As the warm Summer weather of Minnesota finally arrived in June, the strength of the Maple Grove Real Estate market seemed to keep chugging forward with very few breaks to relax and enjoy cabins, lakes or any of the other wonderful things about a Minnesota Summer.
JUNE NEW LISTINGS (SUPPLY) - Home owners, with a new confidence that homes are selling for stronger prices came out again in June to add to the supply drought and test the market strength. For the third year in a row, June New Listings outpaced the year proceeding it. Even more impressive was that despite the 22% increase in listings, the % of traditional sales remained fairly constant and the average list price increased by 19%.
< SEE CHART: MG JUNE NEW LISTINGS >
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JUNE SOLD HOMES (DEMAND) - Demand increased for the third straight month compared to the proceeding year. Although an impressive 8% increase in the number of sales dwarfs the increase of new listings, the 9% gain in average sales price and 12% increase in sale of traditional homes are both wonderful indicators that the market continues to improve for home owners in Maple Grove.
< SEE CHART: MG JUNE SOLD HOMES >
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YEAR TO DATE (through June) - Midway through the year, it's worth taking a look at Year to Date data. Although the market started somewhat slow this year with a winter that never seemed like it was going to end, the memories of both seem like a long time ago as everything looks positive through the first half of 2013.
< SEE CHART: MG JUNE YTD >
Half the year complete and everything looks strong. Leave it to our Federal Reserve and Ben Bernanke to make sure things to get too exciting though, and keep us on our toes. During June, 2013 Mr. Bernanke stated the Fed likely will reduce its stimulus later this year and end it by mid-2014. This rattled stock and bond markets during June, and was the catalyst to Home Interest Rates rising from the 3.5% bottoms up closer to 4.5%. It will be interesting to see how the increasing supply, higher rates, and continued Minnesota Summer weather will impact the market through July and August. Stay tuned....
David J. Garves
www.maplegroverealestateinfo.com
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