Stillwater, Minnesota & 55082 Real Estate Market Update for the Year 2010 - Home Buyer & Home Seller Information
When I saw the real estate market information for the year 2010 in Stillwater, Minnesota & 55082 I have to say there were positives whether you're a home buyer OR a home seller.
Firstly in the 55082 zip code, which includes all of Stillwater, Minnesota, we had 237 single family homes sold that were traditional sales. Traditional means they weren't bank owned or short sales. This is almost an 11% INCREASE over 2009!
The median price of the homes sold was $308,000, again UP just about 9% over 2009. In addition, those 237 sold homes took an average of 147 days to sell, which is a sizable 17.5% DECREASE in the time on the market.
For those of you wondering about Stillwater, Minnesota itself, the median price was also up 5.7% to $277,500 and the 130 days on the market is about half a month less than the entire zip code.
The sales price of the homes sold in 2010 was 92% of the list price, which is about flat for the last two years. That means sellers took about an 8% reduction from their listing price to their sold price.
So far this looks like a fairly good picture for a home seller. Here's some market information that is better suited for the home buyer. There are currently 187 traditional, single family homes for sale in Stillwater, Minnesota and 55082, which is a 10% increase over this point in 2009. That translates into almost an 11 month supply of homes. As we all know a larger supply does drive home prices down or at least keep them flat.
Low interest rates seem to be sticking around for the time being, which helps the byer too. Be careful though, one or two reductions in unemployment and inflation will begin to push rates back up.Remember that just a 1% increase in rate adds about $60 per month for every $100,000 borrowed. A 1.5% increase adds about $93 per month and it's very realistic to see a 6% rate sometime in late 2011.
So, for a home seller in Stillwater, Minnesota:
- Sales of Traditional single family homes were up and so were prices compared to 2009
- Average time on the market was down and percent of list price at sale was flat
For a home buyer in Stillwater, Minnesota:
- Supply is up resulting in pressure to reduce prices
- Interest rates are still close to historic lows
The real estate market update over the next three months will tell a lot about where we're headed in Stillwater, Minnesota & 55082 as a whole.
If you're buying or selling in the area call or email us for specific information about your neighborhood and home type since there are many factors that will affect you individually as a home buyer or home seller.
Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.