Minot’s Real Estate Market | Video

Amy Fox | 12/6/2012

If you`re trying to buy a home or rent an apartment in Minot, you know how tight the housing market is. The city, along with construction companies have been struggling to keep up with the demand. And it looks like things may be starting to level off. So, what does that mean for rents in the area?

"When the flood hit Minot, it really caused a spike in the market,” said Matt Watne, IPM Incorporated President. “People were desperate to find homes, and we`ve been trying to fill those demands."

As Minot continues to recover from last summer`s flood, more "For Sale" signs are going up.

“We`re seeing some price reductions. The market’s coming down a bit because we have met the demand now," said Minot Board of Realtors Association Executive Mike McEown.

With more people renovating flood homes and more new construction in the area, there have already been 850 homes sold this year, which is up from 690 last year.

"I think our building has caught up with our demand that we`ve had and that`s showing," said McEown.

While there are nearly 300 listings, does that mean the market is here to stay?
Watne said, "I always say the rental market is very much like the real estate market. The market tends to cool with the weather."

But, the cool down only lasts from November to February.

"We`re kind of in a slow spot,” explains McEown. “We`ve gone through a lot of temporary workers that have taken all of the hotel spaces in the past summer and some of those people are leaving. But, next spring, we expect to see an influx of people again."

“Once you hit somewhere around maybe $1200-1300 somewhere around that price range, the market is not as strong as last spring or even throughout the summer," said Watne.

With more people expected to move to Minot, the realtors look forward to filling that demand.

The Minot Board of Realtors says the average price for a home in Minot is around $285,000, which is down from $300,000 this summer.

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