Woodbury Home Buyers Filling Spring Showing Pipeline, Prices Continue to Wane

Woodbury home buyers are filling the spring showing pipeline as prices continue to wane. 

The median price for a home in Woodbury MN fell to $215,000 this month. Meanwhile, showings numbers are off the charts for the already low inventory of homes for sale. A new listing I  had last week saw 10 showing requests in the first 5 days on market... spring is in the air. Let's break the numbers down a bit to better understand how we track the trends in the market. 

Indicator #1, Home mortgage applications. Most people have to take out a mortgage to purchase.

Indicator #2, Showing activity and the number of viewings, per listing, per week, is most important. 

Indicator #3, Pending home sales and then of course closed transactions.

Indicator #4, Price, we all want to see that rise however it may be a couple years.

The homes closing today may have been written in January and the closed sales reported monthly were sold or under contract in late December. It will take a while to turn this ship around but with affordability numbers at or below 12% of the median income... it's only a matter of time.

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 weekly stats in Woodbury for the week ending March 10, 2012: 

• New Listings decreased 16% with 30 new homes for sale

• Pending Sales up 3% with 103 homes under contract

• Overall Inventory increased slightly to 339 homes for sale

Compared to 2011 for the month of February 2012: 

• Median Sales Price has decreased 12.8% to $215,000

• Days on Market decreased slightly, 3.7% to 136 Days On Market

• Percent of Original List Price Received remained the same at 92.6%

• Months Supply of Inventory has decreased another 16% to 5.5 months

Information is gathered from the Northstar Multiple Listing System and "The Thing" 

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.