There are many ways that we as agents look at the health of a particular real estate market. Given the crash we have lived through it’s easy to shy away from calling a bottom in the housing market because we’ve had a couple of false starts. While this, too, might be a false start, there are just too many market segments that are showing marked improvement over last year and the year before that it sure looks like the worst is behind us.
For example, in Medina, MN there is a beautiful luxury neighborhood called Wild Meadows. There was even a million dollar home that “sold before print” meaning the agents had it sold before they were even able to load it in to the MLS. We used to see a number of those kinds of sales pre-2005/2006 but not many since and certainly not for a million dollars. Right now there are 9 homes for sales priced between $700,000 to $2.1 million. 4 homes are pending priced between $800,000 to $1.4 million. (Pending means they have a buyer under contract who has gone through the inspection and been satisfied…now they are just waiting for financing and closing). 4 homes have closed already this year priced between $663,000 and $1.3 million. In 2011, only 2 homes sold and closed in Wild Meadows. One sold for $975,000 and the other for $1.7 million. In 2010, 5 homes sold priced between $650,000 and $1.2 million. If you would like to see any of these listings, please send me an e-mail.
The Minneapolis Area Association of Realtors has published data showing that closed transactions are up 50% in Medina so far for 2012 compared to 2011 and prices are up 15%.