I hope this letter finds you happy, healthy and full of optimism for the fresh upcoming New Year! 2016 was another interesting year for me and am looking forward to what 2017 brings. I’ve been good about traveling a bit more. I’ve done my annual trek to KC for the Jazz in the Woods Festival, gone to wine country with girlfriends as well as a trip to Florida. My son, Beau, finally graduated from college this spring – just an incredibly happy day for our family J. However, we had to relocate him to the Dallas area at the end of July for an incredible opportunity with Hewlett-Packard. The only thing keeping me from tears on a daily basis with him being so far away is how proud I am of the extraordinary start he’s getting in his career. He’s happy, and I can’t ask for more than that.
My work in 2016 was very fulfilling - a great year in real estate! I got to work with many past clients again and/or their families. Some looking to see where their property values are today, others looking to move up into a larger home and some empty-nesters wanting to downsize . I also had a healthy number of clients looking to make their first investment in real estate. Simply a great year of diverse needs that I could help with.
Let me give you some market indicators to check out from 2016 for some perspective:
In my opinion, 2016 was the year of building confidence in the real estate marketplace. I’m anticipating that 2017 may mark the beginning of a more normal and growing market! The spring market has already begun (thus my delay in getting this letter out to you this year). Interest rates continue to be incredibly low with promises of eminent increases. 2017 is the year to take a good look at your finances relative to real estate, determine if your needs/wants have changed from your current living situation and let me know how I can help. You can find my contact information below. Thank you all for your continued support and trust in referring your friends and family to me for their real estate needs. I wish you all good things for 2017!
My work in 2016 was very fulfilling - a great year in real estate! I got to work with many past clients again and/or their families. Some looking to see where their property values are today, others looking to move up into a larger home and some empty-nesters wanting to downsize . I also had a healthy number of clients looking to make their first investment in real estate. Simply a great year of diverse needs that I could help with.
Let me give you some market indicators to check out from 2016 for some perspective:
- Overall closed transactions were up 6% in 2016. Our sales growth was a bit stunted due to our lack of inventory. We were, and still remain, in desperate need of listings. Every Realtor I know has a pipeline of qualified buyers who are just simply waiting for homes to be listed. This is our 4th consecutive year of a significant back-up of buyers ready to buy and not enough homes to show them.
- A positive outcome of this high buyer demand is a drastically reduced market time for sellers with a property in good condition and competitively priced. The average days on market (DOM) until accepting an offer has dropped to 31 days (down an additional 12 days from last year).
- As a whole, across the 7-county metro, real estate values appreciated more than 5% in 2016. As is always the case, some markets appreciated at greater rates than others e.g. Brooklyn Park @ 10.4%, Blaine @ 4.5%, Maplewood @ 6.5%, Shakopee @ 6.2%, Eden Prairie @ 3%, Minneapolis @ 4.5% and St. Paul @ 7.1%.
- Also, you can like my Facebook page @katemurphyrealtor for your real estate needs and market trends . . . or just to keep in touch J
In my opinion, 2016 was the year of building confidence in the real estate marketplace. I’m anticipating that 2017 may mark the beginning of a more normal and growing market! The spring market has already begun (thus my delay in getting this letter out to you this year). Interest rates continue to be incredibly low with promises of eminent increases. 2017 is the year to take a good look at your finances relative to real estate, determine if your needs/wants have changed from your current living situation and let me know how I can help. You can find my contact information below. Thank you all for your continued support and trust in referring your friends and family to me for their real estate needs. I wish you all good things for 2017!