Minneapolis Real Estate Homes Condos Lofts

Our Minneapolis real estate team!

2008-11-11T20:41:00.003-06:00

The Minnesota Real Estate Team was extemely humbled to learn that we made the Wall Street Journals Top 200 Real Estate Professionals for 2007. The WSJ ranked the top fifty individual agents and teams across the United States according to total volume closed and total number of closed transactions. Our team was fortunate enough to come in the Top 50 Teams in the United States for number of homes sold in 2007. We also were humbled to learn that we were the only real estate team from Minnesota from any company that made this list!

Though our real estate market here in Minneapolis certainly has shifted over the last couple of years, there is still a very high number of closings taking place all across the state. The retail listing market certainly is slower, but inventory levels still fairly high on the MLS, and buyers are getting a great chance to find outstanding "buys."

The moral of the story: it is not all doom and gloom here in the Minneapolis real estate market. Our team is just a very, very small piece of the "real estate pie" here in Minnesota. But this recent honor received does in fact show, there is alot of great real estate activity happening in Minneapolis and the state as a whole.

If you are a real estate investor, check out our free monthly investment property seminars. And if you enjoy real estate radio, take a listen to our weekly FM radio show, The Minnesota Real Estate Show.

Longfellow Homes

2008-10-30T16:28:00.001-05:00

Minneapolis - Longfellow - MN Real Estate Market Update - October, 2008

Today we will look at trends in the Longfellow neighborhood of Minneapolis. Comparing September of 2008 to September of 2007, there have been 42.5% more homes put on the market this year, equalling 57 new listings going on this September. Closed sales are up 12.1% this September, with 37 properties closing vs. only 33 last year. The average sales price is down 19.8% from $224,385 to $180,049. Average days on the market in the Longfellow neighborhood are up 53.6%, from 71 days last September to 109 days this September. As far as single family homes that are currently for sale, there were 136 actives in September of 2007, compared to 123 actives in September of 2008, a decrease of 9.6%.

Now we'll look at January through September 2007 and compare to January through September of 2008. There were 543 new listings put on the market in 2007 and in 2008 there were 504, a decrease of 7.2%. Closed sales are down 14.1%. The average sales price went down 12.7% from $224,897 in 2007 to $196,365 this year. Average days on the market are up 29.6%, from 73 days last year to 95 days this year. This number is low compared to the overall market! The percent of original list price received at the time of sale only decreased 2.3%, from 95.4% last year to 93.2% this year.

The last update on Longfellow we did was real estate numbers and statistics through the end of July. In two months time, closed sales are still increasing. The prices haven't dropped significantly, but went from a 14.6% drop a couple months ago to only a 12.7% drop now compared to last year. Hopefully these both are lasting trends!

Minneapolis - Camden Homes for Sale

2008-10-22T16:41:00.001-05:00

Camden - Minneapolis, MN Real Estate Market Update - September, 2008

Today we're going to look at the Camden neighborhood of Minneapolis and real estate trends there. Comparing September of 2008 to the month of September in 2007, there have been 10.2% fewer listings put onto the market, with 115 added to the MLS this September. Closed sales are up 146.2%, from 26 to 64 closings. Of the closed sales, sellers received an average of 86% of their asking price. The average sales price this September was $81,167, down 33.6%. Average days on the market were 150 days, compared to 147 days in 2007. For single family detached listings on the market, there was a decrease of 25.8%, with 405 listings on the MLS this September in the Camden neighborhood. There were 11 townhomes or condos on the market this September, down from 14 the previous year.

Now we'll compare January through September of 2008 to January through September of 2007. New listings are down 4.2%, with 1,256 listings put onto the market this year. Closed sales increased 52.9%, with 451 properties closing in 2008 vs. 295 in 2007. The average sales price in Camden is down 41.4%, going from $140,669 in 2007 to $82,472 in 2008. Average days on the market increased 13.5%, with homes staying on the market 169 days on average in 2008. The percent of original list price received at the time of sale dropped 6.3%, from 90% to 84.3% in 2008.

In conclusion, the Camden area seems to be doing pretty well. With closed sales up over 50% this year, people are definitely seeing some value and built-in equity opportunities in homes here with the sales prices being down 40%! Another interesting fact is that over 75% of the homes in Camden are owner occupied. Perhaps this number could mean that residents may care more about the long-term future of their neighborhood and could be more involved than more of a transient rental community.

Lake Nokomis homes for sale

2008-10-16T16:39:00.000-05:00

Nokomis - Minneapolis, MN Real Estate Market Update - September, 2008

The Nokomis neighborhood of Minneapolis is beautiful and has some amazing homes to choose from! Comparing September of 2008 to the month of September in 2007, there have been 35.4% less listings put onto the market, with 82 hitting the MLS this September. Only 54 properties closed, a drop of 19.4% compared to last September's 67 closed sales. Of the closed sales, sellers received an average of 95.7% of their asking price. The average sales price this September was $214,801, down 15.4%. Average days on the market were 104 days, compared to 88 days in 2007. For single family detached listings on the market, there was a decrease of 29.5%, with 253 listings on the MLS this September in the Nokomis neighborhood. There were 32 townhomes or condos on the market this September, down from 41 the previous year.

