It’s been a while since I’ve written about North Dakota real estate market activity, so I thought I’d share some of the latest information I’ve gathered about the current state of the real estate market.
As I mentioned in my previous post, the real estate market is doing well. Prices are still rising, and some sales have even surpassed the original asking prices. There are several reasons for this.
The Lack of Inventory
For the first time in several years, North Dakota real estate is moving in the direction of having a surplus of properties available for sale. In North Dakota, the supply of properties is low, so when there is a large number of buyers looking to buy, the prices tend to rise. This is a good thing for buyers, but it’s not so good for sellers.
There are currently 2,633 properties for sale in North Dakota, which is a drop of just more than 50% from the 4,532 properties for sale in May. This is a far cry from the number of properties for sale in May of last year, when there were more than 7,000 properties for sale. The reason for the decline in inventory is the increased demand.
Many of the properties that are for sale are from the last downturn, which means they are generally in good condition. The fact that the prices of these properties have remained relatively stable has also kept them from selling.
However, many of the properties that are available for sale are not in the best condition. These properties are generally priced higher than they should be. This has kept the number of properties for sale low.
The increase in the demand for housing has led to a decline in the inventory of homes for sale. The number of properties for sale has decreased, and the number of homes that have sold has increased.
A Look at Some of The Sales
According to the North Dakota Association of Realtors, in June there were 909 sales in the state. That’s up from 862 in May, but down from the 1,063 sales in June of last year.
In addition, there were 6,035 single-family homes sold in the state, which is up from 5,539 in May, but down from the 6,084 single-family homes sold in June of last year.
This represents a 9.6% increase in the number of single-family homes sold in June compared to May, and a 7.9% increase compared to June of last year.
The average sales price for single-family homes sold in June was $156,900. That’s down from $160,082 in May, but up from $150,976 in June of last year.
There was a 13.4% increase in the number of single-family homes sold in June compared to May, and a 10.3% increase compared to June of last year.
The average sales price for single-family homes sold in June was $160,082. That’s down from $163,854 in May, but up from $148,920 in June of last year.
We hope you found this blog post North Dakota Real Estate Market Update useful. Be sure to check out our post The 5 Most Important Factors For Buying Your Dream House for more great tips!
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