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.
