For both Seller's and Buyer's the following information provided by the Durham Executive Group is helpful to understand when buying or selling a home in Oakdale MN. The graph below is Oakdale MN Monthly Supply of Homes for Sale 2011 on a twelve month rolling scale.
What you will note is that all three categories of homes for sale (traditional home sales, foreclosure home sales, and short sale home sales) in Oakdale MN vary considerably when looking at the Monthly Supply of Homes for Sale 2011. What is especially good for Oakdale MN sellers is that the traditional monthly supply of homes on the market since September 2009 has reduced from a 'buyers' market to what we call a balanced market. Foreclosure homes are at a low level which is definitely a good sign for traditional home sellers contemplating putting their home on the market. Unfortunately short sales while reducing significantly since 2009 still continue to affect the housing market to a certain extent.
In real estate the general rule of thumb is if there is a 1-5 months supply of homes it is called a 'Seller's Market', a 5-6 month supply of homes and it is called a 'Balanced Market', and if there is 6+ months of homes for sale and it is called a 'Buyer's Market'. Between now and early 2012 we are likely to see the annual continued trend of the number of traditional Oakdale MN homes for sale reducing over the winter months before going back up slightly again next year.
The thing for a seller to keep in mind is that fall and winter is still a good time to sell as the number of competing homes for sale in Oakdale usually drops allowing for less competition. John & Becky Durham provide strong marketing, negotiation, and communication skills to all of our buyers and sellers. Contact us today to discuss how we might best assist you.
Note: The graph below is provided by the Minneapolis Area Association of Realtors.