Home Buying in 58701>Question Details

Amber Alexan…, Home Seller in Minot, ND

Wondering if others in the North Dakota area feel that the market is becoming over saturated with homes for sale and apartments for rent?

Asked by Amber Alexander, Minot, ND Tue Sep 10, 2013

North Dakota Real Estate Market

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Hi Amber,
I've been selling Real Estate in Minot for 6+ years now and we've definitely seen the market go up, up, up and up some more. I think in regards to not only price but Days on Market the local trend has exceeded itself time and time again. It is difficult for people to see stabilization. We've experienced nothing but exponential growth and homes that sell right away for the last few years. YES there are many homes on the market right now, and yes there are even apartment options BUT I would highly disagree that we are over-saturated. The absorption rate of homes (# of homes listed in month or year/ # of homes selling in month or year) is still in line with where it should be. And our values are STILL appreciating, just not at the same appreciation rate we've seen in 2011 and 2012. Honestly, homes for sale are a GOOD thing! Buyers don't feel pressured to make momentary decisions on a home that they are settling for... they have options and TIME to make a HUGE decision: home ownership is not something that should be taken lightly. I won't drag on and on here but I do believe Minot's market is receiving negative connotations in regards to "lots of listings". The # of listings for our population is normal and Days on Market are still WAY normal for our market-- With the expected population increase our city needs to be able to provide available housing options in order to fill our growing local economy and job market. Don't let it discourage you as a Seller, when homes are priced appropriately they will sell. And as a Buyer: nobody has a crystal ball or can tell you when and how much homes will appreciate but the city of Minot's growth can only help our local market.

Thanks for taking the time to read this and I'd love to help answer further questions you have! Connie Lord
2 votes Thank Flag Link Thu Sep 12, 2013
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