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April 2016 Maple Grove Real Estate Update (Sponsored)

Jun 09, 2016 11:07AM ● Published by David Garves, Broker/Realtor with TheMLSonline.com

More than 75 percent of the Maple Grove housing market consisted of homes under the $500,000 price point in April 2016. (Graphic provided by David Garves)

The following was written and sponsored by Broker/Realtor David Garves  along with information provided by Eric Bloomstrand of 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.

The April real estate market continued to be red hot as spring officially arrived and home buyers continued their active pursuit of a new home.   

One interesting thing to look at in the Maple Grove real estate market is exactly what price range is the most active. Below is the activity report for Maple Grove real estate’s market by price category.      

New Home Listings (Inventory)

FOR SALE (BLUE) - Homes currently on the market at the end of April 2016. As the chart to the left shows, more than 75 percent of the Maple Grove housing market consisted of homes under the $500,000 price point. The homes in the highest price bracket, those more than $700,000, accounted for only 6 percent of the Maple Grove housing inventory.  

NEW LISTINGS (RED) -  New listings were homes that came to the market for sale during the month of April 2016. Homes priced under $300,000 accounted for more than twice the new listing than any other price category and well over half of all the homes. The next strongest group was the $300,000 - $500,000 with over a fourth of the new listings and homes over $500,000 were less than 15 percent of all homes coming to market.  

Sold Homes (Demand)

Foot Traffic (Blue) - The amount of appointments made for home viewings by buyers during the month of April which show that 61 percent of all foot traffic occurred in Maple Grove homes priced under $300,000 - a strong sign that buyer activity is strongest in this price group. 

Pending (Red) - Accepted offers waiting for final “close” and no longer active for showings. Pending sales again show 63 percent of all accepted offers were under $300,000 at the end of April.  

Closed (Green) - Sales finalized during the month of April. Once again, we see from the chart below that while homes under $300,000 accounted for more than two-third of sales, the most expensive homes, those over $700,000, only accounted for 1 percent of all sales.

Sales Price

March home sales finally snapped the streak of under performing the previous years numbers for average sales price in Maple Grove.  

For April 2016, the average came in at $287,970 - up over 5 percent from the previous year and up 11 percent from the average sales price of April 2014.

While this marks only the second time in 10 months that current numbers have exceeded the previous years price, it could be a sign that the strong sellers market we’ve seen this year is paying off at an even greater rate for home buyers.

Interest Rates

According to Eric Bloomstrand from Bell Mortgage (NMLS #274211), home loan rates were down slightly at the end of April. 

Recent statements by the Federal Reserve appear to have persuaded the market that a rate hike may come sooner than later. However, the market is fickle, and only time will tell how soon the Federal Reserve makes a move to increase rates.    

To contact Eric Bloomstrand, Bell Mortgage Senior Mortgage Loan Officer (NMLS #274211), call/text 612-961-2600 or email ericb@bellbanks.com

To see previous monthly reports on the Maple Grove Real Estate market, check out: MapleGroveRealEstateInfo.com or for any questions regarding the Maple Grove real estate market, contact Broker/Realtor David Garves call/text: 763-221-5834 or email dgarves@TheMLSonline.com

 

 



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