How’s the market? It’s a question we’re often asked in real estate. I’m a nerd for market data and stats and love to “dig” to give you the exact answers. The data I’m using was taken from the Minot Multiple Listing Service and is for all residential sales of single family homes or condo/townhomes in Minot only – for the period of January 1st 2018 thru third quarter ending September 30th 2018. Whew…now that the disclosure is out of the way, let’s talk about numbers!
Thru the 3rd quarter, we’ve sold 404 single family homes! This means a total of 808 homeowners – because every sale has both a home buyer and the homeowner selling the home. I’m proud to say Brokers 12 has led the market both in listings sold and buyers represented for single family homes.
Now let’s talk about the houses and prices! These homes are typically on the market an average of 100 days from the date the sign goes in the yard to a new buyer moving in. Not too bad!
They also sell for about 95% of the price they were listed at. This means that even though buyers have lots of choices of homes today, sellers generally hold out and accept offers within 5% of their asking price (remember this when negotiating).
The average sold price of the 404 single family homes was $238,341.
Another thing you might be wondering about is where did those 404 new home buyers get the money for their purchase…..? Well, 178 of them utilized conventional financing, meaning they had a minimum down payment of at least 3% of the purchase price. 77 of them purchased using FHA funds which is a government backed loan requiring smaller down payments from 0 to 3.5%, 110 were VA loans – Thank you to our service men and women! And 39 were either cash sales or non-traditional financing.
On to condos/townhomes….Refer to above disclaimer again! This is for Minot only and thru the 3rd quarter of 2018.
We’ve sold 94 condos/townhomes for an average selling price of $188,853 or 93% list to sale ratio. If you’re looking for a deal, according to past statistics, you should be able to negotiate harder on a condo or townhome. Don’t know the difference? Contact me and I would love to explain! These 94 condo/townhomes are usually on the market for 128 days. 37 were financed conventionally; 12 with FHA loans; 14 with a VA loan; and 30 cash or non-traditional sales.
Remember, these are all “average” data figures I gave you. If you’re curious about the specific market pertaining to your home – each home is different – and I would love to provide you with a complimentary market analysis. Even if you’re not interested in selling today, sometimes this is just good info to have for your personal balance sheet, if you’re considering refinancing, or even doing home improvement upgrades.