Minneapolis Real Estate Market Update
Chaska MN homes
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
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
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
Brooklyn Center Real Estate Monthly Market Update - June, 2008Brooklyn 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
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
Stillwater Real Estate Monthly Market Update - June, 2008Historic 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
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.
|