Now we'll compare January through September of 2008 to January through September of 2007. New listings are down 22.3%, with 1,026 listings put onto the market this year. Closed sales dropped 17.8%, with 480 properties closing in 2008. The average sales price in Nokomis is down 8.5%, coming in at $220,378 from $240,913 in 2007. Average days on the market increased 20.4%, with homes staying on the market 109 days on average in 2008. The percent of original list price received at the time of sale dropped 1.9%, from 96% to 94.2% in 2008.

Lake Nokomis is home to beaches, walking/biking paths and trails, and beautiful landscaping. Also the beautiful Minnehaha falls is located right near here. If you enjoy the outdoors, you would love it here! The stats above are a reflection of the market and even though they are not real impressive now, you can definitely get some great built in equity if you buy in Nokomis now!

University of Minnesota housing

2008-10-08T16:13:00.001-05:00

Minneapolis, University area - MN Real Estate Market Update - October, 2008

Let's take a look at what is happening for real estate buying and selling near the University of Minnesota. Comparing August of 2008 to August of 2007, there was a decrease of 37% in new listings put on the market (27 last August vs. 17 this August). Closed sales are down 19% this August with 17 listings closing. The average sales price is down 12%, from $224,841 to $197,900. Average days on the market in the University area are up 52.3%, from 60 days last August to 92 days in August of 2008. As far as single family homes that are on the market, there were 30 actives in August of 2008 compared to 38 actives in August of 2007, which is a 21.1% decrease.

When looking at January through August, comparing 2007 to 2008, closed sales are down 29.9%, from 97 sales in 2007 to 68 closings in 2008. The average sales price went from $267,699 in 2007 to $222,316 in 2008. Average days on the market are up 28.4%, from 106 days last year to 136 days in 2008. The percent of original list price received at the time of sale stayed about the same (1.9% decrease), with it being 93.4% of original list price in 2008.

With the University of Minnesota located here, and its 66,000 students and 4,000 full time faculty, the demand for this part of Minneapolis real estate remains high. With the Mississippi River running directly through campus, it is quite beautiful. Because the area is always full of students, there is always plenty of things to do here. The biggest changes in the area as far as real estate, are the days on market going up quite a bit and the number of new listings are down significantly as well. This is the trend in most areas of Minneapolis currently however!

Minneapolis - Powderhorn Homes

2008-10-02T14:16:00.000-05:00

Minneapolis - Powderhorn - MN Real Estate Market Update - October, 2008

Let's look at real estate numbers for the Powderhorn area of Minneapolis. This area of Minneapolis has many outstanding homes, condos and townhomes for sale on the MLS. Comparing August of 2008 to August of 2007, there have been 6.3% less homes put on the market, with 60 new listings going on this August. However, closed sales are up 137% this August, with 64 properties closing vs. 27 last year. Wow! The average sales price is down 30% from $180,518 to $126,335. Average days on the market in the Powderhorn neighborhood are up 93.9%, from 71 days last August to 138 days this August. As far as new single family homes that are for sale on the market, there were 201 actives in August of 2008, compared to 171 actives in August of 2007. This is a 17.5% increase.

When looking at January through August, comparing 2007 to 2008, closed sales are up by 11%. The average sales price went down 20.1% from $173,960 in 2007 to $139,080. Average days on the market are up 17.3%, from 111 days last year to 130 days this year. The percent of original list price received at the time of sale went from 94.9% last year to 90% this year, which is a decrease of 5.1%.

The city of Minneapolis took control of the Powderhorn neighborhood in 1887. As a result, most of the housing was completed by the 1920s which means neat architecture of course! You can find a wide variety of single family to multifamily buildings for sale currently. Price ranges are anywhere from a lot for $29,900 all the way to a 14 unit multifamily building for $930,000. Despite the discouraging numbers for sellers, properties here are still moving!

Minneapolis - Phillips Homes For Sale

2008-09-28T12:33:00.002-05:00

Minneapolis - Phillips, MN Real Estate Market Update - September, 2008

The Phillips area of Minneapolis houses about 20,000 people and is just south of downtown. Comparing August of 2008 to the month of August in 2007, there have been 40.9% less listings put onto the market, with 13 going onto the MLS this August. Only six properties closed, a drop of 33.3% compared to last August's nine closed sales. Of the closed sales, sellers received an average of 98.7% of their asking price. The average sales price this August was up 13.1%, at $164,400. Average days on the market were 201 days, compared to 132 days in 2007. For single family detached listings on the market, there was an increase of 13.6%, with 50 listings on the MLS this August. There were 50 townhomes or condos on the market this August however, down from 57 the previous year.

