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.
Here’s a question for you…
Yesterday was Columbus Day. Did Christopher Columbus really discover America?
The answer depends on who you ask, or what you read.
But at this point, enough people believe he didn’t even step foot in America, let alone discover it.
So, why does he get celebrated?
Well, even if he didn’t “discover” America, he certainly did other great things worth being recognized for.
Years ago, real estate agents were given credit for “finding” people the perfect house. Then, the Internet made “discovering” almost any house on the market a pretty simple task. Even a novice, with no real estate experience, could find the house of their dreams on their own.
This kinda made people start to question the value of real estate agents…
Made it seem easy.
Well, if it were simply a matter of finding a house, that might be a valid conclusion.
But there’s so much more to it.
Stumbling across America, or a house to buy, is not the same as successfully staking your claim, and making it your new home.
Rather than give a laundry list of what a real estate agent does beyond just helping someone find a house, let’s just paint a quick picture…
You’re on a boat, back in 1492. You’ve sailed the ocean blue. You reached land. Now what? How do you actually make it your new home? Can you possibly anticipate everything you’ll encounter? What do you do first?
Finding a house, or a buyer for your house, is only one small part of the process. For most people, navigating the entire process of buying and selling a house is a whole new world. And that’s where great real estate agents earn their respect.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.