Whitefish home sales slow down in 2014

The local housing market continued to be mostly stable during 2014. New home construction showed improvement, but residential home sales were down from the previous year.

Flathead Valley appraiser Jim Kelley recently distributed his annual year-end report. His analysis points to numerous areas that indicate a stable market — continued improvement in employment, a decrease in the inventory of bank-owned homes, and a slight increase in new home construction.

“There is some new interest in development, but mostly within the city limits,” Kelley notes in his report. “New home construction continues at a relatively low rate, but did show a slight improvement in 2014.”

The number of single-family building permits in Whitefish stayed almost even with 72 recorded by the city in 2014. The year before there were 75.

Columbia Falls also stayed even with eight single-family permits recorded both in 2013 and 2014. Kalispell recorded 81 single family units last year, which was down from 106 the year before.

Flathead County does not issue building permits, so the estimate for homes is based upon septic tank permits. Last year there were 346 final septic inspections, compared with 287 in 2013.

Housing remains affordable for now, Kelley notes. “Housing continues to be affordable, but as interest rates start to increase, the affordability level tends to decrease,” he said.

The median sale price for a home in Flathead County was $230,000 last year. While home sales overall were down by 2.1 percent or 32 sales, the median price increased from $210,150 in 2013.

“The market appears to have found its bottom from the recent recession in 2011,” Kelley said. “In 2013, prices started to increase and that continued through 2014.”

Kalispell had the largest increase in the number of sales, while Whitefish, Bigfork and Lakeside showed a decrease in the number of sales. Kelley points to price increases as the reason.

“The decrease in the number of sales in those three areas is most likely due to some relatively steep price increases in their median and average home price,” he said.

Whitefish saw a decrease in home sales by 16 to 182 sales in 2014. The median price for a home, however, increased by 17 percent to $287,500.

Columbia Falls home sales increased by six sales to 67 last year. The median sale price increased by almost 15 percent to $175,600.

Kalispell had an increase in home sales from 385 to 441 sales last year. The median sale price increased about $10,000 to $177,500.

Bigfork home sales dropped by 18 last year and Lakeside dropped by 21. Both of those markets, however, still saw an increase in the median sale price.

Whitefish Lake homes, which includes homes, along with condominium and townhouses, was down last year from 12 to nine sales in 2014. The median sale price did increase from $1.4 million to $1.6 million.