With Holidays Looming, Little Movement for Woodbury Real Estate Market

With the holidays looming there was little movement for the Woodbury Real Estate market in the last week. 

I am suprised to see that we had another 10 homes close and 9 marked to pending when working with a rather short holiday week. Predictions for the 2012 real estate market continue to place us in the top places to live and recover from the recent housing down turn.

A recent article I read on www.builderonline.com places #6 in the top 20.

#6 Minneapolis-St. Paul-Bloomington, MN-WI

Market Health Indicator: 77.6

2011 Building Permit Forecast: 9,403

Percent Change in Building Permits: 66%

The Little Apple appears poised for growth. Last year's strong rebound in permit activity--filings were up 22 percent in 2010, led by a surge in multifamily--is expected to accelerate in 2011. If builders actually pull 9,403 permits this year, as Moody's forecasts, that would equal half the volume of 2005.

Foreclosure filings actually fell in Minneapolis last year, though banks still have inventory to work through. Median existing home prices, which stood at about $167,000 at the end of last year, have fallen only 27% from their peak in 2005. The market enjoys decent household growth (1.77% is forecast for 2011) for a Northern city, though most of it comes from natural growth. It still has a hard time attracting residents. 

The housing industry in Minneapolis, a major hub for medical technology, is supported by a relatively high median income level among residents. Median incomes reached nearly $66,000 last year, and Moody's expects another 2% increase this year, which would be a marked increase over the pace of the last seven years.

Now for the Woodbury weekly numbers:

These are some of the key statistics and trends I track on a weekly/daily basis. Now I must admit, there is no way of predicting the future and we all aspire to be the one who holds the crystal ball of real estate information. And of course the disclaimer your financial adviser always shares, "Past performance is no guarantee of future results". 

The stats in Woodbury for the week ending December 17th: 

• New Listings decreased 100% with 11 homes

• Pending Sales decreased 4% to 72 under contract

• Inventory decreased 1% to 321 homes for sale 

When compared to the start of 2011 for the month end of November: 

• Median Sales Price has decreased 10.8% to $220,000

• Days on Market has decreased 4.4% to 136

• Percent of Original List Price Received has decreased 0.9% to 92.2%

• Months Supply of Inventory has decreased 3.3% to 6 months

Good luck and happy home selling!

Matthew Johnson

www.mattjrealtor.com

The Johnson Real Estate Group serves Woodbury, Oakdale, Cottage Grove, and the entire Twin Cities Area including Western Wisconsin! We are dedicated to providing a superior experience when buying or selling your Twin Cities home! Contact us at www.mattjrealtor.com to find out more.