Minnesota Real Estate Blog
by Ryan O'Neill, Co-Host of The Minnesota Real Estate Talk Show
Brooklyn Park real estate
Brooklyn Park, MN Real Estate Market Update - April 2009Brooklyn Park is the 6th largest city in Minnesota, located on the banks of the Mississippi River just Northwest of Minneapolis. First we'll look at March of 2008 compared to March of 2009. For the city of Brooklyn Park, new listings put on the market were down by 15%, with 227 properties going onto the market. Closed sales increased by 56.9%, with 102 listings closing in March of 2009! The average sales price in March went down 25.5% from last March, going from $202,735 to $151,131. The average days on the market until sale decreased by 9.5%, from 179 to 162 days. The overall active inventory level for single family homes in Brooklyn Park is down 33.5%, from 699 last March to 465 listings in March of 2009. The townhome and condo inventory level is also down by 16.5%, from 255 to 213 properties on the market this March. Next we look at January through March of 2008 compared to January through March of 2009. There has been a 4.2% drop in new listings put onto the MLS in Brooklyn Park. Closed sales are up 57.1%, with 156 properties closing in 2008 vs. 245 closings in 2009. The average sales price is down 26.7% from $207,107 to $151,909. The percent of original list price received at the time of sale is up 0.1%, and stays just above 89%. Average days on the market until sale are down 5.8%, going from 163 to 154 days. New listings are down and closed sales are up! Quite a good sign for homeowners in Brooklyn Park! Target Corporation is currently expanding its northern campus and will soon be providing over 26,000 jobs to this area. This makes Brooklyn Park an even more attractive place to buy and live!
Hastings Real Estate
Hastings is a great river community off the Mississippi, just before it meets up with the St. Croix in Prescott, Wisconsin. Let's look at real estate numbers for Hastings, comparing January of 2008 to January of 2009. New listings going onto the market this January were down 27.3%, from 55 listings in January 2008 to 40 listings this January. Closed sales in Hastings are also down by 55.6%, going from 18 to eight. The average sales price decreased 19% and was $175,038 in January 2009. And the median sales price decreased by 6.5% and was $166,000 in January of 2009. The percent of original sales price received at the time of sale went from 94.8% in Jan 2008 to 84% in Jan 2009, a decrease of 11.4%. Ouch! Average days on the market until sale also had a heavy increase from 121 to 212 days on the market in January 2009. Now we'll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Hastings decreased 16%, going from 745 in 2007 down to 626 in 2008. Closed sales are down 21% with 264 closings in 2008. The average sales price is down 13.2% from $228,117 to $197,914 in 2008. The percent of original list price received at the time of sale is down 4.6%, going from 94.9% to 90.5%. The average days on the market until sale increased 28.9% from 125 to 161 days. Hastings is in a tough spot right now. First thoughts are about the bridges to Hastings...there is the Mendota Bridge which has been under construction for years, due to be finished in 2010 and now they're considering rebuilding the small bridge that goes into Hastings on Hwy 61 over the Mississippi. Both of these are preventing people from really wanting to live in this beautiful community. When they are finished, I imagine the demand will come back to Hastings!
