|Hugo MN Real Estate Stats|
HUGO, MN REAL ESTATE STATSAccording to Trulia, the median sales price for homes in Hugo, MN for Jul 14, 2014 to Oct 14, 2014 was $183,603. This represents a decline of 3.4%, or $6,397, compared to the prior quarter and a decrease of 19.1% compared to the prior year.
- Sales prices have appreciated 19.6% over the last 5 years in Hugo.
- The average listing price for Hugo homes for sale on Trulia was $302,115 for the week ending Oct 22, which represents an increase of 2.6%, or $7,568, compared to the prior week and an increase of 2.1%, or $6,218, compared to the week ending Oct 01.
- Average price per square foot for Hugo MN was $154, an increase of 6.9% compared to the same period last year.
- Sales prices have appreciated from $263,675 to $276,900 over the last 5 years in Hugo.
- The average price per square foot is similar to the pricing we saw in 2003.
- Average price per square foot for Lino Lakes, MN has maintained around $162 for the last year.
So what does the market FEEL like to an active local agent?Prices have gotten a bit "soft" in the last few months and buyers seem less active; particularly in homes over $300k.
Demand still feeling particularly high for entry level homes under $125k but these buyers aren't looking for an investment or remodeling project, they are looking for something liveable (and financeable).
The REALTOR association finally reported (on a national level) what I have been feeling locally for a few months: "price appreciation is slowing as foreclosures dry up and investors retreat"
and this is evident in the number from our local MLS.
- The "Months Supply" of inventory for 55038 and 55014, the indicator of Buyer's vs Seller's market, hit 5 months in August (we say the market tips in the buyer's favor at 3 months supply) so we definitely tipped back into the buyer's favor this fall.
- In 2013, these areas saw 815 home sales with a media price of $195,000. So far in 2014, we have seen 552 sales with a median price of $207,450.
- In 2013, we saw 24 homes sell over $500k. So far in 2014 we have seen 12 homes sell over $500k.
- In 2013, we saw 62 homes sell under $100k. So far in 2014 we have seen 11 homes sell under $100k.
- In 2013, we saw 15 homes sell over 4,000 sq ft at a media price of $483,150. So far in 2014 we have seen 8 homes sell over 4000 sq ft at a median price of $456,250.
- In 2013, homes listed between $350k and $450k sold in an average of 21 days. So far in 2014 homes listed between $350k and $450k sold in an average of 45 days.
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