Here are the latest stats for the Fairmont MN Real Estate Market Update brought to you by The Myra Jensen Team – Home Marketing Experts of Keller Williams Classic Realty NW. These charts automatically update so check back often for the latest on the Fairmont MN Real Estate Market.
MEDIAN SALES PRICE
Calculations are based on sold data. Prices do not account for seller concessions. Median represents the point at which half of the homes that sold in a given month were priced higher and half were priced lower. Average is the mean sales price for all closed sales in a given month.
HOMES FOR SALE
The number of properties available for sale in active status at the end of a given month. Also known as inventory.
CLOSED SALES
A count of the actual sales that have closed in a given month. For those familiar with NorthstarMLS data fields, this includes SOLD and COMP SOLD figures. Calculations are based on sold data.
MEDIAN DAYS ON MARKET
Median or average number of days between when a property is listed and when an offer is accepted in a given month. Calculations are based on sold data.*
MONTHS SUPPLY
Active inventory vs. the last 12 months of homes deemed Under Contract. Also known as “absorption rate” in some circles. Over 6 Months supply is known as a “Buyers Market”, 5-6 Months is “Balanced” and Under 5 Months is known as a “Sellers Market”
* Sales with a Days on Market of less than 0 or more than 900, or a Percent of Original Price that is less than 50 percent or more than 200 percent, are added to the sales count but are not factored into price, price per square foot or days on market.
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