Curious what the style of your home does to its value? Or if it will take longer to sell? This week we broke down the top four selling home styles in Bismarck-Mandan. Enjoy!
I hope you had a great Independence Day on Wednesday!!
This week we are breaking down home style and what you can expect if you are interested in buying, selling or investing in a home.
Ourt top four home styles are ranch style, split level, multi-level and 2-story. A close runner up was tuck under homes, 1 1/2 stories followed by patio homes.
There were over 200 ranch style homes sold in the last 6 months. The next 4 top selling home styles don't even add up to the total number of ranch style homes sold. This would primarily be to the general appeal of ranch style homes for accessibility and the fact it is the most common type of home build circa 1950 to today in this area. Secondly, since they are older homes, they tend to be more affordable. With their aveage sale price at $262,841.00 they are the lowest priced homes on average out of our top four. They average 71 days on market to sell with an averae square foot price of $123.87. The best place to think of this style home is around Hillside Park (Lions Park) in Bismarck. All along the border of that park is ranch style homes with no 2nd stories and a basement.
Split entry homes are the second most common house sold. Still less than half of ranch style, they double multi-level homes and 2 story homes in amount of sales. These are the homes you walk in and immediately have stairs going up or down. They are typically found in Sattler Developments - North East Bismarck by Jee-Willikers or out in Lincoln, Crown Butte or Roughrider HUD developments. Just like ranch homes, these style of homes average 4 bedrooms and 2 baths and are almost the same size on average. They are selling at $10.00 more per square foot but take an additional 28 days longer to sell. Why would that be? Split levels and most every other style we talk about today are not very accessible if you can't manage stairs. The reason for a higher sales price is most likely attributable to the fact that these are a very common build even today. Newer homes usually cost more per square foot than older ones.
Multi-level homes break from the first two home style's mold by averaging 4 bedrooms and 3 bathrooms, over 500 more square feet and the shortest time on market. The aveage multilevel home in the Bismarck-Mandan area is $315,455.00. If I mapped these homes out, you would find the majority of them in North Bismarck between Liberty Elementary School and Sunrise Elementary. Having the top rated elemantaries and high school in the city helps sell homes around that area.
The average price winner is the two story house style averaging $374,266.00 per house. Even though the price per square foot is within cents of multi-level homes, the SIZE makes all the difference. Averaging almost 3000 square feet per home, they are the largest. With that extra size, they also average over 4 bedrooms and almost 3.5 bathrooms per home. At this point we see the longest days on market at 102 days. A variety of reasons may attribute to this like there are less buyers at higher price ranges, less people can handle all those steps, or maybe people want a basement in this area.
To summarize the data for the Bismarck-Mandan area:
Average square foot prices are $127 a square foot with ranches being less expensive and split entry homes being more expensive.
Multi-level homes tend to sell the fastest and are typicallly 500 square feet larger than the average ranch or split entry home.
Two story homes are the largest style of homes being built with the most rooms and bathrooms on average. This follows with the highest aveage price and longest days on market before the home is sold.
Please check out the attached file HERE to see the entire sheet. I highlighted other interesting data points like 1 1/2 story homes sell in under 40 days on average.
If you would like a free analysis of what your home is worth, please click HERE.
Thanks for reading this week, and I look forward to helping you learn about Bismarck-Mandan's real estate market.
If you want to buy a home, this blog is for you! Many of my first-time home buyers to individuals who haven't purchased a home in years have the same feelings. "Where do I start?" "How do I know I can afford a new home?" "Who do I go to first?" "Where do I go for a loan?" These can be tough questions and may prevent you from buying a house!
What i've done to help you on your journey is create a simple guide and checkist. It's designed to give you a broad layout of what is involved in the home buying process. Below the main categories are tips, trick, and explanations to help. The checklist is provided to check off what you've completed.
Please follow the link and I'll send you your free information packet!
I hope this helps and I look forward to seeing your success!
How much does an extra bedroom affect the home? What parts of Bismarck-Mandan's real estate market is seeing the highest price increase? Check out this weeks market minute breakdown!
Please click HERE to listen to this weeks market minute!
This week we are analyzing the average prices of homes based on bedrooms. This form of analysis is useful in a couple different ways.
First: I like to look at Average List Price for 2018 and compare it to Average Sold Price. I've highled the section in yellow. We can see that list prices & average sold prices are up across the board. Secondly, two bedroom (or less) homes have jumped up over 10% in list price and sold price. Either demand is is way up or the supply is down. Looking at this simple chart...there have been 10 less this year than this time last year. What do you think?
Secondly, I like to look at average time on market or Days on Market (DOM). I've highled those numbers with red. Across the board we see that homes are selling between 75-118 DOM. From the year previous where all the different homes were selling in two month, we are seeing a lot of variation. When selling a home, this is useful to give you an idea of how long it may sit on the market before it sells. When buying a home, this is useful to give you an idea if you should hurry up with an offer or maybe make a more buyer friendly (lower) offer. Your realtor should be able to help you with those decisions.
BONUS: I wasn't going to hit this but I'll throw it in. Notice the difference between Average List Price and Average Sold Price. For two bedroom homes its about $1800. Then for three bedroom homes its about $4700. Four bedroom plus homes are $7850. Notice a pattern? From the year prior which was roughly $6k, $3k, and $6K, we see a more linear change. Simply put, there is room in the list price to get a 1-2% off when you purchase. So, as a buyer - don't be shy to offer a little lower. As a seller - you may get slightly lower than asking. BUT: keep this in mind, this chart is rather basic. For more info, call, text or e-mail me at billdean@alliancere.net.
