Minot Board of Realtors Press Release

Minot Board of Realtors Press Release

Minot Board of Realtors Press Release, 02/26/2016

Minot Home Sales 2015 Home Sales on Par with Pre-Flood/Oil Years Minot ND, A recent story aired by a local television station grossly misrepresented the health of the Minot real estate market. The statistics referenced were not provided by the Minot Board of Realtors® or any of our Realtor® members and therefore did not portray our current, nor historical, activity. The Minot Board of Realtors® would like to set the record straight with facts which have been provided by the Minot Multiple Listing Service in order to provide the most accurate information regarding residential (single family) home sales in Minot and the surrounding area. • In 2010 there were 758 residential properties sold in Minot and the rural Minot area. The average sales price in 2010 was $175,600 and presents a picture of what our market looked like with minimal oil population and no flood impact. • In 2012, during the height of the oil boom and immediately following a devastating flood, there were 974 residential properties sold in Minot and rural Minot. Included in that number are 199 flooded residential properties, purchased by investors with the intent to rehabilitate, not by typical home buyers with the intent to occupy themselves. These 199 properties would therefore be better classified as investment properties, and the 2012 numbers should be adjusted accordingly. When the investment properties are removed, 775 residential properties remain as sold in Minot and rural Minot, with an average sales price of $249,800. • In 2015 there were 725 residential properties sold in Minot and rural Minot. The average sales price in 2015 was $238,800. With consideration to the above information, comparison of home sales in 2012 and 2015 show the number of residential properties sold decreased by 50 units, or 6%, and the average sales price for those homes decreased by $11,000, or 4%. The report that aired earlier this week stated the average home price dropped $50,000 and 300 less homes sold in comparison to 2012, which is a misrepresentation of sales activity “now” in the Minot home market. While the real estate market in Minot and the surrounding area is down slightly from the record pace of 2012 to 2014, it is still quite healthy. As shown, average sales prices are up over $60,000 since 2010, and real estate continues to be a sound financial investment. We feel that the Minot market has now settled into the “new normal”, and will stay relatively stable until the oil business rebounds.