Last week’s Friday the 13^th passed without any notably unlucky local happenings. In fact, where St. Cloud real estate was concerned, it produced a couple of auspicious reports:

·         Despite acknowledging the Dow’s “longest losing streak since 2001,” economy commentators at MarketWatch.com saw relative stability ahead for current homeowners. There may have been economic stress factors in many other areas of the economy, but they didn’t unsettle the five economists who registered their expectations for residential real estate in the coming year. Their verdict, “It’s highly unlikely that home prices will plummet,” provided the headline—and despite the fact that “uber-low” mortgage rates were no longer in the picture, the headline actually minimized the experts’ optimism. The pros expect that home prices will continue rising while “demand remains high(ish).”  

·         Other signs from across the nation indicate that the MarketWatch experts may be on the right track. On Friday, Realtor^® Magazine reported on April’s sales tallies. They showed that more than half of the homes sold last month went for more than their list prices—a percentage increase that dwarfed the 3% rise in the number of sellers who lowered their prices. Across metro areas, the premium over asking amounted to an average of $13,655—validation that “…competition abounds in the real estate market, and buyers are continuing to bid up home prices.”

There was even a ray of hope for buyers. According to The World Property Journal, by next March, residential price increases are predicted to slow to “around 6%.” Following this March’s one-year price increase of 20.9%, such tempering points to a more moderate—and sustainable—real estate market.

For the latest results here in our own St. Cloud residential market, call anytime! 

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