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APRIL 2011 - Housing Market Update
HOUSING MARKET UPDATE
Coldwell Banker Burnet
Information from THE THING, Interactive Market Analytics from the Minneapolis Area Association of Realtors
We will look at six statistical charts that define today's housing market. The information is provided by our local MLS provider and is specific to the St.Cloud area. Even though today's market is at a low point (comparable to 2000) the downward trend is flattening. Supply is declining, the number of days on market is on the decline, sellers are generally capturing 90% or better of their listed price and the falling median sales price is leveling. Here is a closer look:
MEDIAN SALES PRICE OVERALL DOWN 3.7%
Median Sales Price: The median sales price for all closed sales in a given month, sold properties only. The median sales price is down 3.7% compared to last year during the same time period. The upper price brackets have improved slightly (1.6%).
PERCENT OF ORIGINAL SALES PRICE SLID .05%.
Percent of Original List Price: The average percentage found when dividing a property's sales price by the original list price, sold properties only.
DAYS ON MARKET GOOD NEWS WE ARE DOWN 9%
Days on Market: The median number of days between when a property is first listed and when it is pended.
SUPPLY GOOD NEWS - ABSORPTION RATE or Number of Homes Available Per Buyer is DOWN 5.5% - We are currently under 12 homes per buyer. We need to get to six homes per buyer for a balanced housing market.
Months Supply: Compares the number of active listings available to the average monthly pending sales for the last 12 months.
NEW LISTINGS OVERALL DOWN 22% this is critically low!
New Listings: A count of the properties that have been newly listed on the market in a given month, regardless of what status they're currently in.
CLOSED SALES OVERALL DOWN 14%
Closed Sales: A count of the properties that have had closed sales in a given month. The upper brackets ($200,000 and above) are off to a relatively slow start with a 31% drop in closings this year.