Maple Grove Real Estate Market Update-October 2009
Tracking the trends in the Maple Grove Homes market is an important part of what your Realtor should be doing for you. Only by watching what the stats are doing can you make educated decisions on buying or selling a home. This information and expertise could be worth tens of thousands to you. This especially holds true when selling. If you price your home too high when the market is declining, could be catastrophic. Plus, knowing the average days on market can help you understand where your house is at in the sales cycle, reducing frustration and anxiousness.
With all that said, let’s get to the numbers! This information is provided by the Minneapolis Area Association of Realtors and is published monthly. In October new listings were down 11% over October 2008. Year to date new listings are also down almost 11% versus 2008. Much of this can be seen by the banks reducing the number of REO properties that they are releasing to the market. We are expecting this trend to reverse itself starting in early 2010.
Closed sales for Maple Grove homes were up a whopping 42.5% over 2008. We closed 31 more sales this October over last. Closed sales are also up for year to date 2009 almost 2%. This is a positive outlook on where the market is headed. I suspect this is because inventory continues to come down as shown in the single family and townhouse inventory which is down by 18% and 20% respectively for October. Only once we get to lower inventory will houses sell faster.
We are headed in a positive direction for less days on the market. October average days on market until sale dropped a huge 20 days. Now on average a Maple Grove home will take 120 days to sell. Year to date we are also seeing the same trend with 2009 data showing a 2 day improvement to 125. October 2009 appears to be a more typical month relative to 2009 year to date than October 2008 was to year to date 2008.
Sale prices continue to slide not only in October over last year, but also year to date. The economy and the large inventory of foreclosures and short sales continue to drag down all Maple Grove Real Estate sale prices. Median sale prices were down 2.8% in October over last year and a larger 12.2% year over year. Average home sales prices dropped just under $300k to $296,881. This was a 4% drop versus last year. Plus year to date numbers are down by 13.5%. Year to date show the average sales price of a home in Maple Grove is actually $274,000, which is lower than October’s average.
Lastly, home sellers are only receiving 93% of their original listing price when they do sell their home. I think this is driven by it being a buyers market and buyers are making aggressive offers because of the excess inventory of homes on the Maple Grove real estate market.
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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