Is now a good time to sell my luxury Wedgewood home?
The Woodbury real estate housing market made enormous progress in the past year. While the last few years have been unpredictable, especially in the luxury home market, we can now verify that the Woodbury housing market is on the upswing.
The shortage of quality homes for sale in Woodbury has translated into an increase of 9.2% in median sales price and a 23.8% decrease in the amount of time a home spends on the market. The Woodbury months supply of homes has dropped by a whopping 37%, which reduces the months supply of homes down to an incredible low 3.7 months supply.
The question for those of you living in Wedgewood and thinking about selling your home in 2013 is how does the overall recent Woodbury housing market success translate to the selling of your luxury home in Wedgewood?
Let’s take a close look at what the Wedgewood housing market did over the 12 full months of 2012.
We all know during turbulent times in the housing market that luxury homes with higher price points will be affected first, as well as be the last to recover during a down market. The 2012 average sales price in Wedgewood was slightly up 0.4% (see side bar graph) to $433,238 from year ending 2011.
While this might not seem like much to many of you be sure to recognize what this small gain symbolizes after a half dozen years of luxury homes prices being in free fall. Simply this modest gain likely indicates that the luxury home market in Wedgewood has finally hit rock bottom and is now starting to bounce upwards.
The average days on market in Wedgewood during 2012 was down 35.6% (see side bar graph) to 133 days from the high of 206 days in 2011. The average sale price and the average days on market can be directly tied to the Wedgewood months supply of homes (think of supply and demand). The 2012 months supply of homes in Wedgewood was down dramatically 41.7% (see side bar graph) to 5.8 months from 9.9 months supply in 2011.
It is important to recognize a balanced housing market is achieved when there is a 5-6 month supply of homes on the housing 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 city of Woodbury’s months' supply of homes drop to a 3.7 months supply and become a sellers’ market.
In Wedgewood the months supply of luxury homes during 2012 dropped comfortably into a balanced housing market. With Wedgewood now having a 5.8 months' supply of homes available to buyers as we enter into 2013 this means Wedgewood luxury home seller’s should start seeing their average sale price bounce even further during 2013.
If you are a Wedgewood luxury home owner who has been trying to wait out the market, 2013 might finally be the right time for you to put your home on the market. For home buyers, recognize Wedgewood home prices are no longer in free fall and are finally pointing upwards. Your decision to sell your Wedgewood home is a very personal one, and the Durham Executive Group team will guide you through the process. We would be happy to meet with you to provide a FREE and very accurate market analysis of your home and answer any questions you may have. Call us today at 651-231-2191.
To learn more about what John and Becky will do to market your Wedgewood luxury home, see the videos detailing their premiere luxury home services. It's all on their website at
John and Becky Durham are a marketing award winning husband and wife real estate team specializing in the marketing and selling of luxury homes in both Woodbury and Wedgewood. John and Becky have each earned master's degrees. Their marketing expertise, combined with their executive level business and consulting experience, means they are uniquely equipped to negotiate the best deal for you, whether you are buying or selling a luxury home.
*John and Becky Durham researched this articles Wedgewood and Woodbury housing information from the Minneapolis Area of Realtors. Information is deemed reliable but not guaranteed.
*John and Becky Durham - RE/MAX Results