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.