It's been a wild ride as of late, as home values rise in some areas and fall in many more, short sales and foreclosure complicate deals, financing challenges are everywhere and everyone is taking a careful look at their pocket book as the general economic news sours. But what's it all mean for YOU? Well, if you are a Tyrol Hills homeowner you are in luck!
Tyrol has always been in demand and today is no different. Tyrol averages about 2.54 sales per month, with 18 single family homes on the market; there are just 7 homes for each buyer in Tyrol. By comparison the Twin Cities Metro Area there are 8.7 homes per buyer. Having fewer homes for buyers to choose from (lower supply) improves conditions for sellers, and makes for a stronger market.
Tyrol home sellers aren't all in the sale boat. Home values in Tyrol Hills range from around $200,000 to well over $1 million. Sales volume is highest in the lowest price ranges, as buyers looking for "opportunities" flock to this area, looking for re-hab, tear down properties. At the higher price points, the Tyrol market is still better than average, but it is slow. There were 4 homes over $1 million in the past two years, and there are 3 currently for sale. In the $500,000-800,000 range there have been 24 sales, while there are 6 on the market. In the hottest price range from $200,000-$400,000 there were 16 sales and 4 are available.
Tyrol remains strong, but as in any area, selling a home today is all about competition. Knowing the other homes, inside and out, that are available, and those that have sold define the market. As long as there are more homes available than there are buyers, those that sell are those that offer the most value.
For more information, or if you have questions about buying or selling in today's market, feel free to contact us anytime.
Ben Kolkman, REALTOR (952) 230-3157
Lakes Sotheby's International Realty
SHIPMAN + LARSON + KOLKMAN