Have you noticed that two distinct housing markets have evolved in the past year or so? The market has broken into non-foreclosed homes and foreclosed homes in St Cloud and Central MN.
I’ve been crunching the numbers for the first half of 2009 and 2008 for all homes sold in St Cloud, Sartell, Sauk Rapids, Waite Park and St Joseph. Here are the stats for all the homes sold in the first half of each year, without regard to their foreclosure status:
| Number Sold |
Average Price |
Days on Market |
|
| 2008 | 606 | 171,164 | 172 |
| 2009 | 516 | 149,670 | 169 |
| Change | -15% | -13% | -2% |
But when you break it down by looking at the foreclosure status you can see that two very different markets exist (note that the large foreclosure market was so new that we didn’t actually track this at the beginning of 2008, so these stats are for 2009 only):
| Number Sold |
Average Price |
Days on Market |
Number Active |
# of Months Supply |
|
| Non- Foreclosed Homes | 315 | 168,011 | 187 | 838 | 16 |
| Foreclosed Homes | 164 | 115,802 | 118 | 57 | 2.1 |
Of course you can see that the foreclosed homes are selling much quicker and for much less money. But probably the most important figures are the last line: the Number of Months Supply. This is determined by dividing the number of homes that are selling each month into the number of homes that are available. We consider a market to be in balance if there is about 5 to 6 months of inventory.
With just over two months of inventory, the market for foreclosed homes is weighted very much toward the sellers. If you know of buyers that have not been able to write offers fast enough or those who offer significantly over full price but still do not get the home, this is why. Many of these homes are coming onto the market at very attractive prices and selling very quickly.
At 16 months of inventory, the market for non-foreclosed homes in St Cloud and the surrounding areas is still a pretty tough one for sellers. Homes are selling but it is taking about 6 months on average and there are many sellers who have had to wait a year or more.
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