- Associated Press - Saturday, February 25, 2017

MINOT, N.D. (AP) - The Minot-area real estate market is seeing a slower pace of sales and a leveling off of property prices, after frenzied activity prompted by a flood and energy development.

The number of Minot homes being sold is down about a third from its peak but prices have seen only a small decline, the Minot Daily News (https://bit.ly/2m3XzA0 ) reported.

Cindy Harvey, Realtor with Elite Real Estate and past president of the North Dakota Association of Realtors, says the market is balanced, with steady prices and more inventory.

“It’s much more balanced now,” said Harvey. “You can’t really say it’s a seller’s market. You can’t really say it’s a buyer’s market.”

A balanced market is considered to have five to eight months of inventory. Harvey says Minot is at 5.5 months of housing inventory.

In 2016, the Minot Multiple Listing showed 840 residential properties sold in the Minot area. Total homes sales on MML declined from 950 in 2015 and from 1,142 in 2014. The Minot-area reached its peak in 2012 with 1,204 sales.

Earlier this month, Minot had 49 active single-family houses, townhomes or condos on the market between $100,000 and $250,000, which is about 37 percent of the inventory.

“There are a lot of people waiting, thinking it will drop more,” said Blake Krabseth, Realtor with Watne Realty. “They are just being careful.”


Information from: Minot Daily News, https://www.minotdailynews.com

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