A Look at Home Prices - Pre-Owned Homes vs. New Construction in Woodbury

Woodbury is well known for it’s housing developments. Many home buyers love the idea of a shiny new home where they have chosen the floor plan and all the finishes. With all the plans for new home construction in Woodbury’s near future, Becky and I thought it would be interesting to compare prices for existing homes and new construction. Turns out, there is a very large difference in price (see graph).

The average sales price for a new home in Woodbury is $353,294. That’s up .3% in the past year. Home builders are still recovering from the significant drops in prices in 2011. The market for existing homes is quite different, with an average price increase of 12.6% in the past year to $249,025.

Now, the first thought one might have is that they are building bigger homes nowadays.  But, if you look at the second graph, you’ll see the difference in average price per square foot. $131 per square foot for new construction versus $101 for an existing home.

There is tremendous value in buying a pre-owned home. For many, they prefer a home with the character that time brings, not to mention mature trees and the larger yards that most older neighborhoods provide. 

Becky and I are experts in the Woodbury real estate market and would be happy to talk to you about your options, either building new or pre-owned.

We are also offering our popular first time homebuyer workshop (it’s free-no obligation) at our RE/MAX Results office located at 604 Bielenberg Dr. on the following dates and times:

Thursday, May 9th - 6:00 – 7:30 p.m. 

Thursday, May 23rd - 6:00 – 7:30 p.m. 

This FREE home buying workshop is geared toward home buyers looking to purchase a home in the Eastern metro area, as well as Western Wisconsin. With interest rates still at historical lows, now may be a great time for a first time home buyer to enter the market.

We will share our expertise of the home buying process in both Minnesota and Wisconsin and will answer your questions, from selecting and agent to selecting a home and negotiating a deal. You will learn everything you need to know to make a wise investment, from selecting an agent to selecting a home; making an offer to moving in. Becky and I will will take the fear out of the home buying process by giving you the information you need to make the most important financial decision of your life.

Becky and I will also share current Woodbury and surrounding community housing market update with you so you can enter the market knowing what is going on in the local real estate market. Market data will include:

• Average sale prices in Woodbury and surrounding communities
• Price per finished square feet
• Current list to sale price ratios in Woodbury
• Average days on market

We’ve invited a leading home mortgage expert who will tell you about the financing and home mortgage process, including conventional, FHA, and VA financing. Topics include:

• Pre-approval process
• Qualification guidelines: Credit/employment/income/ratios
• Loan programs, ie. First Time Homebuyer programs
• Monthly payments & cash required to close
• Proposed FHA mortgage changes and their impact on buyers

Workshops require a 48 hour advance reservation. To schedule a registration contact John Durham at 651-231-2191.

Workshops presented by John and Becky Durham and the Durham Executive Group of RE/MAX Results.

John Durham – 651-231-2191

john@durhamexecutivegroup.com

Becky Durham – 651-231-2192

becky@durhamexecutivegroup.com