Savage Homes and Real Estate Monthly Market Update – May, 2008

Surprise, surprise! Savage real estate too is seeing a bit of a slow down here in 2008. When comparing the month of May 2008 to May of 2007, there have been 11.1% less listings put onto the market. Closed sales have dropped by 28.6%, with only 30 homes closing in May. The average sales price dropped 12.2%, from $306,343 to $268,959 in 2008. Average days on market jumped up 28.3%, with average market time in May at 191 days. Thankfully, there is 7.8% less overall single family homes on the market, and only one more townhome and condo listing (126 listings this year compared to 125 in last May.)

When comparing January through May of 2008 to 2007 of the same time period, there have been 18.5% less homes put onto the market (97 less.) Pending sales have dropped by the exact same percentage, with 119 sales taking place so far this year. Average sales price is down a whopping 10.2%, going from $279,443 in 2007 to $250,883 in 2008. The percent of original list priced received at time of sale has dropped from 96.1% in 2007 to 92.5%. Average days on market is up to 170 days. Last year through May it was at 138 days.

Savage, though having many wonderful neighborhoods, has not been immune to the overall shift in price that has taken place here in the Minneapolis real estate market.