MINOT, N.D. — Residential construction in Minot is slowing from the post-flood pace of a few years ago.
Through August of this year, permits were filed for 80 single-family residences, 27 townhomes and 96 apartment units, the Minot Daily News reported. That compares to year-to-date numbers of 123 single-family residences, 16 townhomes and 338 apartments in 2014.
Matt Geinert, vice president of Future Builders in Minot, said the market for pre-built homes or speculation construction has waned a bit, but the market for custom-built homes remains strong. He said buyers are out there, but they have a lot more choice.
“The big thing is location right now,” he said. “People want to be out in the new southeast Minot.”
Home sale figures from Minot Multiple Listing reported by the Minot Area Chamber of Commerce show 436 sales through July at an average price of about $230,000. That is compared to 461 sales through July in 2014 at an average price of about $235,000.
Joel Feist, president of Real Builders in Minot, said the housing stock has caught up with demand, and the market is going back to a stabilized condition.
“A lot of the houses that are on the market are new homes, and that’s good for the general public,” he said. “There’s quite a selection to pick from now. Prices have stabilized or even come down a little bit.”
Feist predicts continued slow growth in Minot, although the market should pick up once oil prices revive. He said many of the new homes his company has been building have been for newcomers to the community.
Through August, Minot has issued more than $110 million in building permits through August. Building permits totaled $119 million last year and nearly $157.9 million in 2013.
Information from: Minot Daily News, http://www.minotdailynews.com
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