Woodbury’s housing market is taking a very interesting turn as we head into 2013. Becky and I are seeing numbers we haven't seen in years. The greatest concern right now is the lack of supply of homes on the market. Let’s take a look at the statistics for Zip Code 55125 in Woodbury:
The number of homes on the market has decreased by 44% in the past 2 years, creating a definite seller’s market. The hope for all homeowners is that this lack of supply will translate into price increases as we enter the spring real estate season.
Prices are Rising
Take a look at the graph showing Average Sales Prices of homes in 55125. Broken down by property type, we can see that average home prices of single family homes have gone up nearly 12% in the past year, canceling out the price drops we saw in 2010. Townhomes saw similar gains in average price. Cautious home sellers should note that these results show consistent, gradual improvement over the course of the past year, which is what we want to see. What is most interesting is that we saw the greatest gains in the last quarter of the year, when the market typically slows down.
Homes are Selling Faster
What’s amazing is how fast homes are selling in the 55125 Zip Code (see graph below.) I can’t remember the last time I saw homes get snapped up so quickly. The average number of days on the market is at 94 days for single family homes. For townhomes, it’s 89 days. Under 90 days? INCREDIBLE! This is even faster than pre-recession levels.
Given these numbers, it seems logical that home prices will continue to go up this spring as we head into the peak home buying season. For buyers, this means that with limited supply, you will need to act quickly. You’ll have limited choices and may have to compete with other buyers for the best homes.
For sellers, if you have been sitting on the fence, now is the time to seriously consider listing your home. Buyers are out there, and with interest rates still at historical lows, they are ready to buy. Becky and I would be happy to provide you with a free market analysis of your home. Check out the videos detailing our premier real estate services at www.results.net/john.durham
John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.
John Durham - 651-231-2191 firstname.lastname@example.org
Becky Durham - 651-231-2192 email@example.com
* Housing statistics and data provided by John and Becky Durham are based on data available as of February 12, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.