The numbers comparing January through August of 2008 to January through August of 2007 are as follows: new listings are up 15.9%, with 233 listings put onto the market this year. Closed sales dropped 40.7% with only 35 properties closing in 2008. The average sales price in the Phillips neighborhood is down 29.4% compared to last year, coming in at $121,953. Average days on the market increased by 9.1% this year. Homes stayed on the market on average 163 days in 2008. The percent of original list price received at the time of sale dropped 8.2%, from 96% to 88.1% in 2008.

Obviously now is not a great time to sell in the Phillips neighborhood. But it is a great time to rent out your property if you need to move. There are plenty of renters looking for places right now in the Phillips neighborhood. Buyers also may be able to buy a home here and gain some possible built in equity.

North Minneapolis homes for sale

2008-09-18T14:18:00.009-05:00

North Minneapolis - MN Real Estate Market Update - September, 2008

Let's dive into some real estate numbers today for the area of North Minneapolis. When comparing August of 2008 to August of 2007, there have been 7.1% more homes put on the market (120 this year vs. 112 last). Closed sales are up 68.4% this August, with 64 properties closing. The average sales price however is down, from $84,316 to $62,856 (25.5%). Average days on the market in North Minneapolis is down 33.1%, from 183 days last August to 123 days in August of 2008. As far as new single family homes that are for sale on the market, there were 365 actives in August of 2008, compared to 443 actives in August of 2007.

When looking at January through August, comparing 2007 to 2008, there are some staggering numbers to share. Closed sales are up by 81.9%, from 237 sales in 2007 to 431 closings in 2008. The average sales price has really taken a huge hit. In 2007, it was $107,826. Now in 2008, it has dropped to $65,385. Average days on the market are down 16.2%, from 178 days last year to 149 days this year. The percent of original list price received at the time of sale stayed pretty level, with it being 84.8% in 2007, and now 85.5% here in 2008.

North Minneapolis continues to be an outstanding location for investors and homeowners to find properties for sale. Our team has worked with a number of clients who have rehabbed properties in this area.

Southwest Minneapolis Homes

2008-09-14T21:13:00.003-05:00

Southwest Minneapolis, MN Real Estate Market Update - September, 2008

Southwest Minneapolis has continued to be an area of Minneapolis that has had great demand by buyers over the years. Comparing August of 2008 to the month of August in 2007, there have been 23.8% less listings put onto the market, with 93 hitting the MLS this August. Only 65 properties closed, a drop of 16.7% compared to last August's 78 closed sales. Of the closed sales, sellers received an average of 95.4% of their asking price. The average sales price this August was down 16%, coming in at $301,338. Average days on the market were 109 days, compared to 94 days in 2007. For single family detached listings on the market, there was a decrease of 29.2%, with 259 listings on the MLS this August. There were only 43 townhomes or condos on the market this August however, down from 56 the previous year.

The numbers comparing January through August of 2008 to January through August of 2007 reveal some interesting trends as well. New listings are down 16.6%, with 981 listings put onto the market this year. Closed sales dropped significantly (26.5%), with 429 properties closing in 2008. The average sales price in Southwest Minneapolis did not drop too much. Through August, the price is down 7.1%, coming in at $333,880. The average days on market increased by 10.7%, with homes staying on the market on average, 123 days in 2008. The percent of original list price received at the time of sale dropped 2.3%, from 95.9% to 93.7% in 2008.

With the average sales price continuing to stay fairly constant, things are surely looking up for Southwest Minneapolis. Southwest not only is a great area with great neighborhoods, but it also has some outstanding homes for sale!

Northeast Minneapolis homes

2008-09-09T14:11:00.000-05:00

Northeast Minneapolis, MN Real Estate Market Update - September, 2008
Today I would like to take a look at the Northeast neighborhood of Minneapolis. How many homes are selling? What is the average sales price for a home in this area?

First comparing the month of July in 2008 to July of 2007, there was a 13.4% drop in new listings put onto MLS. Closed sales for homes in Northeast dropped by 26.9%, with 38 properties closing this past July. The average sales price for a listing in Northeast dropped from $199,535 to $181,839. The percent of original list price received at the time of sale dropped from 95.3% to 93.6%. Average days on market for a home for sale in Northeast Minneapolis rose from 84 to 125 days. As of July 2008, there were 202 single family homes for sale in Northeast Minneapolis. This is down 15.5% from July of 2007. There were 38 townhomes/condos for sale in July of 2008. This too is down from 69 listings the previous year.

Comparing January through July of 2007 to January through July of 2008, there has been a 17.5% drop in new listings put onto the market this year. Closed sales are down 26.6%, with 182 listings closing in 2008. The average sales price for a home in Northeast Minneapolis dropped 11.2%, going from $198,778 to $176,578. The percent of original list price dropped from 95.7% to 91.1%. Average days on market for a home in Northeast is up to 155 days (from 115 last year.)

