Lets talk housing stats for Fargo and West Fargo so far this year!
Overall we are off to a strong start in both cities, transactions are happening and pointing to a better year than last already (easy to do given the worst year in a very very long time).
Fargo's numbers
Sold UP 23% year over year
Active UP 10% year over year
New UP 54% year over year
Pending UP 11% year over year
Average price DOWN less than 1% (sales prices are down slightly)
Days on Market UP 18% (homes are taking longer to sell)
West Fargo's numbers
Sold UP 6%
Active UP 4%
New UP 11%
Pending UP 15%
Average price DOWN 5% (sales prices are down slightly)
Days on Market UP 7% (homes are taking longer to sell)
Lets discuss.
Overall these numbers are great and given everywhere is up besides days on market and average prices these numbers make total sense. More inventory means longer days on market, months inventory makes a shift from a buyers market towards a neutral market in this case. A few things that also contribute would be the rates of course, we had a rocket start to the year then they ticked up a bit, the job report came out, and hoping to see the rates trend down at some point (waiting on a Powell announcement).
My opinion is we will have a steady year, better than last, but not a huge influx of transactions like years prior. I do think it will get better as we head towards an election, usually does. If we can get to a sub 5% market in the next couple years I will be happy.
Let me know your thoughts, love to hear them!
#homebuying #homeselling #realestate #mortgagerates #mortgage
#fargo #westfargo
