Lakeville MN Housing Trends Nov. 2012
Real estate market data for Lakeville MN Dakota County provided by the Stradcutter Team, High Pointe Realty
As you've probably read for the past few months, the Twin Cities housing market is improving and Lakeville MN is one of the communities that is mirroring this improvement.
Let's look at some of the important parts of this chart. In November 2011, we had a 5.5 months supply of homes. A typical real estate market inventory is in one of three sectors. The first is a buyer's market where there's lots of inventory and is typically a 7+ month's supply of homes. A 3-5 month's supply is considered a "balanced" market and anything under 3 month's supply is concidered a seller's market because of tight inventory.
Overall the Twin Cities housing market has moved from a buyer's market to a seller's market in one year. As you can see, Lakeville is seeing the same trend.
The average price per square foot has increased as well. In this case, we're seeing a 21% increase from a year ago. Does that mean that your property has gone up 21% in value from last year? No, it simply means that we've burned through a lot of the bank owned properties in poor shape and now the homes on the market are in better shape.
The two big pressures on the market are the low interest rates and lack of inventory. We're seeing multiple offers on properties and many buyers are willing to pay more than list price. This doesn't mean that you need to go out and purchase a home right now. But it does mean that you need to get informed and educated about the market.
We may not be your typical realtor(s). Why?
First, we are educators who help you understand the buying and selling process. An informed consumer makes good decisions through a thorough understand of all of the component. You are making one of the biggest financial choices of your life and that will have far-reaching effects. And we are here to assist you with that. Here is a partial list of our degrees, certifications, training and experience.
- Real estate broker
- Teaching and Education (master's degree)
- Short Sale and Foreclosure specialist (buyers and sellers and multiple certifications)
- Certified Negotiations Expert
- Technology (master's degree)
- Accounting (bachelor's degree)
- Human Resources (bachelor's degree)
- Home Staging
- Wholesale investing