The luxury home market in Woodbury is showing strong signs of recovery. The Wedgewood neighborhoods, which were hit hard by falling prices and long listing periods, are showing strong signs of recovery.
The supply of homes for sale in Wedgewood continues to drop. According to the Regional Multiple Listing Service of Minnesota, the months supply of single family homes in Wedgewood is now at 5.1 months and heading toward a seller’s market as we approach the spring listing season (see graph).
With reduced supply, we are seeing buyers acting fast to snap up the homes that are on the market, with Wedgewood homes spending, on average, 115 days on the market in the past 12 months (see graph). Homes in Wedgewood spent an average of 252 days on the market a year earlier. Wow! What a difference a year makes!
This is wonderful news for those who are considering listing their luxury homes. While prices are not yet rising significantly, it is certain that the market is beginning to right itself. Prices are expected to increase this spring as the lack of supply increases the likelihood of multiple offers on the best homes.
John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.
John Durham – 651-231-2191 firstname.lastname@example.org
Becky Durham – 651-231-2192 email@example.com
- Housing statistics and data provided by John and Becky Durham are based on data available as of March 1, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.