Stonemill Farms, located on the far Eastern side of Woodbury, was the pre-recession gem of the city. New homes were selling faster than builders could keep with. Then the recession hit. In January 2008, previously owned homes spent about 100 days on the market. By the end of the year, homes were languishing on the market, on average, over 200 days. That translated to a staggering 18 months supply of homes for sale in Stonemill Farms!
Five years later, Stonemill Farms is on it’s way to a thriving real estate market. Drive through the community and you will once again see new homes in various stages of construction. But the most exciting news for Stonemill Farms homeowners is that pre-owned homes are selling faster than they have in several years.
The attached graphs show that previously owned homes in Stonemill Farms are selling, on average, in about 100 days. That’s a pre-recession figure! And the months supply of homes for sale has gone down 30% in the past two years, down to a 4.6 months supply. In the real estate world, we call this a sellers’ market. (Typically, a market with more than 6 months supply is considered a buyers’ market, less than 5 months supply is considered a sellers’ market.)
Reduced supply and faster sales. These are very good indicators that the Stonemill Farms real estate market is on its way to recovery. For sellers, if you have been sitting on the fence, now is the time to seriously consider listing your home. Buyers are out there, and with interest rates still at historical lows, they are ready to buy.
John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. You can reach John at 651-231-2191
- Housing statistics and data provided by John and Becky Durham are based on data available as of February 26, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.