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.