Bloomington MN real estate
Bloomington, MN Real Estate Monthly Market Update - June, 2008Seeing that my wife and I have lived in "good ole" Bloomington since 2001, I wanted to blog today about the real estate market in this community. Kathy and I first bought a home in 2001 in East Bloomington, and we really enjoyed living there. 35W technically is the dividing line between East and West Bloomington, with West often referred to as "Prestigious West Bloomington." This area obviously has a few more expensive neighborhoods than East Bloomington. However, whether East or West, I can definitely say I have enjoyed living in both parts of town, with there being many "pluses" for each.
Let's talk numbers today, and see what is "shaking" for real estate activity in Bloomington as a whole. Let's first take a look at June of 2007 compared to the month of June in 2008. There was a rise in closed sales this past June, with 91 properties closing (an increase of 3.4% compared to June of 2007.) New listings were down 7.8%, with only 189 new properties being put onto the MLS. The average sales price in Bloomington did take a sizable dip, going from $266,965 to $225,996 in June of 2008. This is a decrease of 15.3%. Average days on market rose by 37.6%, going from 90 to 124 days. The overall inventory levels rose from 343 homes on the market June of 2007 to 356 properties this past June. There also was an increase in the townhome and condo inventory levels. The average active number of townhomes for sale on the MLS in June of 2008 was 209, with 196 being the average in June of 2007.
Now when we take a look at January through June of 2007 compared to January of June in 2008, there has been a 1.8% decline in the number of new listings posted on MLS. This year has seen 1066 properties put on the market. Closed sales are down 5.2%, with 348 properties selling here in 2008. The average sales price year to date is down, but not down as much as comparing the month of June alone. The average price dropped from $252,384 to $229,339, a drop of 9.1%. The percent of original list price received at the time of sale in 2008 has been 93.8%, a drop of 2.4% compared to 2007. Average days on market has risen 16%, going from 112 to 130 days.
When we take a look at these numbers, we see still a very significant number of closings taking place. With its close proximity to 494 and 35W, as well as the Mall of America (for all the diehard shoppers out there) and the great parks and lakes in Bloomington, this area has stayed in demand. Six months into 2008, there has been almost 60 homes a month closed in Bloomington. Granted those are not crazy sales numbers that were taking place back in the early part of this decade, but still very respectable to say the least.
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