POTW | City of Belle Plaine
By David Arbit on Monday, January 11th, 2016
Belle Plaine lies just south of the Minnesota River between Jordan and Blakely. It’s an area that was nearly 50.0% new construction back in 2005. Nowadays only about 5.0% of the city’s sales are new construction.
In 2005, the under 1,500 square foot size segment was by far the most dominant. By the end of 2015 and throughout the first quarter of the year, the 1,500 – 2,000 square foot product was the most dominant segment in terms of sales.
Confirming this trend is the fact that the 4-bedroom property has overtaken the 3-bedroom property as the dominant sales segment since the second half of 2013.
Price range analysis can be most illustrative and offers compelling insights into shifting consumer mindsets and behavior. From the chart above, it’s clear to see that the $200,000 – $249,000 price range was the dominant price range between 2005 and mid-2008. The most affordable $149,000 and under range became the dominant segment in the aftermath of the Great Recession (2009-2013). These days, consumers are somewhat more willing to open their wallets but are still pretty cautious when it comes to how much house to purchase. It’s the $150,000 – $199,000 price range that is currently leading sales activity.
- Sellers: flat. Buyers: down. Prices: up.
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- Long-Term Price Trend
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- Slightly less activity yet higher prices in less time
- Mixed Spring: Activity cools while prices, market times remain hot
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