Inventory is LOW!!!

By
Real Estate Sales Representative with Coldwell Banker Burnet

Inventory is low and things are looking up!  The real estate market has really taking a swing on the pendulum the past year. As 2009 came to a close interesting trends came into light.  2009 shined over 2008 for homes sold.  1,087 homes sold in the year 2008 and 1,106 homes sold in 2009. A nice 2% increase for the local St. Cloud market.  In addition average days on market decreased by 2%! Although average sales price for a healthy home (non-foreclosure) was down 2% we saw that sale price was 96% of the list price. 

We need homes on the market right now!  With currently only 692 homes available (lowest in a decade) there is only a seven month supply. In other words if no new homes came on the market we would run out within seven months!

Take advantage of the move-up tax credit! If you've been in your home for 5 consecutive out of the last 8 years and sell your home and purchase another home you can receive a $6,500 tax credit.  This offer from Uncle Sam only lasts until April 30th. You must have a valid purchase agreement by April 30th and close by June 30th to qualify.  What other reason do you need to get your home on the market right now!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Craig Campeau 01/14/2010 05:19 AM
Topic:
ActiveRain Community
Location:
Minnesota Stearns County

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Rainmaker
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Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Interesting that most areas in North America are finding that inventory is very very low in the entry level or investor-rental categories.   The upper end residential listings remain slow, it seems.

Jan 12, 2010 08:02 AM #1
Rainer
3,197
Kim Menth
Coldwell Banker Burnet - Saint Cloud, MN

This is great information that I love to share with my buyers.

Jan 13, 2010 11:50 AM #2
Rainer
8,126
Carissa Hopkins-Hoel
Coldwell Banker Burnet - Saint Cloud, MN

The interesting thing that we've noticed since the new year is the upper brackets are showing improvement. Our upper bracket homes are seeing more activity in the first few weeks of the new year than they did the entire year of 2009.  There is obviously a pent-up demand in the upper brackets.  We've already had more sales in the upper brackets than in the lower first-time brackets!

Jan 15, 2010 12:44 AM #3
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Rainer
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Carissa Hopkins-Hoel

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