In conclusion, this section of Minneapolis has seen a pretty significant year over year price drop. However, this decrease is not nearly as large as other parts of the Minneapolis real estate market. Thankfully, new listings are down significantly this year. However, buyers still have an abundant supply of homes for sale to choose from!

Minneapolis MN homes for sale

2008-09-07T13:21:00.001-05:00

Longfellow, Minneapolis, MN Real Estate Market Update - September, 2008

Today I would like to take a look at the Longfellow area of Minneapolis, and see what is taking place for all of the homes, condos, and townhomes for sale in this area of Minneapolis.

First comparing the month of July in 2008 to July of 2007, there was a decrease of 11.3% in new Longfellow listings put on the MLS. 22 properties for sale closed this past July, a decrease of 38.9% compared to July of 2007. The average sales price for a home in Longfellow dropped 15.8%, going from $215,409 to $181,341. The percent of original list price received actually increased by 1.8%, going from 93.4% to 95%. Average days on market for a home for sale in this part of Minneapolis decreased from 83 to 77. The overall for sale inventory level for single family homes in Longfellow stayed fairly level, moving from 136 to 138 active listings. The townhome and condo inventory level decreased from 22 to 8 active listings.

Comparing January through July of 2007 to January through July of 2008, new listings put on MLS are down 9.6%, with 396 properties put on the market this year. Closed sales for homes in Longfellow are down 17%, with 161 properties closing this year. The average sales price of a property in Longfellow is down from $227,472 to $194,417. The percent of original list price received at the time of sale is down 2.7%, going from 95.6% to 93%. Average days on market until sale for homes in Longfellow is up 21.2%, going from 82 to 99 days.

In conclusion, this section of Minneapolis has seen a pretty sizable year over year price drop. With that being said, if you are a buyer looking for a great home for sale in Minneapolis, look no further. Longfellow offers some great homes at outstanding prices.

Uptown/Lakes Minneapolis Homes for Sale

2008-09-05T14:25:00.002-05:00

The Uptown/Lakes Minneapolis, MN Real Estate Market Update - September, 2008

In the middle of July, we took a look at the market statistics for all homes, townhomes, and condos in the Uptown/Lakes area of Minneapolis. Now about six weeks later, we wanted to look at the latest statistics for this part of the Minneapolis real estate market.

First comparing the month of July in 2008 to July of 2007, there were 101 new listings put onto the MLS for this area of Minneapolis. In July of 2007, there were 150 new listings. As far as the number of homes that closed in the Uptown and Lakes area, there were 45 properties that closed in July of 2008. This is a 31.8% decrease from July of 2007. The average sales price for a property increased from $420,409 to $464,491. This is a 10.5% year over year increase. The percent of original list price received at closing decreased from 97.3% to 93.6%. Average days on market for a home in this part of Minneapolis rose from 88 to 117 days. The active inventory level of homes for sale went from 123 to 143, and the townhome and condo inventory level dropped from 434 to 296 listings.

Comparing January through July of 2007 to January through July of 2008, there has been a drop of 27.3% in new homes and listings put on the market. 801 properties have gone active on MLS so far this year. Closed sales for all homes, condos and townhomes are down by 25.7% this year, moving from 334 to 248 closings. The average sales price for this portion of Minneapolis has remained fairly level, decreasing from $380,959 to $373,053. Average days on market has increased from 136 to 148 days.

In conclusion, the year over year price decrease for a home has narrowed (compared to our last update six weeks ago.) This is good news indeed, and another "little sign" things are slowly starting to turn in our Minneapolis real estate market!

Southwest Minneapolis real estate

2008-09-02T11:01:00.000-05:00

Southwest Minneapolis Real Estate Monthly Market Update - September, 2008

Back at the end of June, we took a look at the market statistics for all homes, condos, and townhomes in Southwest Minneapolis. Now that we are into the beginning part of September, we wanted to re-examine the latest numbers and trends.

First comparing the month of July in 2008 to July of 2007, there has been a 7.7% decline in new listings put onto the MLS. Closed sales in southwest Minneapolis are also down 12%, with 73 homes closing this past July. The average sales price for a home in southwest Minneapolis increased from $347,904 to $363,039. This is a 4.4% year over year increase. The percent of original list price received at the time of sale went down by 2.5%, going from 95.4% to 92.9%. Average days on market for a home increased from 95 to 120 days. The single family home inventory level in southwest Minneapolis declined 13.8%, going from 333 to 287 active listings. The townhome and condo inventory level decreased from 59 to 43.

Comparing January through July of 2007 to January through July of 2008, there have been 15.7% less homes put on the market this year. Closed sales are off by 28.1%, with 364 properties closing this year. The average sales price dropped 5.5%, from $359,384 to $339,691. The percent of original list price received at the time of sale dropped from 95.9% to 93.4%. Average days on market for a home in southwest Minneapolis is up by 10.4%, going from 114 to 126 days.

