Woodbury MN Housing Market Correction 2022
Woodbury MN housing market appears to be just starting to show the early stages of a housing market correction. Over the past 12-months both new listings (were down 5.1%), and the number of closed sales (were down 9.5%) though the average sale price appreciation is up 13.4% over the same timeframe. I anticipate we will see the average sale price start flat-lining as we continue throughout the rest of 2022. The number of showings per listing had pretty much flat-lined since the beginning of the year, and likely we will see showings decline as we move further into 2022. More sellers are reducing their list prices after going on the market at a faster rate. Mortgage and new construction applications are slowing. More importantly 30-year mortgage interest rates have climbed faster than anticipated to 5.5% and higher pushing more and more potential buyers out of the housing market. The Federal Government is going to continue to raise mortgage interest rates through the end of 2022 to combat inflation. The end result is the supply and demand in the market with too many buyers for the number of listings has just started to reverse and we will start seeing fewer buyers, which in turn will drive home inventory upwards. This will not be happening overnight but likely to happen as we continue into 2022. We are at an inflection point and as we go deeper into 2022 we will likely start to see flat-lining of home prices, and appreciation.
John and Becky Durham of the Durham Executive Group and RE/MAX Results are a husband and wife real estate team with 40+ years of combined experience licensed in both WI & MN. Their educational and unique real estate work experiences separate them beyond other Realtors. John is a trainer/consultant, and has received additional training as a licensed real estate Broker in both states. They have received unique marketing training as Certified Luxury Home Marketing Specialists (CLHMS). John and Becky have been recognized and received rare national top 1% marketing awards for the marketing of their client homes from prestigious organizations such as Realtor.com, and Trulia/Zillow. Becky has 30-years of Counseling experience combined simultaneously with 20-years as a Realtor including that as a SRES (Senior Real Estate Specialist) working with those 55+ of age. She is recognized nationally throughout the real estate industry as the Corporate Training Manager for the largest RE/MAX franchise in the world (RE/MAX Results) training 1,400+ Realtors throughout WI & MN.
*It is important for home sellers to understand John & Becky provide award winning marketing expertise to ‘every home owner client regardless of price point.’