2012 was a good year for the housing market, and the Eagle Valley neighborhood of Woodbury saw marked improvement.
One of Woodbury’s most in-demand neighborhoods, Eagle Valley is comprised of mostly single family homes, but also has many town homes. A great location with great schools make Eagle Valley a desirable place to settle down.
The housing market slump caused housing prices around the country to drop drastically. Now, with the stock market showing strong signs of recovery, realtors John and Becky Durham of Woodbury’s Durham Executive Group, are seeing positive signs of recovery right here in Woodbury. Eagle Valley’s single family home market, in particular, gained a lot of lost ground in the past year.
The months’ supply of homes, a figure critically tied to home prices, dropped more than 50% in 2012 (see graph). With only a 3.1 months’ supply of homes on the market, this has created what realtors call a ‘seller’s market’ (more than a 5 months’ supply is considered a balanced market). The months’ supply can often have a causal effect on other important market statistics. For instance, the number of days an Eagle Valley singly family home remained on the market in 2012 dropped by 35% to 101 days — the lowest figure in years!
Most importantly, we are once again seeing single family home prices increase in Eagle Valley. The average price per square foot increased by 1.8%, the first gains seen in years (see graph). John and Becky are optimistic that these figures tell a happy tale of what is to come in 2013.
With a reduced supply of homes on the market along with a healthy demand, it is quite possible that we will see even faster sales and higher prices in 2013.
Add in the fact that interest rates remain at historic lows and we have ourselves a recipe for a market turnaround!
Smart home sellers know that as the temperatures heat up in spring and early summer, so does the real estate market. As more homes enter the market again, prices may stabilize. If you have been thinking about putting your home on the market in 2013, now may be the time! John and Becky Durham would be happy to meet with you to provide you with a free market analysis of your home and answer any questions you may have.
To learn more about what John and Becky will do to market your home, see the videos detailing their premier services at www.results.net/john.durham.
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 from the Minneapolis Area Association of Realtors. Information is deemed reliable but not guaranteed.