There’s no doubt it’s been a shaky ride in real estate since the housing bubble burst in 2007. Now, five years later, many economists and real estate experts are saying the real estate market is on the mend. Just days ago CNNMoney posted an article titled, "A new housing boom", stating that the telltale signs of recovery are evident in the recent increase in "home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows."
It sounds great coming from the mainstream media, but are they right? Let’s let the facts speak for themselves and find out what’s going on in our local Hudson market:
Let’s start with last month compared to September 2011:
- Months Supply of Inventory: down -31.7%
- Median Sales Price: up + 2.9%
- Days on Market Until Sale: down -25.6%
*data collected from Northstar MLS in Hudson School District
So what do the stats tell us? Inventory is down significantly. Median sales price is not only up, but homes are selling much, much quicker.
Certainly qualified buyers have been taking advantage of the real estate market the past five years, and in turn inventory is down. So, sellers are beginning to find their homes selling for higher prices with multiple offers due to low inventory.
So when will the current market stabilize? Time will tell, but buyers are continuing to take advantage of low mortgage rates, and the future is finally looking brighter for sellers as well.
So how's October looking like so far for Hudson? As you can see in the attached charts, there are 21 new listings available, and 12 recently sold.
Here’s to a hopeful October in Hudson real estate! We’ll keep you posted. Until next time, if you have any questions about the local Hudson market, feel free to contact me.
I have been involved in real estate for nearly 20 years working as an assistant, hostess, closer, accounting and now licensed REALTOR for over 13 years. I serve the St. Croix Valley including: Lakeland, Afton, Stillwater, Woodbury, Hudson, Roberts, Hammond, Baldwin, Spring Valley, New Richmond, Somerset, River Falls, and Prescott. Contact me at realestatewimn.com.