Orono, MN Median home prices have fallen from approximately $800,000 in 2005 to $525,000 so far in 2012. Orono is home to many incredible homes and estates as you might imagine with a median home price of $800,000 at the peak. It has not been easy to sell homes lately in Orono.
Recently I was reviewing many different listings and it was incredible to see that many homes sold for 50-60% of their initial list price and that often took anywhere from 1-2 years to sell. Average market times to get a home under contract in Orono are about 275 right now.
(Click image to enlarge)
Chart: NorthstarMLS and 10K Research
During 2008, I recall the collapse in home prices. I could actually feel it on the street. Buyers were backing away and sellers started to drop their prices. Many did not move quickly enough with their price reductions and suffered even great losses because of their unwillingness to reduce quickly and significantly. I was trying to sell someone’s home in Orono during the drop and it was incredibly difficult. I was relieve of my duties as their Realtor and they hired a “superstar” Realtor who couldn’t get the job done and then they hired another big name Realtor who was also unable to get the job done…but price doesn’t matter, does it.
If you look closely at the chart above, the median home price for January 2012 is higher than January 2011. Perhaps that slight adjustment is the start of a true bottoming in home prices.
- Housing Inventory Down 22% Nationwide; Median Home Price Up 5% (bringyouhome.wordpress.com)
- Home Price Over Longer Time Periods (toddballenger.typepad.com)
- Plymouth MN – Median Incomes Rose by 6% and Home Prices Jumped 72% from 2000 to 2009 (johnmurphyreports.com)