FARGO, N.D. (Valley News Live) – After a red hot summer for home sellers here in the FM area, there is change brewing in the real estate market.
According to local real estate experts, the market has slowed down off its peak, which some realtors say is typical for this time of year.
Although, it remains a seller’s market.
Shawn Ostlie is the President-elect for the North Dakota Association of Realtors, which is in partnership with the FM Area Association of Realtors.
He says the average sale price in the FM area is about $275,000.
That’s up 11% from last year.
Other factors impacting the market include a tight supply of building materials and the number of homes for sale.
“We’re nowhere near where we need to be as far as inventory nor as far as catching up for building on all their supplies. There’s still a lot of waiting time involved,” said Ostlie.
Ostlie also says realtors typically track inventory by the absorption rate, which is how long it…