In conclusion, the average sales price has dropped a bit more than our numbers showed at the end of June. Actually, the price rose, but the year over year decline is greater (5.5%). Closed sales for homes in southwest Mineapolis however increased the past couple of months, with the year over year drop not as significant as the end of June numbers.

New Prague real estate

2008-08-29T15:18:00.001-05:00

New Prague Real Estate Monthly Market Update - July, 2008

Having grown up in the town of New Prague, I thought we at the very least should take a look at some market stats for this great city. Unfortunately, as many have seen and read in the various local newspapers, New Prague was at the center of a mortgage fraud scandal this year. In spite of this, some positive things are definitely happening real estate-wise in my hometown.

First comparing July of 2008 to July of 2007, there have been 46.7% less listings put onto the market in New Prague. 16 properties went active onto the MLS this past July. Only four properties closed in July of 2008, compared to six in July of 2007. The average sales price has dropped drastically, from $276,650 to $181,950. This is a drop of 34.2% year over year. The percent of original list price received at the time of sale dropped from 93.3% to 92.3%. Average days on market for a property in New Prague rose from 176 to 199 days. The inventory level of single family homes in New Prague dropped from 103 to 69 this past July. The townhome and condo inventory level also dropped, from 29 to 13 active MLS listings.

Comparing January through July of 2007 to January through July of 2008, there have been 4.6% less listings put onto the market this year. 165 properties have gone active on MLS this year. Pending sales dropped from 36 to 25; this is a decrease of 30.6%. The average sales price fell 37.6%, from $273,825 to $170,964. The percent of list price received at the time of sale dropped 2.4%, from 92.1% to 89.9%. Average days on market has actually decreased in New Prague, from 206 to 165 days.

In conclusion, the average sales price of a property has really taken a drastic drop in New Prague. With so many REO homes on the market and lenders slashing prices on these listings, the average sales price drop is unfortunately not a surprise. However, this great city will come through this. In addition to a wonderful school system and vibrant community, New Prague has so much to offer potential buyers. And yes, over time, New Prague real estate values will once again increase.

Anoka homes for sale

2008-08-27T13:14:00.001-05:00

Anoka Real Estate Monthly Market Update - July, 2008

It's time to head north of Minneapolis to the great city of Anoka! Directly north of Champlin and Osseo, Anoka is a community that is surely seeing a nice amount of real estate activity this year. Let's dive into some market numbers for Anoka, taking a look at the number of homes, condos, townhomes that have been put on the market and that have closed as well.

First comparing July of 2008 to July of 2007, there has been a 12.8% drop in new listings put onto MLS. 34 properties went active on MLS this past July. Closed sales increased from 12 in 2007 to 17 in 2008. The average sales price however dropped considerably, going from $195,503 to $162,144. The percent of original list price received at the time of sale also dropped sizably, going from 98.4% to 91%. Average days on market is up 59.2%, going from 97 to 155 days. The inventory level for single family homes in Anoka decreased from 114 to 95 homes. The townhome and condo inventory level rose from 26 to 34 properties for sale.

Comparing January through July of 2007 to January through July of 2008, new listings stayed fairly consistent. There have been 243 new listings put onto the market in Anoka this year, down from 245 the previous year. Closed sales are down by 19.3%, going from 88 to 71. The average sales price has really "taken a beating," going from $204,213 to $169,299. This is a 17.1% year over year decrease. The percent of original list price received at the time of sale dropped from 96.1% to 91.6%. Average days on market is up from 113 days to 163 days.

In conclusion, the average market time increase is one of the largest we have seen for any community here in the Twin Cities. Unfortunately, the average sales price for a property in Anoka also dropped sizably.

Minneapolis Condos

2008-08-23T12:44:00.003-05:00

Downtown Minneapolis Real Estate Market Monthly Update - July, 2008

Back towards the end of June we took at look at the downtown Minneapolis real estate market through the end of May, 2008. In today's entry, we will bring you more up to date with the latest market statistics.

First of all, let's look at the month of July in 2007 compared to July in 2008. The downtown Minneapolis real estate market saw 126 new listings put onto the market, a decrease of 19.7%. 50 properties closed in July, a decrease of 25.4% compared to July of 2007. The average sales price rose significantly, going from $278,197 to $358,812. This is an increase of 29%. The percent of original list price received at the time of sale dropped from 98.2% to 96.1%. Average days on market, similar to many parts of Minneapolis, increased from 82 to 105 days. The overall townhome and condo inventory level in downtown Minneapolis dropped from 685 to 521, a decrease of 23.9%.

