Oil Prices are Affecting Minot Housing
By Bob "RealMan" Timm, Owner of Ward Co Notary Services retired RE Broker
(Ward County Notary Services)
Oil Prices are Affecting Minot Housing Wait and see is the attitude most home buyers seem to have in The Minot area with the surprise dip in oil prices of late. With the price per barrel half what it was just a couple of months ago many buyers are proceeding with caution. They may be well rewarded for their caution or it just may bite them in the rear. We are not seeing a drop in the home prices on a per square foot basis yet but we have definitely seen a slower than usual winter in our market. Only 21 homes closed this week, that's not very many in a boom town of 50,000+. There are only 150 single family stick built homes on the market today. The average price of those 150 homes on our MLS is about $315,000. The number of oil rigs are dropping off which is a combination of the oil p...
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