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.
