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Saturday, February 13, 2010Anoka MN Homes for Sale
The city of Anoka, Minnesota has had a significant increase in the quality and profitability of it’s housing market, along with an increase in affordable housing, in the month of January 2010 as compared to January 2009. This may generally be seen as evidence towards a growing trend of “bottoming out” in the housing market as the credit collapse comes to a close and the surplus quantity of homes on the market begins to meet demand. It should be noted that, while nowhere near the sky-high levels of a few years ago, Anoka houses are now closing in less time, for less money, in higher levels of frequency.The first and most telling number is that new listings in Anoka decreased 34.6% as compared to the same month last year, which indicates that there is less of a glut of houses entering the market, giving the market more of an opportunity to bleed of existing supply. This is also reflected in the fact that the average number of days between when a house is first listed and when it sells has decreased from an agonizingly high 131 days to a much more reasonable 69 days, a drop of over 47%. This indicates that the housing market has largely stepped out of it’s free fall, and while 69 days is still a historically long time for a house to remain on the market, it is much closer to expected norms than 131.
The most hopeful number, however, is that the percentage of closed sales has increased 80% when compared to January of 2009. This indicates that more houses are ending with sale of the property as opposed to the property being abandoned or falling into bank ownership. However, this may be due to the fact that housing prices have dropped almost 25% within the past year. While certainly good to first-time home buyers and new homeowners, this means that property values are dropping and that many persons who sought to make their home an investment are receiving much less from the sale than they had hoped. However, since on average a seller receives 92.1% of the asking price, it appears that most persons who are selling their home at least receive most of what they expect to get for the sale. This seems to indicate that prices have now met market demand and may in fact be helping to spur sales.
Posted By: Ryan O'Neill @ 1:07:16 PM 