The market for homes in St Cloud MN and the surrounding area continues to evolve! In the spring there was plenty of talk of a housing recovery but the summer and early fall have brought nothing but negative headlines in the St Cloud Times and the national media. There is no doubt that activity has slowed considerably this summer.
If you look at the year to date activity 2010 seems to be shaping up relatively similar to last year, although down a bit in the number of homes sold:
| January 1 through September 30 | 2009 | 2010 | % Change |
| Number of Homes Sold | 865 | 826 | -4.5% |
| Average Listing Price | $159,434 | $158,333 | -0.7% |
| Average Sale Price | $154,150 | $152,025 | -1.4% |
| Percent of Listing Price Received | 96.7% | 96.0% | -0.7% |
| Average Number of Days on Market | 172.8 | 171.2 | -1.0% |
But if you delve into the figures after the majority of the tax-credit-closings stopped at the end of June you will see a very different trend. Here is the chart showing only the third quarter:
| July 1 through September 30 | 2009 | 2010 | % Change |
| Number of Homes Sold | 352 | 216 | -38.6% |
| Average Listing Price | $165,167 | $163,705 | -0.9% |
| Average Sale Price | $160,324 | $155,727 | -2.9% |
| Percent of Listing Price Received | 97.1% | 95.1% | -2.0% |
| Average Number of Days on Market | 176.5 | 178.2 | +1.0% |
Again, there is not a drastic change in the pricing or length of time to sell homes. But the big change is that sales are off almost 40% in the third quarter compared to the same quarter last year. (This is after sales were up almost 20% in the first half of the year versus last year). So overall the market appears to be stable, but under the surface it is quickly slowing down. Expect the fourth quarter of 2010 to continue to be slow.
Currently, interest rates are sinking to new lows, approaching 4% on 30 year fixed loans for borrowers with good credit. A slowing market and record low interest rates mean this could be an ideal time for buyers who feel confident in their employment and financial situations.
Up next to shake the housing market: the Foreclosure Freeze…
The charts above show the activity for sold single family homes in St Cloud, Sartell, Sauk Rapids, Waite Park and St Joseph. All data is pulled from our local MLS, NorthstarMLS.
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