Apple Valley Houses
Apple Valley Real Estate Market Monthly Update - May, 2008It's time to look at Apple Valley and what is happening with the real estate statistics in this community. Let's first compare the month of May in 2008 to May of 2007. This May, there were 159 new listings put onto the market, down 19.3% from last May. Closed sales dropped only 5.7%, with 66 properties closing this May. Average sales price actually rose 4.2% in Apple Valley, from $236,444 to $246,331. Average days on market rose dramatically (23.9%), from 121 to 150 days. Inventory levels dropped this May. The single family detached inventory decreased from 212 properties last May, to 199 actives this year. The townhome and condo inventory levels also dropped 3.1%.
Now comparing January through May of 2007 to 2008 of the exact same time period, we have some more interesting numbers to share: new listings dropped 13.8% , from 827 to 713. Closed sales also dropped by 12.9%, with 230 properties closing this year through May. The average sales price did rise, from $241,093 to $244,515 here in 2008. The percent of original list price received at the sale stayed very comparable, dropping only 1.5% to 94.1%. Overall, average market time is up 27.6% to 158 days.
Apple Valley residents surely will be happy to see their average sales price actually has risen from 2007 to 2008. It is not all doom and gloom here in the Twin Cities and Minneapolis real estate marketplace.
