We only had 3 closings this week, a surprising decrease (to me) over the 9 last week in our very narrow category of stick-built single family homes within the City limits of Minot. Of the homes that closed this week the average days on market were 209, a big increase from 130 days on market last week.
The chart above is the total MLS activity for the week. This includes ALL types of properties as well as all cities in our MLS. The chart below is very restrictive as explained below.
Be sure to note the line above as this is a very restrictive report. There were 3 homes sold in this limited category. The most expensive home sold for $215,000. and it was on the market for 253 days. The least expensive home sold for $170,000. and it was on the market for 102 days. Average days on market for the 9 homes sold was 115 days. Of the homes sold the average price per square foot (total square footage) was $84.74, a big decrease over last week which was $100.12.
With this being a small report (only 3 homes) I thought I’d mention something else I noticed. The least expensive home sold was originally listed for $199,900 and sold for $170,000 after Seller concessions were subtracted, which is 15% less than the original asking price. The 2nd home was originally listed for $240,000 and sold for $201,165 after Seller concessions were subtracted, which once again is 15% less than the original asking price. The 3rd home was originally listed for $220,000 and sold for $215,000 after Seller concessions were subtracted, which is 5% less than the original asking price.
Makes me wonder, did the listing agents of the first two properties “buy” the listing by promising an exaggerated sale price or were the Sellers being unrealistic and insisted on a price higher than what the listing Realtor recommended. The average of 209 days on the market for these three sales tells me that the Sellers were obviously NOT very motivated to move.
If you want to work with a Realtor who will be upfront about what your home will sell for give us a call at National Marketing Realtors.
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