February 2010 Maple Grove Real Estate Stats
As we start of 2010, I thought I would give everyone some updates on how the Maple Grove Real Estate market was doing in the first 60 days. With the market moving up and down as quickly as it has recently, looking at just one month and predicting a trend is difficult. Additionally, many of these numbers are so small that one or two extra houses, in one direction or another, can sway the stats 10%. This information is brought to us by the Minneapolis Association of Realtors.
For the month of February 2010, new listings were up a dramatic 30% over February 2009 to 182 new listings. Year to date we were only up 4.8% as January was below the year before. Sellers are beginning to put their properties on the market, which is indicated by the new listings. Plus more foreclosures are hitting the market.
Close sales unfortunately were down 17.8% for February and year to date they were also down by 2.4%. The market was very week in December in the more expensive Maple Grove Homes, which translates into less closings following a week month as shown by the drop in closed sales. Once the uptick in new listings sell, we should see this trend reverse.
Median and average sale prices were up a whopping 37.3% and 13.8% respectively year over year. They were also up comparable amounts year to date. These numbers can be misleading as smaller single family homes were typically selling more often in the early part of 2009. Now we are seeing larger homes come on the market and buyers making offers on them.
Average days on the market shot up sadly by 45% to 133 days. Much of this had to do with the holiday period in this part of the sales cycle. Additionally, as I have said in other Maple Grove Market Homes Market Update, November and December were very week sales months, contributing to longer on market times.
Surprisingly inventory in both single family homes and condo/townhouses declined despite having the big increase in new listings and decrease in sales. This suggests that many sellers have been taking their properties off the market.
Most experts believe that 2010 will be a slightly down year in the beginning and then it will level off in the 2nd half with 2011 being the beginning of the recover. Let’s hope!
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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