The snow’s melting, the sun’s shining, and the robins are back—it’s mud season in Wright County, Minnesota! It’s also the start of the spring selling season. Here’s a look at where the housing market is and where it’s headed in the warmer months.
In March 2018, there were approximately 1,160 homes for sale across Wright County, including 136 in Buffalo, 117 in Delano, 114 in Saint Michael, and 47 in Rockford. The median listing price for a home in Buffalo was $257,450, while the median listing price in Delano, Saint Michael, and Rockford were $339,900, $361,990, and $219,000, respectively.
While inventory is relatively low in those communities, other cities have hundreds more homes for sale, including Otsego (662 homes), Nowthen (608), and Elk River (351). On the other end of the spectrum, inventory is very low in Hanover, where just 20 homes were for sale in March.
Let’s take a closer look at the city of Buffalo. In February 2018, 28 new listings hit the market, with a median sales price of $205,000. A total of 40 homes were for sale, and homes spent an average of 49 days on the market. Compared to February 2017, there are nearly one-third fewer homes on the market, while prices have increased 1.5 percent.
What does this mean for Buffalo sellers? The sooner you can get your home on the market, while inventory’s low, the more money you’re likely to make. Inventory and asking prices are already up in Buffalo and will likely continue to increase as we head into prime selling season.
New listings in Delano grew by 155.6 percent in February compared to the same time last year. The median sales price was $300,560, and the 50 homes in Delano spent an average of 74 days on the market. The median home price was up more than 40 percent in Delano compared to February 2017.
What does this mean for Delano sellers? While inventory is higher than this time last year, home prices are also up. Sellers can expect to get very close to asking price.
What about Saint Michael? New listings were up nearly 21 percent to 41 homes in February, compared to the same time last year. The median home price last month was $323,750, with a total of 50 homes for sale that spent an average of 62 days on the market. The median home price is up nearly 30 percent compared to February 2017.
What does this mean for Saint Michael sellers? Your city’s housing market is hot! Take advantage of higher sales prices and lower inventory and get your home on the market.
Rockford’s housing inventory continues to be very low. The city had no closed sales in February 2018 and just one sale in January. Just 10 homes had gone on the market in the first two months of the year. The median home price was $333,500, and homes were on the market just 30 days.
What does this mean for Rockford sellers? If you’re thinking of selling, now is the time to do it! Since inventory is so low, your home will sell fast.
If you’re considering selling your Wright County home, work with a Realtor® who understands your community’s housing market. Real estate agent Trent Shipley lives and works in the Buffalo area. He’s your trusted, local expert for selling your home. Request your free market analysis today.