Is the Stillwater Market Going to Crash? #mondaymarketupdate

The following is a transcript from this video:

Hey everyone! Roddy MacDonald here with

Edina Realty. Today is May 4th so... May the 4th be with you! Today I just want to

talk about what we're all thinking about which is the real estate market, how's it

doing? Considering it is the beginning of May we can take a look back at April's

numbers, and figure out where do we stand? You know, during this whole coronavirus thing

that's been going on a lot of folks have been wondering, is this going to cause

a housing crash, a recession in the housing industry and what's that going

to look like for me. Now I've been telling you, if

you've been listening, or have asked me that you're going to be just fine. There's

way too much demand in the marketplace for this whole thing to just fall apart.

So today we're going to take a look at a few stats and kind of paint a picture of

what that looks like for you. So, the first thing that I want to look at is

the median days on market. Now this is in 55082 which is Stillwater,

Stillwater Township, Grant. This essentially paints a picture of what

we're looking at market wide in the St. Croix Valley. The first statistic is

median days on market for resale properties. So, resale would be you if you

own a house and you were thinking about selling it. It's just everything except

for new construction. And we're sitting at 33 median days on market, which if

you've watched the market over the past ten years that's a fantastic number. That

means that things are selling at a good pace. you don't have to worry about long

marketing times if you are priced appropriately. The next stat is median

sales prices. So, even with that number we’re taking a look at median sales

prices were up a little bit. We're at 351k, last month it was 350k. So next thing

that we want to look at is showings which obviously showings are down in

this pandemic that we're in. Most people are locked in place at their homes.

But I want to say that it's really not that big of a deal, because even if

showings are down, you know on average one showing a month, we're doing really

well as a marketplace with virtual showings and virtual open houses. And

since we are down from last year’s numbers at this time by one showing a

month, it's probably the people that weren’t pre-qualified and maybe

shouldn't have been looking at the house anyways. So, I think that's a good stat.

The last statistic that we should look at is the month supply. So, a months'

supply is this: Essentially, it’s representative of the demand in the

marketplace. And with this statistic the lower the number the better. Back in 2010

when I first got started in real estate, months' supply rates were 12, 14... So, there was a lot of inventory on the market it was

not moving. But ever since then it's just been steadily dropping. And you can see

here that the numbers, again, are showing a lot of promise. That's why I tell

people so if we're sitting right now at a 2.7 on months' supply that means if

nothing else came on the market today, it would take 2.7 months for all of

the inventory to sell off. And that’s a drastically low number. That's a

very good number. Anything under four would be considered a seller's market so

we are still very highly in a seller’s market. And as you can see the trend is

to continue going down. So, the end of multiple offers and 15 showings

in the first weekend, those days are not gone. And if you, in fact, we're looking at

potentially selling and you'd like to do a virtual price analysis of your home, we

can set that up. Just give me a call anytime, stop by the website, shoot me an

email, shoot me up private message, however you

want to get in contact with me. Thanks!