October 2016 Maple Grove Real Estate Update (Sponsored)
Nov 21, 2016 08:46AM ● Published by David Garves, Broker/Realtor with TheMLSonline.com
With 110 sales, Maple Grove sold more homes than it produced new listings to the market in October 2016. (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.
Maple Grove homeowners have seen fantastic returns as a result of the strong home buyer environment creating a continual demand for homes while housing supply has remained low. In October however, we literally SOLD more homes than we put brought to the market. While this type of market may be great for Yeezy shoes, it could possibly create an environment for housing that will send home buyers to other areas.
Sold Homes (Demand)
New Home Listings (Supply)
While I’m very concerned about the longer term effects of a low inventory number in Maple Grove, the short term results of strong demand and low inventory are fantastic for Maple Grove home owners as average price of an Maple Grove sold home in October exceeded $300,000 again. At $304,264, prices improved by more than seven percent over last years numbers.
Price per square foot numbers also improved by nearly six percent at $128/square foot. This is the highest price per square foot number for October since 2005!
Year-to-date numbers show that average sales price of a Maple Grove home is at $293,177, up nearly four percent from a year ago and improving at a very healthy, sustainable pace.
According to Eric Bloomstrand from Bell Bank Mortgage (NMLS #274211), 30-year fixed-rate mortgage saw a slight move up following the election and were last reported at 3.57 percent but remained below the 3.8 percent rate at the end of October a year ago.
Existing home sales rose nationally in September, with first-time buyers claiming a 34 percent share of home purchases, a high not seen in over four years.
Limited inventory, however, still plagues many regions of the country. Lawrence Yun, NAR's chief economist, noted, "Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand." ... supply is not meeting demand.Existing home sales rose nationally in September, with first-time buyers claiming a 34 percent share of home purchases, a high not seen in over four years.
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