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June 2016 Maple Grove Real Estate Update (Sponsored)

Jul 24, 2016 09:18AM ● Published by David Garves, Broker/Realtor with TheMLSonline.com

The majority of home sales in Maple Grove were for single family home (64%) while town homes sales accounted for roughly half of that with only 60 sales (32%). (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 June real estate market stayed red hot with record setting numbers and sales prices exceeding expectations. With July, there remains some concerns that supply inventory may cool the numbers heading into the hottest of the summer months.  

Sold Homes (Demand)

Maple Grove home buyers were extremely busy in June, closing on 190 home sales during that time - the highest sale total of any month in over 10 years, and over 9 percent higher than the sales total from a year prior (174).    

The majority of home sales were for single family home (64 percent) while town homes sales accounted for roughly half of that with only 60 sales (32 percent).

With the busy vacation month of July ahead, there is an expected slow down heading into the next month, however, there remained 155 pending sales at the end of the month - up slightly from the year prior giving indication that the hot demand may continue!

New Home Listings (Inventory)

While home buyer remained active and kept Maple Grove housing in high demand, homeowners failed to provide supply necessary for the home seeker. With only 172 new listings coming to market, Maple Grove home owners produced 18 fewer homes to the market than were sold and the supply number was down over 19 percent from June listings 2015.

The 172 new listings actually accounted for the lowest June listing number since 2012 and the current number of 274 active home listings at the end of June was 28 percent lower than last month and the lowest June inventory number in over 10 years.  

While low supply and high demand numbers are usually good indications of future price strength, there is some concern that lack of supply will send home seekers to other locations and slow down the hot market we’ve been experiencing.  

Sales Price

While low supply numbers may cause concern for future activity, it did not slow the results of the June sales price averages. For the third month in a row, the average sales price of a Maple Grove home sale resulted in an average sales price exceeding the 2015 numbers.

With an average sales price of $299,173 the June 2016 averages exceeded both the 2015 number ($281,166) and the 2014 number ($294,833). While off slightly from the previous May peak, this remains the highest average sales price number for June since 2010.

Price per square foot averages also came in 4 percent higher at $130 and produced the highest June number since 2008.

Interest Rates

 According to Eric Bloomstrand from Bell Mortgage(NMLS #274211), 30-year fixed-rate mortgage averaged 3.48 percent for the week ending June 30, 2016. A year ago at this time, the 30-year FRM averaged 4.08 percent.

In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points. The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to the 3.48 percent. 

This extremely low mortgage rate should support solid home sales and refinancing volume this summer.

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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