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Hi Steve from Wilhelmy Homes here
Thanks for stopping by the site
I really appreciate it
I want to tell you about the January 2013 real estate market statistics for the Twin
Cities area
So if you're not a statistics person
Feel free to slide onto another blog
But if you are a statistics person
You might find these interesting
The amount of houses that we sold last month actually went down from December
But we're up from January of 2012 about 10%
We like to compare the same month from year to year
Because generally the same things are happening
What's interesting is that the inventory was down this January about 6% from last January
The number of houses selling and the number of new houses coming on
Generally tells us that appreciation is going to be happening
And that's actually showing up in the average price
When you compare January 2012 with January of 2013 home prices are actually up an average
of 10% across the entire twin cities
Now, does that mean that your home specifically is going to appreciate 10%
No that's an average
It might be more it might be less
But in general the market is going up at a pretty nice rate
Something else to keep in the back of your mind is the number of distressed properties
has gone down
In 2012 distressed properties, foreclosures and short sales
Accounted for about 55% of all closed transactions across the Twin Cities
This year it's at 43%
Which is a good sign
We should see that dropping even more throughout the year as typically more REOs
And short sales sell during the winter months than traditional listings
The last thing I want to share with you is the months of supply
Which is taking into consideration all the buyers in the Twin Cities market
And all the inventory of homes that is on the market right now
How many months of supply do we have
And how long will it take typically for someone to sell their home
In January 2013 that number was 2.9 months
Last year it was 5 months
Which is a major decline
Generally when you are below 6 months
You are in a seller's market because there are more buyers than homes
We have an inventory issue right now in the Twin Cities
And it's beneficial to the sellers
Houses are selling very quickly and getting multiple offers
So if you are considering a move
Now would be a good time to consider selling before the big bump in the spring
When the listings spike.
I'd love to chat with you about opportunities
If you are thinking of selling
And if you are out there looking to buy
Please give me a call
We want to put some strategies in place
To make sure you are the one that gets into that ideal house as quickly as we possibly
can
And make a strong offer so that yours is the offer that they choose
Thanks again for stopping by Wilhelmy Homes
If you'd like to give me a call my number is 612-619-263
And my email address is Steve@WilhelmyHomes.com
I'd love to chat with you about anything related to real estate