Eye on Energy - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Eye on Energy

Posted: Updated:

With the average price of a house around 200 thousand dollars, the price increase of homes may have made buying a home more difficult than one might expect.

While prices in the near future do not seem to be dropping, Gary Brode tells us how the housing situation may be stabilizing.

After years of seeing property values rise spurred by a flood, an ongoing energy boom and growth of the Air Force Base, residential housing costs in Minot may have hit its ceiling. This according to one Minot realtor who says she's seeing the inventory for houses in the market increase.

(Kausha Bakka, Realtor, Preferred Minot Real Estate) "A year ago you would have come in and I would have said "oh there's 70 houses on the market" and right now we are looking at about 300 houses on the market, active. About half of that is new construction."

Only about 10% of these newly constructed homes are flooded homes that have been rebuilt. While the supply for residential homes is catching up with the demand, commercial building space is becoming the holy grail for real estate in Minot.

(Kausha Bakka, Realtor, Preferred Minot Real Estate) "It's interesting to see how many companies are still going to come here. Are researching coming here and there is such a shortage of commercial space at this point. That shows that a lot of people want to come here. We finally have some houses to put them in, but unless we get some more commercial space they're going to have a challenge coming here.

As it stands now, there are only a few commercial properties on the market. Large amounts of land for big companies to build on may be as scarce in Minot as commercial buildings in heavy traffic areas.

(Kausha Bakka, Realtor, Preferred Minot Real Estate) "These oil companies that are looking for these places to build there facilities are really trying hard to find the land because we don't have enough necessarily the land with infrastructure right now."

Apartment vacancy rates are up as high as 5% which has caused a slight decrease in rent for some complexes. However, Bakka expects rent prices won't be dropping.

(Kausha Bakka, Realtor, Preferred Minot Real Estate) "There is still definitely a demand. There is still people moving here. Everyday my phone rings with someone from a different state that wants to come here. "

Opportunity that comes with a high prices.

In Minot, Gary Brode, KX News.

Bakka was recently contacted by an owner of a major league baseball team about possibly purchasing real estate in the area.

  • Minot/Williston NewsMore>>

  • Legislative Leader Pushes Higher Ed Change

    Legislative Leader Pushes Higher Ed Change

    Friday, April 18 2014 8:10 PM EDT2014-04-19 00:10:49 GMT
    It's a big business and it needs a new direction. That's how North Dakota State House Majority Leader Al Carlson describes higher education in the state. Carlson was a guest of the Minot Area Chamber
    It's a big business and it needs a new direction. That's how North Dakota State House Majority Leader Al Carlson describes higher education in the state. Carlson was a guest of the Minot Area Chamber
  • Fatal Accident

    Fatal Accident

    Friday, April 18 2014 8:09 PM EDT2014-04-19 00:09:19 GMT
    An 84-year-old man from Stanley died in the crash of his mini-van with a semi truck last night. The Highway Patrol reports the man was driving south of Highway 8 on the north edge of Stanley when he slammed
    An 84-year-old man from Stanley died in the crash of his mini-van with a semi truck last night. The Highway Patrol reports the man was driving south of Highway 8 on the north edge of Stanley when he slammed
  • Powers Lake Raising Funds for Expansion

    Powers Lake Raising Funds for Expansion

    Friday, April 18 2014 8:06 PM EDT2014-04-19 00:06:13 GMT
    Back in October the people of Powers Lake passed a bond issue that would allow for high school expansion, and get elementary children out of portable classrooms. After receiving bids for the project the
    Back in October the people of Powers Lake passed a bond issue that would allow for high school expansion, and get elementary children out of portable classrooms. After receiving bids for the project the
Quick Clicks
Closings/Delays
View list
Calendar
What's happening?
Lottery Results
Feeling lucky?
Viewer Photos
Submit yours!
Road Report
Current conditions
TV Listings
See what's on
Gas Prices
Check near you
E-Mail Newsletter
Signup now

Most Popular

Stories
Videos
loading...
Powered by WorldNow
General information or questions:
kxinfo@kxnet.com

News:
Bismarck:
Phone: 701-223-9197
News Fax: 701-223-1985

News:
Minot:
Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.