I'll often times ask other agents about their perspective on the real estate market to balance out my sometimes glass-half-full attitude on life. And lately, I have been getting a sense from agents in different brokerages that we are in a buyer's market. If you're a seller, insert your Debbie Downer womp-womp-womp sound effect here. Technically a buyer's market happens when there is more than 5-7 months of inventory on the market. Well, we have numbers, so let's take a look at what they say. Scope and Considerations For this article I will be looking only at single family homes in the city and rural areas of Bismarck/Mandan from January until June. Sorry condo owners in Hebron! I will also compare that same time frame with 2017. I will be using the MLS data from our Bismarck/Mandan REALTOR database as my source. Calculating the Numbers To determine a value for demand, 117 houses sold were sold in June. For supply, as of today, there are 484 active single family homes listed. Using supply divided by demand for our formula, that calculates to 4.1 months worth of supply on the market. Conclusion Since we have 4.1 months of homes in inventory (or maybe a little more) and a buyer's market is defined to be more than 5-7 months, it would seem we are not technically in a buyer's market. However, there certainly are a lot of homes on the market to choose from in the next few months. Want More Information?If you're interested in looking at some of the raw stats for yourself, email me: [email protected], or text/call me: 701-388-6171 and I'll send over the stats!
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AuthorWill and Laura Gardner, REALTORS® at Century 21 Morrison Realty, live with our children in the Bismarck / Mandan area. We hope these articles inspire you to invest in your real estate goals. CategoriesArchives
September 2019
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