A Positive Outlook for Minot's Housing Market - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

A Positive Outlook for Minot's Housing Market

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Driving around Minot, for sale signs are dotted across the city, but it hasn't always been that way.

As you drive around Minot, you'll probably notice quite a few for sale signs throughout the city, but it hasn't always been that way.

After the 2011 flood destroyed many of the homes in the community, the market price of an average 3-bedroom home went from costing about $150,000 to more than $200,000.

"What we're seeing is that we're getting back to a little bit of a normal market," says Bruce Walker, Minot Coldwell Banker Owner/Broker.

As of this week, there are roughly 300 properties, including homes, apartments, and condos on the market in the Minot area. which is a more normal number," according to Walker.

Following the flood, it only took about 2 to 3 weeks to sell a home in Minot due to the lack of availability. That number has now changed to 2 to 3 months.

Walker says, "When we were very low then, the demand was great and the prices, I think, got a little bit higher than they should have."

In November, 2012, there were 869 residential sales in Minot and the number is down this year.  There have only been 770 sales so far in 2013.   

"It's kind of surprising," says Walker.  "I would say about halfway though the year, we were about 15-20 percent behind last year's numbers.  Currently, we're only about 10 percent behind.  So, we've gained on comparing 2013 to 2012, but definitely, 2013 is not as strong and probably will not be as strong as 2012."

Brand new homes in Minot are pushing $300,000.  While a traditional 3-bedroom home is selling for more than $200,000 right now.

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