Every time you turn on the television or open a newspaper it’s doom and gloom in the national real estate market. But it’s what’s happening in your local market that really matters. A year ago we were flooded with false expectations of a recovery due to the $8,000 first time home buyer tax credit. Now with close to 12 months of activity without any incentives, here’s what the numbers look like in Woodbury:
The median sales price in Woodbury over the last 12 months is actually up 1.5% from $231,488 to $235,000. Of course, the number of closed sales is down 22.7% due to the lack of the tax credit but the number of new listings is also down 10.2%. This means while there are fewer buyers there are also fewer sellers to compete for the buyers. This may be why the number of days a home is actively on the market is down just over 5%. Currently in Woodbury there are 485 homes actively for sale in the Multiple Listing Service (266 single family homes and 219 condos and townhomes).
So what does all of this mean to you? Nothing, if you are not looking to buy or sell. If you are a buyer, it looks like homes are selling faster and for more money than a year ago so if you are sitting “on the fence” it may be wise to get off. With interest rates at an all time low and homes “on sale” (selling for nearly 30% less than what they sold for in December of 2007), you may never see a better time to buy. Nobody can tell you when we have hit the so called “bottom of the market” until it has passed. Sellers, the selling season is upon us and now is the best opportunity to get “top dollar” for your home. Know your numbers and price your home appropriately. While it may be a lot less than what you would like, you will make up for it on the purchase of you next home.
Woodbury continues to be a strong community to purchase a home and raise a family. The median price of a home in the Twin Cities market is $161,000 compared to Woodbury’s $235,000.