Housing market remains active in slower economy
Home sale numbers and residential building permits are running ahead of last year in Minot, according to economic data released this month by the Minot Area Chamber of Commerce.
Minot’s economy isn’t firing on all cylinders as it was earlier in the decade, though. Lower airline boardings, hotel occupancy and taxable sales are signs the economy has slowed. Housing prices also are affected.
The average sale price for a Minot home for the first seven months of 2017 was $222,178, compared to $230,455 in 2016. The average sale price for the Minot area market was $210,903, down from $220,864 in 2016.
The number of home sales was up for the seven months, from 329 sales in 2016 to 341 in 2017. For Minot and the rural surrounding area, the number increased from 441 to 456.
The number of single family, townhouse and condo building permits was 54 through July, with three townhome foundation permits added in August. There were 38 residential permits for the seven-month period in 2016.
Commercial construction was down from about $10 million to about $8 million between 2016 and 2017.
The valuation of all building permits through July was about $24 million, which compares to $57.56 million a year ago. Building permits totalled $71.5 million during 2016, down from $161.2 million in 2015.
Minot’s July unemployment rate was 2.4 percent. City sales tax collections were up for the month of July compared to a year ago, but for the year, collections from 1 percent of tax came to $5.95 million, compared to $6.1 million during the same period in 2016.
The city has collected $278,383 from the lodging tax, down from $349,731 collected for the same period in 2016. Hotel occupancy has averaged 44 percent, about the same as last year. July’s occupancy rate was 59 percent.
The number of people using the airport also continued to decline somewhat, with 174,840 passengers recorded through July.