Health & Fitness
April Real Estate Data Shows Promising Future for Maple Grove - and a Trip in the WABAC
April Real Estate Data shows strength for Maple Grove, and a look at previous years (including WABAC look at 1998) provides comfort that a return to "normal" seems to have arrived.
More and more it’s felt like spring lately. It’s not hard to forget the snow storms of April that surely had some effect on the Real Estate market, but the snow has finally melted or that the weather finally warmer, but with open house signs, buyers and new listings are signalling the beginning of busy season in the Real Estate market in Maple Grove. While the last 16 months have promised good things for the market, April data shows the strength that seems to have arrived.
Positive Data for April, and setting the controls for 1998 on the WABAC
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Supply inched up slightly with 15% more homes coming to market in April 2013 than the same time period last year, and year to date supply up 5% from 2012. As an indication however of how quick and how active this market has become, of the 176 new listings added to the supply in April, only 75 of the homes remain active with no contingent offers as buyer demand continues to outpace supply. Additional good signs can be seen from the Average list price of the new homes coming to market increasing 20% showing that the move up market supply is increasing and open for buyer demand.
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2013
2012
2011
WABAC* - 1998
# of New Listings April
176
153
200
184
Year to Date
583
555
627
687
Avg Price
$321,575
$266,159
$321,198
$171,788
Single Family
116
100
141
138
Demand stays steady and strong as we finally had a couple good weekends of Spring weather mixed in with snowstorms and school closings. Still, buyers came out and were willing to put up with snowy-er than usual elements to buy homes in April 2013.
2013
2012
2011
WABAC* - 1998
Total Sold Homes
104
98
71
125
Single Family
59
66
36
88
< $220,000
50
40
45
100
Traditional
77
75
41
124**
** - Data wasn’t collected on type of seller in 1998 however there were less than 1% of transactions being done as bank owned via foreclosure at that time.
A LOOK INTO THE FUTURE OF MAPLE GROVE MARKET:
An even brighter picture seems to be forming for the Maple Grove market. Buyers sitting back thinking they may see prices relax look like their wait may be long gone (or longer than expected) as pending sales are up 26% over April 2012 indicating that May sales numbers should be strong.
< SEE April Pending Sales Chart >
Additionally, April supply charts for Maple Grove show us at the lowestnumbers we’ve seen in years. The drop below the 300 homes on the market for Maple Grove is a significant result of the bank mediated homes (Foreclosure & Short Sales) no longer being a part of the market supply and the traditional seller being hesitant to put their homes on the market.
< SEE Maple Grove Housing Supply Chart >
With strong pending sales prediction strengthening in Demand, and inventory (supply) at lows we haven’t seen since the peak of the inflated market - it seems like we are in for a strong busy season for home sellers in 2013. Banks however, are keeping prices relatively tight with appraisal requirements that wont allow prices to slip back into the increasing values seen in early part of the millennium.
* NOTE: I don’t have a dog with a bow tie named Mr. Peabody, or his boy Sherman to calculate the WABAC dials for me, but it’s interesting to compare numbers to a time before the drop in the market or the rapid rise in the market that created it.
David J. Garves
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