Thursday, October 10, 2013

September Real Estate Market Stats-Twin Cities

Hi, Steve from Wilhelmy Homes, thanks for stopping by this site, we really do appreciate it.  I want to take a minute of your time today and talk a little bit about how the market fared in the Twin Cities in September of 2013.  Here’s a couple of the stats...

You know what; we started to slow down a little bit in September, which is typical of what we see.  Last month we sold a little over 4400 houses in the Twin Cities, the month before in August was 5500, so we dropped a little bit, about 20%, which is kind of typical of what we see.  The number of houses going out in the market went, was about 10% less than the previous month, but significantly more than last year we were, this past month we put, just shy of 6400 houses onto the market.  The month before was just shy of 7000, but in 2012 it was about 5300 houses, so quite a few more houses going on to the market.  

Price points has been, this year obviously jumped way up, comparing month-to-month we actually slid back about 6%, we dropped down for the average selling price, about $239,000, but comparing that to last year’s same time, we were at like just shy of $218,000,  almost 10% from there.  So you can see all that appreciation. 

One of the most telling numbers about how the market is going is the months of supply.  Months of supply says if of all the buyers that are out there and of all the houses, how long will all of those houses take to be sold off?  In the Twin Cities that number is at 3.6 months, the previous month it was at 3.5, so we’re at about the same.  A year ago it was at 4.3.  And to put that into perspective, all of the economists, all of the smart people in the world, I guess if you say, if we are anything less than six months of inventory, we are in a sellers’ market.  And so what you are going to see in a sellers’ market is quicker sales prices, higher sales prices, multiple offer situations, and if you’re at all kept tune with the Twin Cities’ market, we are seeing all of that this year, and we will continue to see all of that during the fall season and into the winter.  We will continue to see a high demand for houses, especially houses that are in great shape and move-in ready all of that good stuff.  

I’d love to talk to you more about real estate, talk to you more about statistics or specifically about a city or an area or things like that, feel free to reach out. Again it’s Steve from Wilhelmy Homes, thanks for stopping by this site.  Have a great day.