The exclusive story topping Thursday’s Weekly Real Estate News really shouldn’t have come as much of a surprise to St. Cloud listing watchers who have kept up with 2023’s real estate currents. But for those who’d been lulled into a year-long impression that the U.S.’s residential real estate industry was doomed to remain mired in a slow-moving but pronounced downturn—the headline would have seemed like a bolt from the blue:

“Redfin: Average Home is Selling Above Its Asking Price Again”

That would hardly make sense to anyone who has been seeing stalled sales volumes as evidence of a pending tsunami of foreclosures. If your mental image of would-be buyers is purely that of frustrated consumers frozen in place until mortgage rates drop back to historic lows, the news that the average home sale is cashing in on more than it was listed for would have been startling.   

The fact that the Redfin data “marks the first time since last August that the average home was selling for more than its asking price” was hard evidence that a seller’s market mindset is, at a minimum, in the works. Even if you bear in mind that the dollar amounts of the over-asking phenomenon are small, the fact that they affect the average sale is significant. There is another positive indicator, too: the median listed asking price was itself “up 1.1% from a year earlier.” Yet another point in the same direction was Redfin’s Homebuyer Demand Index: it is up 11% from last year.

For potential home sellers contemplating adding their property to the St. Cloud listings, the nationwide evidence was one new reason to believe this summer could be a good time to make the move. Call me for a report with the numbers that illustrate how your property would stack up alongside the recent comparables!           

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