Welcome to the latest edition of our monthly real estate newsletter, where we bring you the latest news and updates from the Fargo, ND, and the surrounding area housing market.
The latest statistics from February 2023 show that the local market continues to be robust and is showing healthy growth year over year. Here is a brief summary of the key statistics:
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Absorption Rate: The absorption rate, which measures the rate at which available homes are sold, has seen a significant increase of 65.65% compared to February 2022, with a current rate of 2.17.
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Average List Price: The average list price has gone up by 5.13% year over year to $397,156 in February 2023 from $377,787 in February 2022. The 2023 YTD average list price is $366,443, showing an 8.53% increase from the 2022 YTD average list price of $337,647.
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Median List Price: The median list price has gone up by 2.19% year over year to $350,325 in February 2023 from $342,808 in February 2022. The 2023 YTD median list price is $326,870, showing a 7.17% increase from the 2022 YTD median list price of $305,000.
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Average Sale Price: The average sale price has gone up by 11.49% year over year to $309,978 in February 2023 from $278,035 in February 2022. The 2023 YTD average sale price is $292,927, showing a 0.64% increase from the 2022 YTD average sale price of $291,057.
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Median Sale Price: The median sale price has gone up by 3.38% year over year to $268,000 in February 2023 from $259,250 in February 2022. However, the 2023 YTD median sale price is down by 2.38% from the 2022 YTD median sale price of $265,000.
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Average CDOM: The average CDOM (Cumulative Days on Market) has gone up by 66.00% year over year to 83 in February 2023 from 50 in February 2022. The 2023 YTD average CDOM is 58, showing a 20.83% increase from the 2022 YTD average CDOM of 48.
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Median CDOM: The median CDOM has gone up by 120.00% year over year to 55 in February 2023 from 25 in February 2022. The 2023 YTD median CDOM is 39, showing an 85.71% increase from the 2022 YTD median CDOM of 21.
Overall, the local real estate market continues to show healthy growth in 2023, with increasing prices and demand. While there has been an increase in CDOM, this is largely due to a surge in new listings, and properties that are priced right and in good condition are still selling quickly.
We hope you find this information helpful and informative, and we'll be back next month with more news and insights from the Fargo and surrounding area real estate market. As always, feel free to reach out to us with any questions or comments.
Best regards,
Tyler Bretz
