Look outside your window's in Plymouth, Minnesota today and you will likely see snowflakes gently falling, coating the frozen, already snow covered landscape with a fresh, clean blanket. While I am enjoying the lovely scene of the new falling snow I'm going to take a look at what you will see if you look at the Real Estate Statistics in our NorthWest Minneapolis Communities.
The good news is that the supply of homes is down quite a bit from one year ago. For the week ending December 27th, new listings were down 3.2 % and pending sales were up a fantastic 8.9 % over the same statistic one year ago. Of course the listings will pick up now that we are in the New Year and approaching Spring but with Interest Rates at historical lows w/a possibility of dropping even more the sales should continue to be good. This is a GREAT time to Buy if you are qualified!
A friend yesterday told me he must be way upside down in his home (he moved here in 2005) because he had heard prices were down over 13%. He lives in Maple Grove so looking at the latest Minneapolis Area Association statistics I see that year to date (YTD) the prices in Maple Grove are down only 2.9%. Certainly good news for him.
What about the same person in Plymouth? Plymouth is the #1 city to live in according to the 2008 Money magazine list of Best Places to Live. The same Minneapolis Association statistics indicate that the average sale price in Plymouth YTD is down 3.6%. Very close and certainly better than another nearby suburban community in the metropolitan area that was down YTD 19.6 %.
The point is that the statistics you hear in the media or find on Zillow may not be indicative of what is happening in your area or neighborhood. How many foreclosures are within a few blocks of where you live? What is the age and condition of the homes around you? How many rentals are in you neighborhood and are they well cared for? There are certainly a number of variables that enter the equation. Don't let the headlines depress you, find out what's happening around you from dependable sources in your area.
Click here to see the latest Market Activity Report for our Minneapolis/St Paul 7 County area.
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