Home Market Update for Little Falls 56345 Royalton 56373 Pierz 56364
What’s happening here in our local central Minnesota communities for real estate? Is now a good time to buy or sell a home in Little Falls, 56345 in Morrison County, Minnesota? With all the uncertainty going on what should we do?
We currently, as of the time of this video, in Little Falls have 20 active and coming soon homes and 34 homes that are under contract and pending. We’ve had 20 homes sold in Little Falls, Minnesota in the past 30 days, with the median price of those homes being 221,000 K and the average days on market being 16 days.
In Pierz, Minnesota 56364, we have seven homes on the market and this may seem a lot less, but Little Falls is bigger comparatively to the population of Pierz. Pierz has one home that is pending, and there’ve been two homes that have sold in the last 30 days in Pierz, with a median sales price of $136,000. And the average days on market are only nine days.
Royalton, Minnesota, however, 56373, currently has only two homes active with five sold in the last 30 days at a median price of $385,000.
So as you can see, the inventory, the homes that are active and for sale, is still low and we’re still considered to be in a sellers market. We come up with what type of market it is based upon looking at what the absorption rate is. Which is, the absorption rate in the real estate market is used to evaluate the rate at which available homes, so those that are active and coming soon, are sold in a specific market, central Minnesota, during a given period of time. It’s calculated by dividing the number of homes sold in the allotted time period, 30 days, by the total number of homes available, like in Little Falls.
So the absorption rate in Little Falls is 30 days, which means if we did not add any more homes for sale, we would only have 30 days of inventory. And in Pierz, we would only have a hundred and five day supply. And Royalton has only 12 days of inventory. Experts believe that anything less than a six month inventory level would be considered a sellers market and anything over that would be considered a buyer’s market. So as you can see, we’re still very much in a sellers market right now.
Personally, I feel that here in our current market, once we start to see homes that are sitting longer for 30 to 40 days, that it means a price reduction is certainly warranted. We haven’t seen inventory levels that have superseded that three months level in a very long time. So looking at all the facts here locally in Little Falls, Minnesota, 56345, in Pierz Minnesota 56364, and Royalton, Minnesota 56373, that we are in a very strong sellers market right here. Home Market Update for Little Falls 56345 Royalton 56373 Pierz 56364.
If your home isn’t selling, there are several potential reasons why price, conditions, location, and of course, marketing. Now more than ever, proper exposure and properly using online digital marketing is essential. Feel free to call me, Paula Quinn here at RE/MAX Central. I am your digital marketing specialist. And remember, I want you to love where you live.