County saw prices stay consistent from Q4 to Q1, while we saw modest growth from the same quarter last year (+4% Average PPSF and +6% Median PPSF). Missoula County had a more mixed bag, with Average PPSF experiencing a slight dip from Q4 to Q1 but a 5% increase from the same quarter last year, whereas Median PPSF remained consistent (flat).
Price Per Square Foot By Town
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $587 | +5% / -1% | $511 | -1% / -7% |
| Kalispell | $330 | +9% / +16% | $327 | +8% / +9% |
| Bigfork | $467 | +9% / +4% | $391 | -4% / -4% |
| Missoula | $296 | -2% / +6% | $284 | flat / flat |
| Helena | $249 | -1% / +3% | $256 | +2% / +11% |
Diving into our towns, we saw a bit more of a ‘mixed bag’ of data across Median and Average Price Per Square Foot, with some towns reporting increases from last quarter but slight dips from the same quarter last year. We’ll continue to keep tabs on Kalispell, as growth and opportunity continue to present themselves as increase in PPSF, as well as Closed Sales (235 in Q1, a 23% increase from last quarter and a 24% increase from Q1 2023).
Homes For Sale
| New Listings | % Change (vs LQ/LY) | Closed Sales | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 482 | +15% / +15% | 287 | -10% / -4% |
| Missoula County | 343 | +51% / +23% | 219 | -18% / +5% |
| Lewis & Clark County | 239 | +22% / +6% | 167 | -14% / -6% |
| Whitefish | 101 | +2% / -7% | 48 | -34% / -36% |
| Kalispell | 235 | +23% / +24% | 165 | +11% / +18% |
| Bigfork | 55 | +34% / +72% | 19 | -55% / -17% |
| Missoula | 279 | +52% / +20% | 186 | -14% / +5% |
| Helena | 170 | +13% / +2% | 135 | -8% / +9% |
As it typically does in Q1, we’re seeing additional inventory come on market. For Buyers who have been patiently waiting for the “right” property to hit the market, now might be the time. We’re especially seeing this in our more typically residential markets: Kalispell, Missoula and Helena, as the number of new listings saw high double digit growth compared to last quarter and Q1 of last year (Missoula saw a 52% increase in the number of new listings from Q4 to Q1!)
Our resort markets (Whitefish and Bigfork) saw a more significant dip in closed sales in Q1 than their residential counterparts (which is also typical for this time of year), however, we anticipate an increase in Q2, so long as the data continues to follow past trend lines. We’ll report back in our Q2 Market Report!
Supply & Demand
| Months Supply | % Change (vs LQ/LY) | Average Days on Market | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 6 | +3% / +25% | 125 | +34% / -5% |
| Missoula County | 3.1 | -3% / +55% | 103 | +51% / +10% |
| Lewis & Clark County | 2.5 | +4% / +56% | 85 | +29% / +4% |
| Whitefish | 7.6 | +10% / +6% | 126 | +8% / -33% |
| Kalispell | 4.2 | +2% / +62% | 123 | +45% / +8% |
| Bigfork | 5.5 | +8% / +25% | 149 | +13% / +43% |
| Missoula | 2.8 | -3% / +56% | 101 | +58% / +10% |
| Helena | 2.1 | flat / +50% | 83 | +36% / + 3% |
If you’re a Seller, or considering selling your property, there is one data point you should be aware of: Average Days on Market. Across the board, days on market increased (in some cases, substantially) from Q4 to Q1. This stat shouldn’t scare you, but rather, help you understand where the market sits today. Even with a robust marketing and launch strategy, statistically, it will take weeks-to-months to get your property under contract and sold. Don’t fret, rather, work with a trusted agent who will seamlessly guide you through the process.
What Is Happening?
By now you’ve heard the news about the recent lawsuits involving the National Association of Realtors, and you might have questions. We’re here to set the record straight:
Our jobs aren’t changing. We’re still here to provide you with white glove, concierge-level customer service to ensure your real estate transactions, both buying and selling, and the goals associated with them, are successfully achieved. It’s our job to guide you through the process, ensuring your confidence, knowledge and decision-making is done carefully and informed.
Specifically for commissions: they have always been negotiable, and will continue to be. Commissions vary across the country – and Western Montana – and we are here to provide transparency to ensure your questions are answered!
No matter what, you can rest assured that we have your best interests in mind, and will provide you with our expert guidance to ensure your real estate success – and happiness.
