This post was contributed by a community member. The views expressed here are the author's own.

Health & Fitness

When Will Woodbury Home Prices Get Back to 2007 Levels?

With a shortage of homes on the market in Woodbury and around the Twin Cities area, prices are expected to rise as the season warms up. Check out the latest data from John and Becky Durham!

I feel like a broken record when I tell you that the supply of homes for sale in Woodbury is at low levels I’ve never seen.

With an average 3.4 months supply of homes on the market, the right home is becoming difficult for buyers to find. Supply has dropped by 46% since March of 2010 (see graph).

I’m thrilled to tell you that because of the low inventory we are seeing multiple offer situations increasing. What I wish I could tell you is that home prices have recovered completely. Let’s be honest. We all want to see prices back to where they were in 2006 and 2007.

Find out what's happening in Woodburywith free, real-time updates from Patch.

The reality is that’s going to take a while, perhaps years. We're seeing strong signs of the economic recovery needed. The stock market is showing improvement, as is the job market. But the recovery is slow. That's a good thing. We want a slow, sustainable recovery.

I can definitely say we are on the right track. With a full year of fairly steady gains in home prices in Woodbury (see graph), this spring is an excellent time to consider moving.  

Find out what's happening in Woodburywith free, real-time updates from Patch.

If you’ve been thinking about changing your housing situation to downsize, upsize, or relocate, consider what it means to wait to get a higher price on your current home. It means you will pay more for your next home! The deals are out there now! If you wait, you might miss them!

As the Woodbury housing market heats up this year, all indications are showing a competitive market for buyers, with modest gains in sale prices for sellers. If you’ve been sitting on the fence, this spring may be a great time to put your home on the market. I recently sold a luxury home in Bailey’s Arbor in 1 day, and another beautiful home near Red Rock Elementary in 57 days. Currently the average days a Woodbury home spends on the market is 95 days.

Becky and I would be happy to provide you with a free market analysis of your home. Check out the videos detailing our premier real estate services at www.results.net/john.durham

John and Becky Durham are Eastern WI and Minnesota 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 March 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.
We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?