July 2016 Maple Grove Real Estate Update (Sponsored)
Aug 27, 2016 12:36PM ● Published by David Garves, Broker/Realtor with TheMLSonline.com
With 149 new home sales, the demand for homes exceeded the previous years number of 141 by 5 percent. (graphic provided by David Garves)
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 July real estate market remained as hot as the 90 degrees we had throughout the month with record setting numbers and sales prices exceeding expectations. There are some signs, however, that there may be a chink in the armor of what’s been a very mighty real estate market for the last four years.
With 149 new home sales, the demand for homes exceeded the previous years number of 141 by 5 percent.
Despite weeks left of summer, we may see a possible cooling of the market when we look ahead. At the end of July, there were only 120 homes under contract (pending sales) compared to 131 pending sales for the same time period a year previously.
While this could be simply a result of lack of inventory in the market, if the numbers hold true - August could be the first month of 2016 with sales numbers that fail to exceed the previous years total.
The months of inventory number remained dangerously low at 2.6 months. This number is more than 27 percent lower than the previous years number and is an indication that demand is far outpacing supply of homes in our market.
Consumer confidence held steady from June to July, with consumers remaining cautiously optimistic about personal income prospects and job growth in the near future.