The first four months of 2015 were off to another strong start for home sales. Statistics from the Multiple Listing Service show continued strength in our housing market for houses sold in Fargo, West Fargo, Moorhead, Dilworth and surrounding communities in North Dakota and Minnesota.
Multiple Listing Service sales: 2015 VS. 2014
Existing Home Sales (pre-owned) Jan. – April
• Total dollar volume of sales: UP 7.25%
• Total number of sales: DOWN 3.75%
Reflects a shorter supply of existing homes for sale, plus people may be buying slightly more expensive homes.
New Construction Home Sales Jan. – April
• Total dollar volume of sales: UP 29.72%
• Total number of sales: UP 32.47%
Reflects an extremely strong market for new construction, in part because fewer people are selling their existing homes.
In May, our real estate market has been seeing another strong month so far, making it a great time to sell to get a good price for your home, and a great time to buy before prices increase further. I hope I can help you, your friends and family when it’s time to buy or sell real estate in the Fargo-Moorhead area!
A look back on real estate sold in 2014 through the Multiple Listing Service of the Fargo-Moorhead Area Association of REALTORS® shows that demand for homes continues a strong run. The combination of home re-sales and new construction sales in 2014 surpassed 2013, which had also been a strong year for real estate in the Fargo, North Dakota and Moorhead, Minnesota region.
2014 closed the year with $727,060,497 dollars worth of housing sales on the MLS, an increase of more than $13 million worth of sales compared to the year before. That’s up 1.85%, a great sign of continued strength in the F-M Area real estate market.
The average sales price of existing, single family homes sold through our MLS climbed to $189,342 for the year 2014. That’s up 4.29% from 2013. That average sales price does not include new construction sales. By the way, back in 1994, the average sales price was $76,508. I should also note that it is not a measurement of appreciation, since people may also buy higher-priced homes because of lower interest rates or improvements in their household income, both of which make homes more affordable.
2015 is already off to a good start with strong demand from buyers looking for homes to sale. If you’ve thought about selling, now is a great time. I’ll be glad to analyze your current home’s likely sales price to help you decide if you’d like to sell. And buyers, it’s a good time to buy before housing market factors cause prices to rise further.
As spring slowly approaches, Fargo-Moorhead area home builders will be watching the ground closely, waiting for the thaw they need to start excavating new foundations. If last year is any indication of what’s to come in 2014, new home construction may be looking at another banner year.
Massive Growth in New Construction in 2013
Construction of new homes for sale in the region encompassed by the Fargo-Moorhead Area Association of REALTORS® sky-rocketed in 2013 as builders scrambled to find enough subcontractors to fill all of the orders for new homes. On the F-M area’s Multiple Listing Service, which includes most home sales in the region, residential new home sales finished the year up significantly compared to 2012.
Dollar volume of new home sales on the MLS rose by an incredible 35% for sales of $132,321,941 worth of homes. The number of single-family homes, twinhomes, condominiums and townhomes built in 2013 rose by nearly 21%, ending the year with 513 sales of new houses. As the difference in those figures indicates, homes sold also sold at higher prices than in the year before. Part of that was due to low interest rates helping buyers reach up to higher price levels, while part of it was also because of the rising prices for new homes in such a strong market.
It Was Hard to Build Homes Fast Enough
Sales moved so fast, home buyers often had difficulty finding a finished model to view as they worked with their REALTORS® and builders to choose their home design and options to include. Often, buyers could only view blueprints, photos, and incomplete homes as they planned their own new home’s construction.
Builders already have some orders for new homes to be built when the frost comes out of the ground this spring. When that happens, the dirt will be dug again, the concrete will be poured, the hammers will fly, and cities such as Fargo, West Fargo, Moorhead, and Dilworth will continue their solid growth.
The year 2013 is almost gone, and it has left me and my family with many blessings. I’d like to thank all of my wonderful real estate clients in the Fargo – West Fargo – Moorhead region of ND and MN. Thanks to great people like you who have hired me to help them sell or buy homes in the FM area, I’ve greatly enjoyed another year of helping people with real estate on the Fargo-Moorhead MLS.
The biggest part of my job is helping people, and that’s what I enjoy the most about my career as a REALTOR®. It gives me great satisfaction knowing that I’ve helped you achieve things like finding your dream homes or selling one house to buy another before you lose the opportunity. I also greatly seeing your happiness (and sometimes relief) as everything comes together. More than anything, I enjoy the appreciation you express toward me for helping you and advising you in your real estate transactions.
And for those of you who have highly recommended me to your friends and families to help them sell or buy homes, whether in 2013 or in past years, I’d like to give you an extra special thanks for your faith in me and the opportunity to help people who you care about.
Thank you very much, and I sincerely wish that 2014 will be a wonderful year for all of you!