Shoreview Home Prices Appreciate 9% in 2012

New Listings

shorewview mn, new listings, housing market, real estateThe number of homes entering the market in Shoreview has been steadily falling in steps since 2005. With fewer homes entering the market there will be less competition among homeowners in Shoreview resulting in a shortage of Homes for Sale and rising Home Prices.

Home Sales & Housing Inventory

shoreview mn, real estate, housing market, housing inventory, homes for sale, home salesThe number of homes for sale in Shoreview (Housing Inventory) increased pretty quickly till the first quarter in 2008 were numbers stayed high till about Spring 2009 were the number of new listings tarted to fall and continue to fall. Within the past year the number of homes for sale has been dropping quickly. Fewer homes entering the market is one contributor to fewer homes for sale as well as rising Home Sales, which has been rising pretty quickly since 2012 began with Home Sales leveling out late in the year. 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.

Homes for Sale

Days on the Market

shoreview mn, real estate, housing market, days on the marketThe number of Days on the Market for Homes in Shoreview reached a peak in 200. Days on the Market really started to fall quickly in mid 2012 and is at it’s lowest level since 2007.

Market Conditions 

Our next chart clues us in to what Market Conditions are in Shoreview.

  • real estate, housing market, shoreview mn, market conditions, absorption rateBuyer’s Market = More than 7 Months of Inventory
  • Balanced Market = 5 – 7 Months of Inventory
  • Seller’s Market = Less than 5 Months of Inventory

In any given month market conditions can favor just about anyone, which is why we want to look at conditions on a twelve month average to see what the trend is. In this case Shoreview is trending in a Balanced Market, similar to 2006 numbers. The Absorption Rate is trending down at 4.7 Months of Inventory, which is considered a Seller’s Market.

Home Prices

The Median Sale Price for homes in Shoreview has depreciated 2% since 2002, 23% since 2006 and appreciated 9% in 2012.

As Inventory continues to decline and the market in Shoreview continues to favor Sellers Home Prices should continue to appreciate.

shoreview mn, real estate, housing market, home prices

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About Eric Hempler

Eric Hempler is a Minnesota Realtor licensed with RE/MAX Advantage Plus and is a member of The Minnesota Real Estate Team. The Minnesota Real Estate Team has sold more homes of any individual or team in Minnesota since 2006. Nearly 1,300 Homes Sold in 2013. Contact Eric at 651-491-3393 or ehempler@tchomeadvisors.com.

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