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

A Positive Outlook for Minot's Housing Market

Posted: Updated:

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.

  • TOOLBOX

Most Popular

Stories
Videos
loading...
  • Special Feature HomeSpecial FeaturesMore>>

  • Ask An Attorney

    Ask An Attorney

    CLICK HERE TO GO TO THE ASK AN ATTORNEY PAGE!
    CLICK HERE TO GO TO THE ASK AN ATTORNEY PAGE!
  • Mobile Apps

    Mobile Apps

    We have the best Mobile Apps.  Learn how you can download yours today.
  • Me-TV North Dakota

    Me-TV North Dakota

    NBC North Dakota News has launched a new channel -- Me-TV North Dakota!  If you love the classics, Me-TV North Dakota has them.
    NBC North Dakota News has launched a new channel -- Me-TV North Dakota!  If you love the classics, Me-TV North Dakota has them.  Me-TV North Dakota will also play a replay on the Evening and Night Report at 11:30pm Monday-Friday.  As well as, local news and weather updates throughout the day.
Powered by WorldNow
    Powered by WorldNow
    All content © Copyright 2000 - 2014 Worldnow and KFYR. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.