Summary
As we progress into February 2024, the Stillwater, MN real estate market continues to show strength and vitality. With a slight decrease in the months of inventory and an increase in the list-to-sold price percentage, the market dynamics suggest a favorable environment for sellers. This update delves into the latest trends and figures shaping the single-family home market in this thriving community.
Table of Contents
- Market Momentum Continues
- Property Value Trends
- Insights into New and Active Listings
- Analyzing Pending and Sold Listings
- Inventory Challenges and Opportunities
- Conclusion: Navigating the Market
- Frequently Asked Questions
Market Momentum Continues
February brings a continued seller’s market in Stillwater, with a months of inventory figure of 1.78, indicating high demand. The list-to-sold price ratio exceeding 100% showcases buyers’ willingness to pay above asking prices, a clear indicator of competitive market conditions.
Property Value Trends
Property values have slightly adjusted, with the median estimated value at $516,090, reflecting the market’s ongoing adjustments and the enduring appeal of Stillwater living.
Insights into New and Active Listings
This month saw an intriguing uptick in median list prices for new and active listings, signaling robust seller confidence and a market ripe for high-value transactions.
New Listings Overview:
| Detail | Data |
|---|---|
| Median List Price | $567,500 |
| Number of Properties | 32 |
| Median Living Area | 2,921 Sqft |
Active Listings Snapshot:
| Detail | Data |
|---|---|
| Median List Price | $850,000 |
| Number of Properties | 45 |
| Median Living Area | 3,621 Sqft |
Analyzing Pending and Sold Listings
February’s pending and sold listings reinforce the market’s vitality, with sold prices reflecting a significant month-over-month increase and properties moving quickly from listing to sale.
Inventory Challenges and Opportunities
The slight reduction in the months’ supply of inventory to 1.78 suggests a tighter market, potentially leading to quicker sales but also highlighting the need for more listings to satisfy buyer demand.
Conclusion: Navigating the Market
Stillwater’s real estate market in February 2024 presents a promising landscape for sellers and a competitive arena for buyers, emphasizing the importance of strategic market navigation. Contact me today with any questions.
Statistics for this market update were sourced from the National Association of Realtors’ Realtors Property Resource® (RPR). For more detailed information, please visit narrpr.com.
Frequently Asked Questions
Is February a good time to sell in Stillwater, MN?
Yes, February’s market conditions, highlighted by above-asking sale prices and low inventory, make it an opportune time to sell.
How are new listings performing in Stillwater’s market?
New listings are entering the market at higher price points, indicating a strong seller’s market with potential for significant returns.
What do the current trends indicate for buyers in Stillwater?
Buyers face a competitive market with rising prices and quick sales, highlighting the importance of readiness and flexibility in offer-making.