By David Garves, Associate Broker
Every year the days get shorter, and the weather gets colder and yet it still seems to takes us a bit by surprise when winter hits. This year, it hit hard and fast as temperatures for November dropped quickly and the snow started flying sooner than most of us expected. Real Estate numbers for Maple Grove however showed similar patterns as previous years and continued to support the confidence the market has turned away from it's lows.
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November Listings:
While Year to Date numbers have been up in Maple Grove for Real Estate listings, the early cold weather seems to have slowed the homes coming to the market as only 74 homes were listed this November, down 24% from last years totals. Even with the sharp November drop off, Year to Date listings remain up 15% with sellers taking advantage of the hotter Real Estate market and an average list price up about 13%.
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November Sales:
With an increase in sales just under 10% (9.3), Maple Grove sales continued the trend set and consisting throughout the year of increased Real Estate Sales. 2013 totals were in fact the most Home Sales for November since the market peaked in 2005 when 100 homes were sold in November. Additionally and like listings, the average sales price was also up over last years numbers nearly matching the price paid in November of 2011.
< SEE CHART: MG SALES >
Bank Foreclosures, Short Sale & Sheriff Sale Report:
Bank Foreclosure - Bank owns all rights to sell the home and is the official owner, selling the home to clear inventory and minimize losses on a loan.
Short Sale - Private owner who currently owes more on the loan against their home than the current market will support in a sale. To sell the property the existing owner must obtain an approval from their lender to accept SHORT what's due on the home.
Sheriff Sales - The official process of completing a foreclosure and changing ownership. In Minnesota, the previous owner of the home has up to 6 months to redeem their home buy paying the amount due on the debt.
Job markets, economic conditions, and political policy have played a part in the down turn however very few indicators had as much of an effect on dropping prices in a Real Estate market as the number of bank mediated deals (Short Sale & Bank Owned Homes). Since the peak in 2010-2011 Maple Grove has seen a consistent drop in the number of deals being completed as bank mediated and the number of Sheriff sales, as used as an indicator of future bank mediation, seems to indicate the trend will continue.
< SEE CHART: MG BANK MEDIATION >
While the numbers show the upward movement continues and indicators seem to show strength in future markets, it could be a while before the results can be proven. Colder than average temperatures and an early winter may slow buyers and sellers from coming to the market. With interest rates staying down however, most experts are excited about another strong Spring just around the corner.
David J. Garves
www.maplegroverealestateinfo.com
Want to do your own research? Get the latest info @: www.dgarves.themlsonline.com