Now looking at January through July of 2007 compared to January through July of 2008, there has been a drop of 23.6% in new listings put onto the MLS. The downtown market has seen 915 new listings go active this year. Closed sales are up nicely, going from 297 to 360 closings. This is an increase of 21.2%. The average sales price has seen a very sizable increase, going from $309,900 to $330,288. This is a 6.6% year over year increase. In fact, this is probably one of the largest increases we have seen for the entire Twin Cities real estate market. The percent of original list price received at the time of sale stayed very level, going from 96.3% to 96.1%. Average days on market did increase from 151 to 198 days. This is an increase of 31.3%.

In conclusion, these numbers are great news indeed for the Minneapolis real estate market. A 21.2% increase in closings here in 2008. And a 6.6% in the average sales price. Perhaps as gas prices continue to remain high, the average downtown Minneapolis worker and buyer chooses to live closer to work.

Chaska MN homes

2008-08-20T17:11:00.001-05:00

Chaska Real Estate Monthly Market Update - July, 2008

It's that time again! Let's take a look at some real estate sales numbers for Chaska, Minnesota! Located in the western suburbs of the Twin Cities, Chaska is a community with a number of great homes and neighborhoods and a city with a longstanding demand from real estate buyers.

First, let's look at the activity in the month of July in 2007 compared to July of 2008. New listings processed and put onto the MLS were down 15.8% this past July. There were 25 properties that closed in July, down from 27 the previous July. The average sales price for a home in Chaska dipped to $270,283 from $293,933 the previous year. The percent of original list price received at the time of sale rose from 94.4% to 95%. Average days on market until sale rose 15.5%, from 93 to 107 days. The single family home inventory level dropped 6%, from 150 to 141 properties for sale. The townhome and condo market stayed fairly level, moving from 118 to 120 properties on the market.

Now when we take a look at January through July of 2007 compared to January through July of 2008, there has been a 0.2% increase in the number of new listings put onto the market this year. Closed home sales in Chaska are down however 15.9%, with 159 properties closing in 2008. The average sales price of a property in Chaska dropped from $278,759 to $275,115. The percent of original list price received at the time of sale dropped 2.2%, going from 95.3% to 93.1%. Average days on market until sale rose from 155 to 161 days.

In conclusion, these numbers are fairly encouraging for homeowners in Chaska. The year over year average sales price dropped only marginally, and market time has stayed fairly consistent.

Chanhassen real estate

2008-08-17T10:07:00.000-05:00

Chanhassen, MN Real Estate Monthly Market Update - July, 2008

Chanhassen, Minnesota is not only known for its great dinner theater, but also for some wonderful neighborhoods and homes as well. Today let's take a look at some real estate numbers for this community here in the Twin Cities.

Examining July of 2007 compared to the month of July in 2008, new listings put on MLS were up 12.1%, with 74 properties being put onto the market. Closed sales were down from 47 to 35 closings this past July. The average sales price increased by 8.6%, from $399,859 to $434,351. Average days on market until sale dropped by 14.2%, going from 90 to 77 days. The overall inventory level for single family homes in Chanhassen increased from 133 to 164 listings. The townhome and condo inventory level saw a decrease of 8.1%, going from 111 to 102 listings.

Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings are down 5.6%, with 518 properties going on the market this year. Closed sales are down 23.2%, with 182 properties closing here in 2008. The average sales price decreased slightly year to date, going from $390,811 to $383,886. The percent of original list price received at the time of sale dropped from 96.7% to 93.7%. Average days on market rose from 116 to 124 days.

In conclusion, these statistics are really encouraging for homeowners in Chanhassen. The month of July remained strong for the average sales price, even though closings "tapered off" a bit. With a decrease in new listings put on MLS however, the market is surely moving back in the right direction. Remember, if you are a homeowner needing to sell right now, inventory in Chanhassen is still at a high level, but homes are most assuredly selling. Price your property correctly, and ensure that condition is top notch.

Oakdale, MN real estate

2008-08-14T14:55:00.001-05:00

Oakdale Real Estate Monthly Market Update - July, 2008

Let's take a look at what is happening for real estate sales in Oakdale today. Oakdale is a suburb east of St. Paul, right near the intersection of 694 and 94. This community has a number of outstanding, affordable neighborhoods.

First comparing July of 2008 to July of 2007, there was a drop in new listings put onto MLS by 19.4%. In total, there were 54 properties put on the market this past July. Closed sales also dropped from 38 to 21 properties this year. The average sales price did sink by 11.3%, going from $222,442 to $197,260. Interestingly, the percent of original list price received at the time of sale rose from 95.9% to 96.8%. Average days on market shot up by 100.5%, going from 87 to 174 days. The inventory level for single family homes in Oakdale dropped from 121 to 93 listings. On the other hand, the townhome and condo inventory level rose 12.6%, from 119 to 134 properties.

Comparing January through July of 2007 to January through July of 2008, there has been a 11.9% drop in new listings on MLS, going from 506 to 446. Closed sales have dropped by 31.1%, moving from 193 to 133 closings. The average sales price declined by 12.9%, going from $227,029 to $197,742. The percent of original list price received the sale also dropped by 1.9%, going from 95.2% to 93.4%. Overall, average days on market is up 17%, from 131 to 153 days.

