2015 Maple Grove Real Estate in Review (Sponsored)
Jan 26, 2016 08:53AM
● By David Garves, Broker/Realtor with TheMLSonline.com
In 2015, Maple Grove’s housing demand was up nearly 15 percent.
2015 Real Estate Year in Review
2014 2015 Change +/-
New Listings 1,850 1,908 + 3.1%
Sold Homes 1,144 1,314 +14.9%
Median Sales Price $245,000 $245,000 0%
Price Per Square Ft. $122 $122 0.2%
InventoryMaple Grove new listing supply started off very quickly in 2015 as the warmer than usual spring brought home buyers out early. Maple Grove home owners responded with a fresh supply of homes (see chart right).
By the summer months, however, homeowners slowed down with listing their homes
and fell behind 2014’s summer pace.
Supply listings finished the year tracking almost identical to the previous year and finished 2015 up about three percent.
While seeing supply up three percent on the year is impressive, looking at a 10-year chart of Maple Grove real estate listings tells even a bigger picture.
The 1,908 homes listed on the market in 2015 was
actually the most home listings in the last five years and was up 25 percent from
the low mark in 2012.
Supply does remain down still from the
end of the peak market and still hasn’t completely replaced the inventory lost
with the end of foreclosed properties and short sales.
Home SalesMaple Grove’s housing demand was up nearly 15 percent as home sales exceeded those of the previous 10 years.
Not all price categories felt the demand. Homes in the middle groups of $170,000-$250,000 and $250,000-$400,000 witnessed 40 percent and 20 percent increases, respectively.
Meanwhile, the least expensive home, those under $170,000, saw a sharp drop in the amount of sales and homes in the upper price category (over $400,000) came in mostly flat compared to last year.
Breaking down home sales by areas (as drawn by school boundaries) shows a fairly even distribution. Areas with new construction tend to lead the market.
Both the Basswood area (with continued development in the southwest area) as well as Rice Lake (with development in the old mining area) led the market with more than 17 percent of all sales each.
The smallest areas of Oakview and the Wayzata School District area saw the smallest percentage of home sales.
While home prices came in a bit flat in 2015, there continues to be an opportunity for homes for every type of buyer within the Maple Grove community. Affordable homes still exist - with town homes in many areas under $160,000 and single family home prices under $250,000. For buyers in the upper price bracket, fantastic homes over $400,000 are available in a number of areas and new development continues throughout Maple Grove.
This shouldn’t have much effect on home buyer’s ability to qualify for a loan, but future upward movement could cause some home buyers to be priced out of their current price range. Especially impacted could be the first time home buyer market.