Wayzata home owners it is time for your March of 2012 update. The Wayzata real estate market is continuing to show some great numbers. According to Infosparks through the NorthstarMLS, the month’s supply of homes for sale is down 29.1% from March of 2011. That is an unbelievable drop in homes for sale. In March of 2011, we had a 7 Month supply of homes for sale in Wayzata. In March of 2012, we had a 5 month supply. Now the overall picture shows the month’s supply of homes for sale has dropped 15.4% from the previous 12 months. This means less competition, and less competition, means increasing demand.
Now the other great news for sellers is that in March of 2012, closed sales were up 23.3% from the previous year. The pending sales went up 11.9%. This increase in sales is a good sign.
Now let’s check out the other indicators that show improvement. The median sale price for March of 2012 was $352,250 compared to $273,950 in 2011and $317,450 in 2010. That is a 28.6% increase since 2011. The other factor to consider is that in 2011 the average home was on the market for 179 days meanwhile the average days on the market improved to 145 days. That is even lower than 2010 which was 200 days. In short, the homes are selling for more in less time.
Finally in March of 2010, the percentage of sale price to original list price received was 93.3% and in 2011 we dropped to 90.4%. In March of 2012, we reached 93.9%.
Are you asking yourself how does this apply to your home? If so Contact me for a free Market Analysis of your home today.