The closed sales year over year drop is one of the largest we have seen in any of our "market updates."

Brooklyn Center homes

2008-08-11T14:13:00.002-05:00

Brooklyn Center Real Estate Monthly Market Update - June, 2008

Brooklyn Center is located right at the corner of Highway 100 and 694 here in the Twin Cities. It is a community with a great location and of course a number of great homes for sale. Let's take a look at real estate activity in this suburb of Minneapolis.

First comparing June of 2008 to June of 2007, there has been an increase in the number of new listings put on the MLS. There have been 14.1% more properties put on the market this past June (113 total.) Closed sales did rise as well, going from 22 to 28 closings. The average sales price dropped by almost 20%, going from $178,445 to $143,533. Average days on market until sale rose 11.4%, going from 125 to 140 days. The single family home inventory level in Brooklyn Center rose 21.6%, going from 255 to 310 active MLS listings. The townhome and condo inventory level also rose, increasing from 44 to 64 active listings. The percent of original list price received at the time of sale dropped 4.4%, from 95.3% to 91.1%.

Comparing January through June of 2007 to January through June of 2008, there were 574 listings put onto the market this year, an increase of 9.8%. Closed sales are down 8.8%, with 103 properties in Brooklyn Center closing this year. The average sales price dropped substantially, going from $179,553 to $135,729. This is almost a 25% year over year price drop. Average days on market also increased from 134 to 161 days. Percent of original list price received at the time of sale dropped from 95.4% to 88%.

In conclusion, some fairly depressing statistics for this city's real estate activity, at least for sellers. The price point for an average home in Brooklyn Center on the other hand remains very attractive, and inventory is plentiful.

Blaine MN homes

2008-08-08T11:46:00.001-05:00

Blaine, Minnesota Real Estate Monthly Market Update - June, 2008

Blaine Minnesota has seen over 300 homes closed here in 2008! Let's dive into some numbers to compare number of homes closed, new listings put on the MLS, average days on market, and a number of other great comparative criteria.

Let's first take a look at the month June of 2007 compared to the month of June in 2008. New MLS listings in Blaine came in at 194 in June of 2008, a 1.6% increase over June of 2007. Closed sales are down by 13.2%, with 66 properties closing this past June. The average sales price in Blaine has taken a very large hit. It moved from $272,044 to $219,408, a drop of 19.3%. The percent of original list price received at the time of sale also dropped fairly significantly, going from 96.8% to 92.2%, a drop of 4.7%. Average days on market is up from 119 days to 169 days, an increase of 41.4%. The overall single family home inventory level in Blaine has stayed fairly consistent, moving from 415 to 406 active MLS listings. The townhome and condo inventory level has also stayed consistent, going from 216 listings on average to 213.

Comparing month to month gives us a snapshot of what is happening in Blaine, but now let's dive in and take a look at year to date numbers. When comparing January through June of 2007 to January of June in 2008, there has been a 11.7% drop of new properties put on the MLS. There have been 977 new listings put on the market this year. Closed sales are down 10%, with 314 listings closing here in 2008. The average sales price in Blaine has dropped by double digits, going from $265,899 to $218,694 (17.8% drop.) The percent of original list price received at the time of closing has dropped 5.1%, going from 96.7% to 91.6%. Average days on market for a property in Blaine has increase 38.2%, going from 118 to 162 days.

Comparing Blaine to other cities that we have seen in our market updates, the average sales price has taken a bit steeper drop. Thankfully, new listings are down to hold the inventory level at bay. Look for another update next month. We hope to see the number of closed properties increase in this great city!

Stillwater real estate

2008-08-05T11:04:00.002-05:00

Stillwater Real Estate Monthly Market Update - June, 2008

Historic Stillwater has always been an attractive tourist destination here in Minnesota. In addition, real estate always seems like it has been in demand. Right on the border of Minnesota and Wisconsin, this great city has a bustling downtown center of activity and a beautiful view right along the river. Today let's take a look at the year to date real estate activity in Stillwater.

First comparing June of 2008 to June of 2007, there has been a slight drop in the number of new listings put on the MLS, going from 56 to 55 this past June. Closed sales are also down slightly (7.1%), with 26 properties closing in June of 2008. The average sales price dropped from $375,764 to $316,937. This is a 15.7% year over year drop. Average days on market has risen from 188 to 200 days, an increase of 6.6%. The single family home inventory level rose 5.6%, going from 180 to 190 units on MLS. The townhome and condo market has seen a slight drop, from 111 to 107 active listings this past June.

