GRAND FORKS HOUSING SALES 2012 THROUGH FIRST HALF 2013

We always hear how there are not enough houses for sale in Grand Forks. Looking at the sales, especially the increase in prices that houses sold for between the third quarter of 2012 to the third quarter of 2013 there certainly was something driving the increase in prices. The square footage increased less than five percent (2167 to 2260) but the price increased around 20 percent. The days on market were statistically about the same, and that was very short.

Following a fairly significant increase in price at the beginning of 2012 the last half of the period saw the price remain fairly stable. One thing we have to remember is the that interest rates were very low and so if there is a shortage of houses we need to be very happy about how little the prices actually increased.

But I can analyze this data to death and it doesn’t mean as much as just reviewing those relevant figures. We will start to track house sales along with the new construction over the same time and we will have a much better idea. In the meantime, here is the data for the last eighteen months:

 

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