Minnesota Real Estate Blog

Fridley MLS

Fridley Minnesota Real Estate Monthly Market Update - June, 2008

"Friendly" Fridley Minnesota! Situated right north of 694 and along the Mississippi River, Fridley is home to many wonderful neighborhoods and real estate developments. On a side note, my father in law has owned and operated a family practice medical clinic in Fridley for decades. He has really enjoyed working in this city. For anyone out of state that is reading this blog entry, Fridley is directly north of downtown Minneapolis; a very convenient location indeed!

Today, we thought it would be great to look at the real estate numbers here in 2008 for Fridley. Let's first take a look at the big picture, comparing January through June of 2007 to January of June in 2008. Year to date, there have been 340 listings put onto the MLS. This is down 11% from 2007, when there were 382 new properties put onto the market. Closed sales also are down 15.4% this year, going from 123 closings in 2007 to 104 this year. The average sales price, though still very affordable in comparison to a number of other locations in the Twin Cities, is down 13.5%. In 2007, the average sales price was $204,662, and this year, it is coming in at $176,970. The percent of original list price received at the time of sale has also dropped from 95.5% to 91.5%. Average days on market until sale has increased from 120 days to 178 days.

Now let's take a look at June of 2007 compared to the month of June in 2008. New listings stayed steady, with only one more property being put on MLS this past June (68 total.) Closed sales dropped slightly, going from 25 to 22 closings. The average sales price did in fact drop by double digits, going from $201,200 to $177,746. This is a 11.7% year over year drop. The percent of original list price received at the sale did not shift significantly. This number went from 96.2% to 95.6%. Average days on market also stayed fairly steady, moving from 126 days to 121 days. The inventory level for single family homes in Fridley increased by 10.7%, going from 149 to 165. The townhome and condo inventory level dropped by 9 listings, going from 60 to 51 active listings.

Overall, though the price of an average home in Fridley has stayed very affordable, the drop in number of closings is not great news. Buyers still have an unbelievable buying opportunity based on these home prices. Whether it be a single family home, condo, townhome...whatever type of property a buyer may be looking for, the inventory levels and pricing still remain extremely attractive in Fridley. As with the entire Twin Cities area, one could say that "Real Estate is on Sale." Don't be fooled though. This will only last a certain period of time. Inventory levels have been shrinking and prices are "bottoming out."

People will look back years from now and remember this time period here in the Twin Cities real estate market as one of a buying opportunity.

posted by Ryan O'Neill at Permanent Link