Comparing January through June of 2007 to January through June of 2008, new listings have stayed fairly steady. There have been 415 listings put on MLS this year, compared to 420 last year. Closings unfortunately are down drastically, from 158 to 117 (25.9%.) The average sales price has also "taking a beating" this year, with a 12% drop ($343,174 in 2007 to $301,935 in 2008.) The percent of original list price received at the time of sale is down 1.9%, going from 94.3% to 92.5%. Average days on market is up 5.4%, going from 178 to 188 days.

In conclusion, Stillwater's real estate activity here in 2008 has most definitely been slower. With a higher average sales price than many communities in the Twin Cities, there have been fewer closings and a steady decline in average sales price.

Andover MLS

2008-08-01T14:38:00.000-05:00

Andover Real Estate Monthly Market Update - June, 2008

Andover is home to the top selling agent on The Minnesota Real Estate Team the last couple of years, Rob Reinke. Rob, along with a number of agents on our team over the years, have helped clients buy and sell real estate in this great city. Let's look a Andover and what is happening in regards to real estate activity this year.

First comparing June of 2008 to June of 2007, there has been a drop in new listings put onto the MLS by 4.2%. Close sales have stayed fairly steady, with 29 properties closing in June of 2008 (an increase of 3.6%.) The average sales price in Andover has seen a substantial drop, going from $274,143 to $251,546 (8.2%.) Average days on market has risen by 39.6%, going from 158 to 221 days. The overall inventory level for single family homes in Andover has also risen from 266 to 308 properties (increase of 15.8%.) The active townhome and condo inventory level has remained stable, with 51 properties for sale in both June of 2007 and June of 2008.

Comparing January through June of 2007 to January through June of 2008, there has been a 4.3% increase in new listings on the MLS. Closed sales are down 2.1%, with 140 properties closing this year. The average sales price in Andover has dropped 14.6%, going from $290,759 to $248,413. The percent of original list price received at the time of sale dropped 4.1%, going from 96% to 92%. Average days on market until sale rose 14%, going from 153 to 174 days.

Overall, Andover has definitely seen a large drop in average sales price this year. In spite of this, closings are still happening at about the same pace as last year.

St Louis Park real estate

2008-07-30T10:50:00.001-05:00

St Louis Park Real Estate Monthly Market Update - June, 2008

St Louis Park is known here in the Twin Cities as having a number of very attractive single family homes, condos, and townhomes. Let's look at this city and what is happening in regards to real estate activity this year.

First comparing June of 2008 to June of 2007, there has been a substantial drop in the number of new listings put onto the MLS (44.3% drop here in June of 2008.) Closed sales are also down 23.8%, with 61 properties closing this past June. The average sales price in St Louis Park has remained fairly steady, going from $256,969 to $252,833. Average days on market has risen from 70 to 124 days, an increase of 78.7%. The average single family home inventory level dropped 10.9%, going from 230 to 205 properties. The townhome and condo inventory level also dropped 12.6%, from 191 to 167 MLS listings.

Comparing January through June of 2007 to January through June of 2008, there has been a 20.1% drop in new listings. 728 properties have gone onto the MLS here this year. Closed sales in St Louis Park are also down 20.6%, from 344 to 273 closed properties. Thankfully, the average sales price remained almost identical, moving from $248,319 to $247,463. The percent of original list price received at the time of sale also stayed consistent, going from 95.9% to 94.7%. Average days on market for a property in St Louis Park also rose from 106 to 122 days.

Overall, real estate in St Louis Park is still selling. And as the above numbers show, prices have not dropped much at all.

Woodbury MLS

2008-07-27T08:51:00.001-05:00

Woodbury Real Estate Monthly Market Update - June, 2008

It's time to head over to Washington County and examine the real estate sales statistics for the bustling town of Woodbury. As we know, the Woodbury real estate market has some extremely nice home developments that have been in demand over the years.

Let's first take a look at June of 2008 compared to June of 2007, and let's start off with some good news! New listings are down considerably, going from 247 in June of 2007 to 171 this past June. Closed sales have not moved that much in numbers. June of 2008 saw 96 closings, with June of 2007 seeing 106 properties in Woodbury close. The average sales price did drop 4.9%, going from $318,940 to $303,424. Average days on market for a property in Woodbury went from 145 to 152 days in June of 2008. The overall inventory levels for single family homes decreased from 406 active MLS listings to 366. The townhome/condo inventory level also dropped from 325 to 271 active listings in June of 2008.

Looking at January through June of 2007 to January through June of 2008, new listings put onto the MLS are down 19.3%, going from 1,380 to 1,113. Closed sales are down slightly, from 461 closings in 2007 to 429 in 2008. The average sales price in Woodbury is down 5.3%, going from $304,584 to $288,411. The percent of original list price received at the time of sale is down 2.4%, from 95.3% to 93%. Average days on market is up 8.1%, going from 148 to 160 days.

Though the average sales price in Woodbury still remains fairly high compared to other cities from around the metro area, there still are a number of outstanding homes, condos and townhomes for sale on the MLS for buyers to choose from.