The Woodbury housing market appears to have stabilized and average home prices started to rise in 2012.
While the past few years the housing market in Woodbury has been unpredictable we can now verify the Woodbury market has definitely hit bottom and is now on the upswing.
The shortage of quality homes for sale in Woodbury has translated into an increase of 9.2% in median sales price (see 2012 median sales price graph), and a 23.8% decrease in the amount of time a home spends on the market (see graphs).
A balanced market is achieved when there is a 5-6 month supply of homes on the market. If the months' supply of homes on the market is more than 6 months, we are in a 'buyer's market.
If there is less than a 5 months' supply, the market is called a 'sellers' market. Woodbury is a high demand community.
In 2012 we saw the months' supply of homes drop considerably, by 37% (see graph). With a 3.7% months' supply of homes available to buyers, this means we are in a sellers' market situation in Woodbury as we begin 2013.
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John & Becky Durham - Durham Executive Group
Housing statistics and information provided by John & Becky Durham are researched from the Minneapolis Area Association of Realtors.