Average Price Statistics Don’t Tell the Whole Story!

The Interlachen Woods neighborhood is located in the center of Woodbury. It is within walking distance to a grocery store, library, YMCA, pharmacy and restaurants, and also offers access to parks and city trails.

 

 

 

The real estate market in Interlachen Woods has had it’s ups and downs over the past 5 years. Average sale prices went up 8.5% in the past year. That is great news! But, average prices are still 9% lower than 2010. There is still a way to go before we see full recovery from the average price drops we saw in 2011 (see graph).

But hold on! Interlachen Woods is a great example of why average price statistics don’t tell the whole story.

When you factor in square footage of the homes that are selling in Interlachen Woods, we find a completely different dynamic. In fact, average price per square foot is up nearly 20% in this neighborhood since 2010! (see graph) At $120 per square foot, Interlachen Woods home sellers are getting some of the highest selling prices in Woodbury. Wedgewood, for example, averaged $117 per square foot in the past year, and Marsh Creek averaged $119.

This means that the homes that have sold in the past two years in Interlachen Woods were sold at a lower price because they were smaller than the homes that sold in 2010 in that same neighborhood.

With only a 3 months supply of homes on the market in Interlachen Woods, home buyers are jumping at the chance to buy. They may even want to buy YOUR home!

John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.

John Durham – 651-231-2191 john@durhamexecutivegroup.com

Becky Durham – 651-231-2192 becky@durhamexecutivegroup.com

 

  • Housing statistics and data provided by John and Becky Durham are based on data available as of March 19, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

 

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