It’s the Wild West out here in the local St. Croix Valley real estate market right now. Demand is still high and supply is at a significant low with it being our second lowest inventory balance of homes on the market from the last 5 years. Listings are down 10% and sales are down 13% because of this imbalance of supply.
Here’s what you need to know about our local market right now if you’re thinking of selling or looking to buy:
Homes Priced Under $500k
There is a crazy amount of demand for homes priced under $500k and what we’re finding here is that median prices have increased.
Homes Priced Over $500k (more so over $700k)
In the upper bracket market, we are seeing these numbers a little more plateaued. We are static on the inventory level and we’re seeing demand level off.
iBuyers Are Not Good For You Or This Market
Right now we are seeing a lot of ads for businesses who are offering guaranteed sales. This is not good for you as a seller or our local market because many of these businesses are offering reduced value on your home. You can sell your home in this market, so we want to encourage that you connect with a licensed realtor to take you through the selling process. Homes are moving so quickly that you don’t need to accept a reduced price offer on your home.
Many of these buyers are flipping homes or holding onto them to rent out until they want to sell in a later market.
Planning to Downsize
We are seeing a lot of people looking to downsize after kids leave the home or are just looking to downsize so that they can do more traveling. What you need to remember when you’re looking to downsize and move closer to downtown areas with more walkability, is that the younger generation is also looking for that which creates quite the demand.
Just keep in mind that you will likely be a strong buyer who may be cashing out of their home and have a strong position when looking to downsize.
Back To Basics When Listing
When listing your home in this market, it’s all about location, price, and condition. We are in such a weird market right now and we are seeing new construction popping up everywhere because of the demand. Every time you see a model home sell, there’s probably a shadow market of 10 other homes which have sold off of that new construction and you’re also competing with those when listing. This is why pricing right is so important along with ensuring your home condition is as good as it can be to compete.
For more information on our current market or to talk with us about listing or buying a home, contact us!