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