Maple Grove MLS and Real Estate Market Monthly Update – May, 2008

What’s going on with the real estate market in Maple Grove, Minnesota? When comparing May of 2008 to May of 2007, Maple Grove has seen a drop of 24.1% in new listings put onto the MLS. Closed sales have also dropped by 4.8%. The average sales price in May was $293,143, down from $336,561 in May of 2007. For homes currently on the market, we have seen market time increase to 152 days, up from 119 days in May of 2007. Thankfully the townhome and condo inventory is down 3.5% here in 2008, with current inventory levels at 275 properties.

When we look at year to date real estate activity in Maple Grove, comparing 2008 to 2007, there have been 2.8% less listings put onto the MLS, still however over 1000 new listings total (1057.) 307 properties have closed, a drop of 7.5% compared to 2007, and the average sales price is down 11.2%, to $297,987. Average days on market is up to 153 days, an increase of over 24%. When looking at the percent of original list price received at the sale, that number is now 92.8%. In 2007 through the end of May, it was 96%.

These numbers are in line with what we are finding in many of the Twin Cities area communities. Because Maple Grove’s average sales price is higher than many parts of the Twin Cities, this year over year drop in average sales price is not totally unexpected.