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.