Fargo, ND – Seasonal changes occur when Fall-Winter season is approaching. With the existing homes maintaining the lower amount of inventory available the new construction builders are planning forward to Spring of next year.
Cost of certain materials still are moving upward in price and demand making the projected budgeting important so that the finished product stays competitive. Reports of existing new listings median price per sq. ft. running $135 on a median square footage 1,956 sq. Ft.
The existing inventory being low allows new construction to step up to the plate to create a positive investment. The average days on the market was 21 days going into August. Even though interest rates are higher people are still adjusting their budgets to own and create a portfolio for a home. Some parts of the community for new homes are allowing a one year incentive for new construction for qualified buyers.
New construction has price-points to be very sensitive to. The higher cost of specials the city imposes, the challenge of qualified labor and material changes. Also, with the impending unknown weather as Fall gets closer each month the builders have a lot of variables to weigh.
Jerry Nelson/co-editor-photographer: 2:40 pm, August 4, 2023