The big question we’ve been getting recently about the real estate market is whether we are in a buyer’s or seller’s market. We’re going to cover all the numbers and trends today to show you exactly where we are at.
As of the end of July, we saw 290 new homes come on the market—with 130 of them being new construction homes. This is good news because it means there are still plenty of options available.
We measure our inventory levels through the absorption rate. It’s a measure of how long it would take every home on the market to sell if no new homes came on the market. Right now, we’re at about 4.5 months of inventory. Anything under six months is considered a seller’s market. That’s what we’re in right now.
As far as buyers are concerned, know that interest rates are still strong and are hovering around 3.75% to 4% depending on the route you’re going. You should act soon, though, if you’ve been thinking of making a move. We’re starting to see the market shift a little bit.
If you have any questions for us about the West Fargo real estate market or anything else about real estate, we would be happy to help. Just give us a call or send us an email.