Crystal, MN Real Estate
Crystal, MN Real Estate Market Update - February 2009Crystal is a beautiful community right on the border of Minneapolis. Today, we will first look at the real estate activity in this suburb for January of 2008 compared to January of 2009. This January, there were 41 listings put on the market, down 35.9% from last January. Closed sales are up in Crystal by 72.7%, going from 11 to 19 closings this January! The average and median sale price however dropped by over 40%. The average sales price went from $173,495 to $102,383, and the median sales price went from $175,500 to $97,500. The percent of original sale price received at the time of sale decreased 11.3% from 91.5% to 81.2%. The average days on the market until sale in Crystal went from 202 to 177 days, down 12.2%! Housing inventory also dropped: single family detached inventory is down 24.6% to 132 homes on the market and townhome/condo inventory is down 70.6%, to just five homes on the market. Now we'll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Crystal decreased 11.2%, going from 708 in 2007 down to 629 in 2008. Closed sales are up 16% with 304 closings in 2008. The average sales price is down 16.3% from $194,245 to $162,566 in 2008. The percent of original list price received at the time of sale is down just 2.5%, going from 94.3% to 92%. The average days on the market until sale increased 28.3% from 112 to 143 days. Crystal's listings have really seemed to drop, with townhome/condo inventory being very low, new listings falling and closed sales rising! Demand for housing in this area must be increasing. Being so close to Minneapolis but yet not in Minneapolis, definitely makes it a sought after area. Of course, these listings that have closed are at low prices. If you are looking to sell soon in Crystal, you might want to think about renting instead until the market comes back! Or, price your home competitively and use the marketing firepower of a top team to get it sold for you!
Real Estate in Mendota Heights
Mendota Heights, MN Real Estate Market Update - February 2009Mendota Heights is a city of 11,000 people, with most homes situated along the Mississippi and Minnesota River Bluffs. Today, we will first look at January of 2008 compared to January of 2009. There were 10 properties put onto the market this January, down 9.1% from 11 new listings last January. Closed sales are down 22.2% with seven properties closing this January compared to nine last January. The average sales price decreased 40.8%, going from $445,469 to $263,757. The median sales price also decreased 41.7%, going from $315,000 to $183,500. The percent of original list price received at the time of sale in Mendota Heights was 88.8% this January, a decrease of 10.3% from last January's 99%! The average days on the market until sale were 66 days in 2008 and are now 265 days, an increase of 302.9%. The overall active inventory level for single family homes increased 9.8% to 45 homes in January 2009. The townhome and condo inventory level is down 14.3%, with 36 properties on the market in January of 2009. Now we'll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Mendota Heights decreased 12%, going from 291 in 2007 down to 256 in 2008. Closed sales are down 21.1%, with 105 closings in 2008. The average sales price is down 25.3% from $438,242 to $327,365 in 2008. The percent of original list price received at the time of sale is down 6.5%, going from 98.5% to 92.1%. The average days on the market until sale increased 33.6% from 100 to 133 days. Sellers in Mendota Heights are struggling right now to get their properties sold. And prices, like many other cities, have "taking a beating" because of the number of short sales and REO's in our market. However, Mendota Heights is certainly a beautiful city with lots of interesting topography and mature trees, lakes, and nature preserves.
Coon Rapids real estate
Coon Rapids is located north of Minneapolis and is bordered by Blaine, Champlin, and Anoka. First we're going to look at November of 2007 compared to the month of November in 2008. There were 98 properties put onto the market in Coon Rapids this year, down 14% from 114 new listings last November. Closed sales are up 10% with 44 properties closing this November compared to 40 last November. The average sales price decreased 21%, going from $189,097 to $149,390. The percent of original list price received at the time of sale in Coon Rapids was 87.6% this November, a decrease of 5.9% from last November. The average days on the market until sale were 193 days, an increase of 23.3%. The overall active inventory level for single family homes increased 5% to 271 homes in November 2008. The townhome and condo inventory level is down 11.4%, with 203 properties on the market in November of 2008. Now we'll take a look at January through November of 2007 compared to January through November of 2008. New listings in Coon Rapids decreased 11.5%, going from 1,747 to 1,546 in 2008. Closed sales are down 5.2% with 622 closings in 2008. The average sales price is down 13.8% from $199,727 to $172,080. The percent of original list price received at the time of sale is down 4.1%, going from 96% to 92%. The average days on the market until sale increased 16.3% from 124 to 145 days. The numbers for Coon Rapids are a reflection of most areas in the current market. Listings are on the market longer and selling for less, however there are fewer listings on the market this year vs. last. Considering there are 12.06 houses per buyer currently available, the fewer listings on the market in one area the better! One other positive statistic I see is the inventory of townhome-condo units on the market, which is down 11.4% from last year. That's a good sign considering townhouses and condos are difficult to sell in the current market.
