Real Estate Data – Annandale, Minnesota

December 2008 – December 2009

A comparison of market values and sales from the year 2008 to year end 2009/present date for Annandale in Wright County, Minnesota:

In December 2008, the average and median sales price on properties for homes for sale in Annandale had been $340,000. Over the last year, house prices have fallen due to a number of economic factors, causing the median sales to drop 52.1% for the same period in December 2009.

Adding to the drop, the average price of a property’s final sales price became $220,742, a marked drop of 35.1% by December 2009 in comparison to the $340,000 average in December 2008. There certainly were a number of REO listings and mn short sales that caused these prices to drop over time.

There was however an increase in the final percentage of a property’s sale price being met by buyers, as in December 2008 buyers had offered and paid 75.6% of the sellers asking price. Whereas in December 2009, that figure had jumped to 85.6%.

Sellers however had favorable market times both in December 2008 and December 2009.

An average of 49 days from sales board to sold sign in December 2008 saw only a slight increase to 68 days by December 2009 (albeit sounds much worse when stating that is an increase of 38.8%.)

Year to Date

The year to date comparison of 2008 and 2009 shows that in 2008 average median house prices had been $170,250, but to date that figure has become $154,700, a drop of 9.1%.

Average property prices to date have not fared much better, dropping from $253,925 in the year to date 2008, to $201,678 in the present year to date. This is a drop of 20.6%, but again is a marked improvement on the previous drop of 35.1%.

The average days on the market at the present point in 2008 had been 158, and now it is at 187 days, showing an 18.1% increase in time to final sale.

Data Analysis

Looking at the data, you would be forgiven for thinking that it clearly has not been a year for selling a home in Annandale. Although when you look at the bigger picture, it was probably wise for those who sold during the 2008 – 2009 period to do so when they did, or they could have been staring down at bigger losses.

On the plus side, it is probably fair to say if you are a buyer on both sides of the fence the time is probably now to grab a deal in Annandale. For those selling cheaper than they should, there could be some potential advantageous purchases.

But for the first time home buyer in Annandale, it may be now or wait or perhaps the prices will inch upward over the year.

This data taken from Minneapolis Area Association of Realtors. Here at this site, you can find an number of great minneapolis condos for sale.