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Woodbury Housing Market for 2013: What to Expect

Woodbury MN Housing Market in 2013: What to expect for the housing market in Woodbury, as well as by both zip code 55129, and zip code 55125.

2012 - Woodbury's Housing Market Statistics for Zip Code 55125  

When the Woodbury housing market derailed and we saw it start to deteriorate in the latter part of 2006 and into 2007 no one really knew what to expect. Housing experts across the country talked about how the national housing market would never be the same.

The Durham Executive Group doesn't know what is going to happen on a national level, but what we do know is that in Woodbury new home construction is reviving, interest rates are still at or very close to historical low levels, and home prices appeared to have hit bottom in 2012 with home sold prices bouncing their way back upwards.

How soon before home values equal the home prices in 2004 and 2005 is anyone's guess, but for any possible home seller out there who has been trying to wait out the market every indication shows it will be many years before the market returns to previous conditions.

In our recent series of Woodbury housing market articles on the Woodbury Patch the Durham Executive Group's mission has been to educate both home sellers and home buyers on the current housing market conditions in Woodbury. There are all kinds of housing information floating around about housing conditions in the Twin Cities, and on a national level, but specifically what are the housing conditions right in Woodbury?

We have already indicated that at year end in 2012 over a 12-month period from 2011 that Woodbury as a whole had a 9.2% median sale price increase along with a reduction in the months’ supply of homes to 3.7 months. In Woodbury's zip code 55129 for the same period of time there was a 3.4% average sale price increase with the months’ supply of homes on the market significantly dropping to 4.2 months.

At the end of 2012 over the same period of time for Woodbury's zip code 55125 we saw dramatic housing data improvements with an average sale price increase of 14.7% (see attached graph). The days on market dropped -27.8% (see attached graph) while the months’ supply of homes decreased -40.4% for a months’ supply of 3.4 months (see attached graph). With a 3.4 months' supply of homes available to buyers, this means home sellers in zip code 55125 and Woodbury are definitely in a sellers' market situation as we begin 2013.

The months’ supply of homes is vital in the housing market in determining whether it is a sellers' or a buyers' market. Remember a balanced Woodbury housing market is achieved when there is a 5-6 month supply of homes on the Woodbury housing market. If the months' supply of Woodbury 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.

Subsequently, if you are a Woodbury home owner who has been trying to wait out the market, 2013 might be the right time for you to put your home on the market with the supply of homes down significantly. For home buyers, recognize Woodbury home prices are finally pointing upwards and there is a significant increase in the number of multiple offer situations on homes due to the drastic reduction on the number of homes available in Woodbury for sale.

 

For Woodbury home owners who are contemplating listing their home in 2013 contact John and Becky for a free market analysis to determine what your home would sell for with the reduced inventory of homes on the market. To learn more about what John and Becky will do to market your Woodbury home, see the videos detailing their premiere services. It's all on their website at www.results.net/john.durham.

John and Becky Durham are an award winning marketing husband and wife real estate team specializing in the marketing and selling of homes in Woodbury. Both John and Becky have 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 Woodbury home.

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 from the Minneapolis Area Association of Realtors. Information is deemed reliable but not guaranteed.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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