Here are a couple numbers to give you an idea of where the
real estate market for Maple Grove was sitting this January compared to last
year in January of 2012…
Maple Grove sold about 10% more homes in January of 2013 than in 2012, but the inventory was still down just over 10%. Contrary to the notion that if inventory has decreased, and sales were up, that prices should have increased, home prices in Maple Grove actually decreased by 8% this January. Not to panic, it doesn’t mean that we are falling off the housing cliff again; it has a lot to do with the time of the year. Also, a couple new builds or a couple really low priced homes, can throw off the numbers for average price of homes sold.
In real estate in general in Maple Grove, our market has improved from last year. We were even in January with December’s 2012’s numbers. A really encouraging sign is the number of distressed properties, those short sales and foreclosures, has significantly dropped from January of last year. In January of 2012, distressed properties accounted for 53%, over half, of all homes sold in Maple Grove. This January, only 34% of the homes sold were distressed properties.
Another number to look at is month’s supply. Taking into account all the buyers out there, and all the houses available on the Maple Grove housing market, how many months of supply were sitting out there last month? Last year in January there was 4.2 months of supply in Maple Grove, which is was seller’s market. This January, the number dropped to 2.6 months of supply, putting us in a phenomenal seller’s market right now. That means higher offer prices, multiple offers, and less time on the market. If you’re thinking about selling, now would be a great time. There’s a lot of demand right now for housing in Maple Grove. In fact, there’s a lot of new construction being built, so if you are a buyer finding yourself in competition with other buyers, you may want to consider new construction.