April 2023 Market Update for West Fargo, ND

The West Fargo, ND real estate market exhibited notable changes in April 2023 compared to the same period last year. This comprehensive report highlights key statistics and trends observed during this time, providing valuable insights for homebuyers, sellers, and investors interested in the West Fargo area.

1. Absorption Rate: The absorption rate in April 2023 for West Fargo stood at 2.1, demonstrating a significant increase from the rate of 1.9 recorded in April 2022. This uptick suggests a slower pace of home sales, however is still a strong sellers market. 

2. Average List Price: The average list price in West Fargo for April 2023 was $453,000, marking a rise from $443,000 in April 2022. This upward trend indicates an appreciation in property values and the potential for strong returns on investment.

3. Average Sale Price: The average sale price in West Fargo for April 2023 was $359,000, compared to $339,000 in the same month last year. This increase signifies a healthy growth in the real estate market, benefiting both sellers and property owners.

4. Median Days on Market: The median days on market for West Fargo properties in April 2023 was 40, representing a notable increase compared to the 12 days recorded in April 2022. This data suggests a slightly longer period for properties to sell, indicating a shift towards a more balanced market.

5. Sold Listings and Pendings: The number of sold listings experienced a 37% decrease year over year, with 29 properties sold in April 2023 compared to 46 in April 2022. Similarly, pendings were down by 33.4%, with 53 pending sales in April 2023 as opposed to 80 in the same month last year. These figures indicate a slowdown in the market activity during this period.

6. New Listings and Active Listings: In April 2023, West Fargo witnessed a decline in new listings, down by 29.2% year over year. Additionally, active listings were down by 7.1% during the same period. These statistics suggest a decreased inventory and reduced competition among sellers.

Conclusion: The West Fargo, ND real estate market in April 2023 showcased changes across various metrics, reflecting both positive and challenging aspects. The absorption rate demonstrated a faster pace of sales, while the average list and sale prices exhibited an appreciation in property values. However, the market experienced a longer median days on market and a decrease in both sold listings and pendings, indicating a slowdown in activity. Moreover, new listings and active listings declined, potentially affecting the available inventory for buyers.

It's important to note that real estate market conditions can vary, and it's recommended to consult with a local real estate professional for the most up-to-date and accurate information related to the West Fargo market.