A year ago homes were selling faster than we could put a sign in the yard. The combination of interest rates near 3.5% and record low inventory made for an extremely active housing market in Woodbury. Homes increased in value nearly 13% last year and home sales were up over 25% compared to the year prior.
Fast forward 12 months later and sales are down nearly 17% and home values are up only 3.5% in Woodbury. Compare that to the rest of the Twin Cities where sales are only down 11.4% and home values are up over 8%.
So what's happening with Woodbury's housing market?
Several things; first the availability of new lots near East Ridge High School has allowed the national home builders to roll out hundreds of new homes. Buyers are gravitating to the new layouts and the smell of a fresh new home so this means home sellers need to adjust in order to compete. Sellers can't offer a "new home" with the exciting new features currently being offered by builders so the in order to sell, home owners must be priced accordingly, professionally staged and homes must be marketed differently. Now more than ever, you need a good real estate professional on your side if you intend to compete in the housing market.