Minneapolis Real Estate Market Update

New Prague real estate

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

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

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

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, 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

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, 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

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.