New Listings
The number of homes hitting the market in Chaska peaked in 2005 and as been falling ever since. This can be attributed to home owners giving up on selling their home due a very strong Buyer’s Market in years past and homeowners not wanting to take a loss on their homes. This can also be attributed to fewer homeowners having to short sale their home and fewer foreclosed homes entering the market.
As fewer homes enter the market there will be less competition among homeowners resulting in fewer homes for sale and moving closer to a Seller’s Market.
Since 2012 started the number of New Listings has been trending up and has been flat since Summer.
Home Sales and Housing Inventory
The number of homes for sale in Chaska (Housing Inventory) remained fairly flat from 2006 – 2010 and started to decline at the start of 2011.
If Housing Inventory continues to fall this may result in fewer Home Sales, which isn’t necessarily a bad thing since fewer homes for sale will push Home Prices up.
Pending Home Sales and Closed Home Sales follow each other pretty closely in most cases. Closed Sales are usually a month or two behind Pending Home Sales due to the difference from date of acceptance and date of closing. Home Sales have been rising quickly since the start of 2012.
Homes for Sale
Days on the Market
The number of Days on the Market for Homes in Chaska reached a peak in 2008 and again in 2011 and has been declining quickly since the start of 2012.
Market Conditions
Housing Market Conditions have changed quite a bit since peaking in 2008 – 2011 and have been changing even more drastically since 2012 started. The Absorption Rate is trending down at 5.8 Months of Inventory, which is considered a Balanced Market. To some degree Market Conditions are comparable to 2005 numbers as Chaska transitions from a Balanced Market to a Seller’s Market. At the rate Market Conditions are changing in Chaska a Seller’s Market could appear in Spring 2013.
- Buyer’s Market = More than 7 Months of Inventory
- Balanced Market = 5 – 7 Months of Inventory
- Seller’s Market = Less than 5 Months of Inventory
Home Prices
So far the Median Sale Price in Chaska has depreciated 11% since 2002, 20% since 2006 and appreciated 7% since 2011.
Find Homes for Sale in Chaska Minnesota
Visit my website to search for homes in Chaska or to be notified when Chaska Homes come on the market.
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