Wedgewood — Woodbury Real Estate Market Update

2013 is getting off to a great start in the world of Woodbury real estate, and the Wedgewood neighborhood is doing exceptionally well. After several years of luxury homes languishing on the market, Becky and I are finally seeing clear evidence of a market recovery. 

People are Buying Homes in Wedgewood

Take a look at the graphs to the right. The graph titled Wedgewood Closed Sales shows a remarkable trend in the last year as homes in Wedgweood are selling. But it’s not just a few homes here and there. It’s 73 homes sold since January 2012! How sustainable this trend will be remains to be seen, but we can be sure that what it does mean is that it’s possible to sell a home in the present market.

Supply is Down in Wedgewood

A balanced market is when there are between 5 and 6 months supply of homes for sale. The progress made in the past year is stark, as you can see in the graphic titled Wedgewood Months Supply of Homes for Sale. After several years of an over supply, it’s clear from the graph below that the market in Wedgewood is righting itself. 

Homes are Selling Faster

I think it’s safe to say that we can all breath a sigh of relief. With the data we are seeing, the days of listing a luxury home and having it sit on the market for nearly a year appear to be over. After 12 months of consistent trending, homes are selling, on average, within 120 days of listing. See graph titled Wedgewood Days on the Market. We haven’t seen results like that since mid 2007. 

I’m excited about these numbers. A full year of progress leaves me optimistic that the Wedgewood market is back on track. With decreased supply, we are beginning to see multiple offer situations as buyers compete for the best homes the market has to offer. If you’ve been waiting for the market to improve, now may be the right time to consider listing your home.

Thinking about selling your home? Becky and I would be happy to provide you with a free market analysis of your home. If you are a buyer, you can trust that we will pull out all the stops to help you find that gem you’ve been searching for. Check out the videos detailing all their premier real estate services at www.results.net/john.durham

John and Becky Durham are Woodbury real estate agents with RE/MAX Results and Durham Executive Group.

John Durham - 651-231-2191 john@durhamexecutivegroup.com

Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com        

* Housing statistics and data provided by John and Becky Durham are based on data available as of February 1, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.