Information for first time home buyers in Apple Valley What a change in numbers from May to June. As the government tax buyer incentives are going away we can see the declines in both new listings and closed sales. The extension was given for homes under contract on April 30 to close by September so that that has given the market just a little hope that we see a good summer market.
New listings we down 3% and closed sales were down 4%. That number surprised me but the majority of first time home buyers probably closed by the end of the April period. Median sales prices are creeping up almost 6% and average homes prices were up 10%. Home owners are pricing their properties were they need to be and receiving in most cases the list price of the home. Days on market are trending down as we have less inventory to choose from. Single family homes inventory was up 9% and town house and condos were down 15%.
It is still a good time to buy for first time home buyers. We won't see prices at these levels for much longer and interest rates are indicating that they will be increasing towards the end of the year. For home sellers, market inventory is almost to an even buyer/seller market. Price your home correctly, do the necessary repairs, and you should have a good outcome.
If you are relocating to Apple Valley, be sure to ask for your relocation packet for community information.
Feel free to contact me with any questions.
Information courtesy of Minneapolis Association of Realtors. Information reliable but not guaranteed.
Company: Coldwell Banker Burnet
Phone: 952-997-1960
Email: KLPost at CBBurnet dot com
