The University of St. Thomas Minneapolis St. Paul Residential Real Estate Index for February was recently released. Herb Tousely, director of real estate programs at the University, expects home prices to increase in the coming months because of normal seasonal fluctuations and because of the tight inventory on the market.
*The inventory of homes for sale remains at a historically low level. In February there were 12,232 homes for sale (in the Twin Cities Metro area) compared with 17,850 in February of 2012. One measure of market health is to examine the ratio of homes on the market for sale and the number of homes sold. In February there were only 4.44 homes for sale for every homes sold. This is a very low level when compared to historical data. In February 2012 there were 6 homes available for sale for every home sold and in February of 2011 the ratio was 10:2. Generally, in a balanced market, the ratio typically falls between 6 and 10 homes available for sale for every one sold. This continues to be good news for sellers. As we move into the spring market, more potential buyers will find a limited number of homes for sale putting upward pressure on prices.
*University of St. Thomas Minneapolis Residential Real Estate Index
So what does this mean for Woodbury?
The latest data from the Regional Multiple Listing Service of Minnesota, Inc. is very promising! Home prices are up 10.2% over the past 12 months. And homes are selling faster, too - in 94 days on average. That’s incredible! With supply at historically low levels, we can expect sale prices to continue to increase as buyers compete for the best homes on the market.
Becky and I are very excited about what we are seeing in Woodbury real estate market and the surrounding area. If you are wondering what this market turnaround has done for you home values, give us a call. We would be happy to provide a free market analysis on 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 email@example.com
Becky Durham - 651-231-2192 firstname.lastname@example.org
- Housing statistics and data provided by John and Becky Durham are based on data available as of April 1, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.