What is the current housing market in Minot North Dakota?
Minot has seen a very turbulent market ever since the oil boom of 2009 and what many people consider the bust of 2015. I myself am eager to see what happens later this spring. Western ND cities like Williston and Watford City have been experiencing crazy growth do to high oil production over the last 12 to 18 months BUT it has not hit here just 100 miles to the East like it did in 2009.
The Google map above is of North Dakota and what I perceive to be the hottest spot in North Dakota oil production at this time would include Williston and Watford City on the West and upper central part of the map.
During the peek of the boom Minot was clearly over built when it came to retail spaces, apartments, hotel/motels, condos, and single family homes. Still it took builders a little while to get the message and even during the bust new homes were being built. Last year, 2018, it became apparent that oil had left the Minot community and pretty much all building came to a screeching halt.
Here are some of the latest statistics from the Minot City Assessors office. These numbers are a comparison between 2017 and 2018 which is the latest information available to the City Assessor.
*The median residential assessment increased $1,000 from $178,000 to $179,000. In 2016 this number was $182,000.
* The median resident sale price in 2018 was $203,400 on 641 sales, compared to $213,000 in 2017.
* A total of 16 homes in the greater Minot area sold for over $500,000 in 2018 with the most expensive home selling for $875,000.
* Average days on market in 2018 was 105 days which was the same in 2017.
* The median commercial property value increased by $8,000 in 2018 to $471,000.
* Residential construction was only $23,000,0. in 2018 but still a bit of a rebound after 2017's poor showing of $10,900,00.
The full value of all property in the City of Minot is estimated at 4.47 billion dollars.
Assuming my crystal ball is just as accurate as most ( I will either be right or wrong on this point) I believe we will see another slight improvement in 2019 and the dragon in the crystal ball will fade away to be replaced with a bull in 2020.
My optimism is due (100%) to the building underway of the new hospital in Southwest Minot. This is a huge investment by Trinity Health and it is a multi-year project. As the hospital takes shape I believe it will bring renewed optimism, as well as a heck of a lot of jobs to the community. It's close proximity to the mall should reverse the trend of big box stores moving out and it's location in a fairly undeveloped part of town ought to guarantee large residential districts to be built near by.
A wild guesses on my part.
Burlington Northern / Santa Fa railroad keeps growing. Canadian Pacific Railroad closed it operation in Harvey ND and moved it here to Minot. With record oil production continuing every month over the last few years I see Minot being an even bigger energy hub then it currently is. Although we lost some large enery partners when oil first slowed down I see them, or similar companies, coming back to Minot. All of this just adds up to more and more growth. We may sputter another year or even two but we are poised for growth and it's going to come on strong n 2020 or 2021.
This post in answer to the April Showers Challenge by Hannah Williams