Local Market Conditions & home prices

History of Home Prices

 I thought it would be fun to start the week off with some numbers because we all love numbers.  Yesterday a client asked me when home prices in the area peaked.  I was correct when I said 2006.  Prices hit bottom in 2009 and went up slightly because of Federal tax credits and then hit the real bottom in 2011 which some folks consider a second bottom but I think that the tax credits just delayed the real bottom which would have happened sooner instead of later if there had been no tax credits. 

The chart was created from data found in our most excellent NorthStarMLS which has is the best source of data for homes sold in the area.  The data is deemed reliable but not guaranteed.

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Click to enlarge chart

The data for 2013 is fairly meaningless as it is only for 2 months.  I will go out on a limb and predict that the median home price will be higher in 2013 than it was in 2012 and may even approach 2008 levels. There will be fewer home sales in 2013 than there were in 2012 unless something changes and more people put their homes on the market. 

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Teresa Boardman
Realtor®, MN,
Licensed Broker
Boardman Realty
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Photos of St. Paul
Photos of St. Paul

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