Maplewood MN homes for sale
Maplewood, MN Real Estate Market Update - November 2008Maplewood borders St. Paul on the Northeast side, and is about ten minutes to downtown St. Paul. Whether you are looking for a quaint neighborhood to live in or a big city atmosphere, Maplewood has the best of both worlds! Aside from all the great restaurants and shopping, Maplewood is home to 3M Headquarters, St. John's Hospital, and the Maplewood Mall. Let's first look at October of 2007 compared to the month of October in 2008. There were 57 properties put onto the market in Maplewood, down 24% from 75 new listings last October. Closed sales are up 85.7% from 14 to 26 closings in October. The average sales price decreased 15.7% from last October, going from $242,778 to $204,556. The percent of original list price received at the time of sale in Maplewood was 95.4%, an increase of 5.8%. The average days on the market until sale decreased 1.2% from 115 to 114 days. The overall active inventory level for single family homes decreased 7% to 172 homes in October 2008. The townhome and condo inventory level is down 11.7%, with 91 properties on the market in October of 2008. Now we'll take a look at January through October of 2007 compared to January through October of 2008. There has been an 18.3% drop in new listings put onto the MLS in Maplewood. Closed sales are down 6%, from 334 to 314 closings. The average sales price is down 9.7% from $229,040 to $206,843. The percent of original list price received at the time of sale is down 1.7%, from 94.5% to 92.9%. The average days on the market until sale are up 9.4% from 134 to 146 days. Looking at the numbers, one thing that stands out is the percent of original list price received at the time of sale. Even though this number has gone down over the last year 1.7%, it's still at 92.9% of the original list price! This is still a good number. Closed sales also haven't seen too much of a decrease which is promising for Maplewood! Overall, this community in the Twin Cities real estate market is surely still a great place for buyers to choose. With a number of properties for sale on the MLS, and prices still relatively low, real estate buyers really are being afforded some outstanding choices.
Medina MN Real Estate
Medina, MN Real Estate Market Update - November 2008Medina is a great city located near Lake Minnetonka, Lake Independence, and Long Lake and is home to many famous athletes. Also home to the Medina Entertainment Center which is used by people all over the Twin Cities for weddings, receptions, banquets, meetings, or attending concerts or going to dinner, etc! Being a lake city, is has tons of natural beauty and parks for recreational purposes. It is also home to John Stenroos on our team, who is a great, great agent if you're looking to buy or sell in this area! First we'll look at October of 2007 compared to the month of October in 2008. In Medina, 20 properties were put on the market this October, up 66.7% from 12 new listings last October. Closed sales went from 4 to 3 closed sales in October of 2007-2008. The average sales price increased 10.7% from last October, going from $663,450 to $734,167. The percent of original list price received at the time of sale in Medina was only 89.3%, a decrease of 3.4% from October of 2007. The average days on the market until sale increased 93.2% from 205 to 396 days. The overall active inventory level for single family homes increased 17.9% to 66 homes in October 2008. The townhome and condo inventory level is down 19%, with 17 properties on the market in October of 2008. Now when we take a look at January through October of 2007 compared to January through October of 2008, there has been a 7.4% drop in new listings put onto the MLS in Medina. Closed sales are down 17%, with 39 properties closing here in 2008. The average sales price is down 12.7% from $787,765 to $687,553. The percent of original list price received at the time of sale is down 2.8%, from 93.9% to 91.3%. The average days on the market until sale are up from 123 to 228 days, an increase of 85.3%. Being that the price of homes is much higher in Medina; the time on the market is also much longer than usual. The demographic of buyers is just not the majority in Medina therefore you have a lesser audience when you list a high end property here. If you're trying to sell in Medina, expect to wait a while!
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