BISMARCK, N.D. (AP) — Realtors from Bismarck and Mandan say the local market is heavy with homeowners looking to upgrade.
Bismarck-Mandan Board of Realtors President Tricia Schlosser calls the Bismarck-Mandan “a great ‘move-up’ market,” adding that continued low interest rates are helping. She told The Bismarck Tribune that area currently has 2.5 to 3.5 months of inventory for homes in the $200,000 or less price range.
“That means if there were no other homes that went on the market after today, it would statistically take 2.5 to 3.5 months to sell all the homes in that price range,” Schlosser said.
With a higher demand for homes, buyers have been able to negotiate more and move into the $350,000 to $400,000 price range, which has five months of inventory. Sellers are still able to collect about more than 95 percent of the original asking price of those homes.
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Residential sales through the end of August in the surrounding eight-county area are down 2 percent and the average sale price is flat compared to 2016, at nearly $252,000, said Nancy Deichert, executive director of the Bismarck-Mandan Board of Realtors.
“If we look at Bismarck by itself, the number of residential units sold is up 3.9 percent and the average sale price is up 2.7 percent at $262,702,” she said.
The number of homes under contract is nearly 300 today, compared to 2016 at nearly 315. The number of active listings is nearly 900, up by about 100 from last year, and up 500 from 2011.
Information from: Bismarck Tribune, http://www.bismarcktribune.com