March 2016 Maple Grove Real Estate Update (Sponsored)
Apr 18, 2016 12:52PM, Published by David Garves, Broker/Realtor with TheMLSonline.com, Categories: Business
The Maple Grove real estate market realized 101 sales in March 2016.
The following was written and sponsored by Broker/Realtor David Garves along with information provided by Eric Bloomstrand (Bell Mortgage)
Below is the monthly real estate data for the Maple Grove market as reported using data from the Northstar Multiple Listing Service (MLS). Although the MLS does not entail 100 percent of the market, it does comprise a significant majority. It is the best market data I have available to comprise opinions, statistics, charts, and analyze trends. I believe the information contained herein is an accurate reflection of the Maple Grove market.
While market supply continues to be the hot topic and Maple Grove remains in a “sellers market," there are a few important items to be aware of with respect to values and specific price ranges in our market. And signs are, that as spring blooms, there are no signs of the market cooling.
Sold Homes (Demand)
The Maple Grove real estate market realized 101 sales in March this year. This was the first March sales number over 100 in Maple Grove since 2012!
While only exceeding the 2015 March sales number by three sales, Maple Grove home sales exceeded the March 2014 number by about 25 percent. With 136 pending sales at the time of this writing, there seems to be positive signs that the heavy demand for Maple Grove homes will continue into the summer months.One item that needs to continue to be noticed is that for homes over $400,000, the highest priced category, there was actually a decline in the number of sales by over 40 percent (from 14 last year to eight this year).
New Home Listings (Inventory)
While March is historically one of the busiest months of new homes coming to the metro real estate market, the 203 new home listings in Maple Grove was an improvement over February 2016 numbers by 50 percent, however was off by nearly 5 percent from March 2015.
The lower supply numbers continued to have its effect on the month’s of inventory. As March ended, the Maple Grove market was left with only 2.3 months of housing inventory, down more than 25 percent from last year.
March home sales continued its perfect record for producing an average sales price that failed to exceed the previous years number in Maple Grove.
For March 2016 - the average came in at $258,163, which was down over 6 percent from the previous year and even 4 percent from the average sales price of 2014.While lower average sales price may seem concerning, when looking at price per square foot of Maple Grove home sales, we see less concerning news. For March sales, the average price per square foot was up more than 3 percent to $126 after rising 7 percent a year previous. This is an indication that while there is a lag in the higher priced homes which pull up average price, the homes that are selling seem to be improving in values.
According to Eric Bloomstrand from Bell Mortgage (NMLS #274211), home loan rates continue to hover just above all-time lows, which is great for home buyers and homeowners considering a refinance.
While many signs point to a U.S. economy accelerating on the road to recovery, global markets continue to put potholes in front of the Federal Reserve Bank. As the Federal Reserve gears up for its next Federal Open Market Committee (FOMC) meeting April 26 and 27, the likelihood of an increase to the FFederal Reserve Bank's benchmark Federal Funds Rate has been detoured.
To contact Eric Bloomstrand, Bell Mortgage Senior Mortgage Loan Officer (NMLS #274211), call/text 612-961-2600 or email email@example.com