Let’s take a close look at what the Troy Burne Golf Community housing market did over the 12 full months of 2012.
We all know during turbulent times in the housing market that luxury homes with higher price points will be effected first, as well as be the last to recover during a down market. The 2012 average sales price in Troy Burne was up 2.1% (see side bar graph) to $501,143 from year ending 2011. While this might not seem like much of an increase to many of you, be sure to recognize what this small gain symbolizes after a half dozen years of luxury homes prices being in a free fall. This modest gain likely indicates that the luxury home market in Troy Burne finally hit rock bottom and is now starting to bounce upwards.
The average days on market in Troy Burne during 2012 was down 9.7% (see side bar graph) to 252 days from the high of 279 days in 2011. The average sale price and the average days on market can be directly tied to the Troy Burne months’ supply of homes (think of supply and demand). The 2012 months’ supply of homes in Troy Burne was dramatically down 23.4% (see side bar graph) to 4.8 months from 6.3 months’ supply in 2011.
It is important to recognize a balanced housing market is achieved when there is a 5-6 months’ supply of homes in the housing market. If the months' supply of homes is more than 6 months, we are in a 'buyers’ market. If there is less than a 5 months' supply, the market is called a 'sellers' market.
In Troy Burne Golf Community the months supply of luxury homes during 2012 dropped comfortably into a sellers’ housing market. With Troy Burne now having a 4.8 months' supply of homes available to buyers as we enter into 2013 this means Troy Burne luxury home sellers should start seeing their average sale price increase even further during 2013, if this trend continues.
If you are a Troy Burne luxury home owner who has been trying to wait out the market, 2013 might finally be the right time for you to put your home on the market. For home buyers, recognize Troy Burne home prices are no longer in free fall and are finally pointing upwards. Your decision to sell your Troy Burne home is a very personal one, and the Durham Executive Group team will guide you through the process. We would be happy to meet with you to provide a FREE and very accurate market analysis of your home and answer any questions you may have. Call us today at 651-231-2191.
To learn more about what John and Becky will do to market your Troy Burne luxury home, see the videos detailing their premiere luxury home services. It's all on their website at results.net/john.durham.
John and Becky Durham are a marketing award winning husband and wife real estate team specializing in the marketing and selling of luxury homes in both Hudson and Troy Burne. John and Becky have each earned master's degrees. Their marketing expertise, combined with their executive level business and consulting experience, means they are uniquely equipped to negotiate the best deal for you, whether you are buying or selling a luxury home.
*John and Becky Durham researched this articles Troy Burne Golf Community housing information from the Minneapolis Area of Realtors. Information is deemed reliable but not guaranteed.
*John and Becky Durham - RE/MAX Results