Minnesota Real Estate Blog

Prior Lake homes

Prior Lake, MN Real Estate Monthly Market Update - July, 2008

Today, we head a bit south of the Twin Cities metro area to the great city of Prior Lake. Prior Lake not only has some outstanding homes, townhomes, and condos, but a convenient location as well. And by the way, if you love boating, Prior Lake is truly a great choice for you. Let's take a look to see what is happening with the real estate numbers in Prior Lake.

First comparing the month of July in 2007 to the month of July in 2008, there was a drop in new listings put on the MLS by 23% this July. 87 properties went active onto the market. 36 properties closed in July of 2008, down from 52 in July of 2007. The average sales price rose 12.2%, going from $313,952 to $352,189. The percent of list price received at the time of sale did in fact drop by 2.6%, going from 95.1% to 92.6%. Average days on market is up 4.3%, going from 177 to 184 days. The single family home inventory level in Prior Lake was at 281 this past July, compared to 271 in July of 2007. The townhome and condo inventory level dropped 4.2%, going from 142 to 136 active listings.

Now looking at January through July of 2007 compared to January through July of 2008, there have been 18.9% less properties put on the MLS this year. 727 listings have gone active here in 2008. Closed sales unfortunately are also down 18.5%, going from 232 last year to 189 this year. The average sales price however has increased by 7.3%. In 2007, the average sales price in Prior Lake was $311,755. Now in 2008, it is $334,470. The percent of original list price received at the time of sale did in fact drop from 95.7% to 91.5%. Lastly, the average days on market increased, moving from 164 to 182 days.

In conclusion, Prior Lake, like many parts of the Twin Cities, has seen a sizable decrease in new listings put onto MLS this year. In addition, closed sales are down as well. However, the increase in average sales price is good news indeed. A 7.3% increase, in spite of all of the economic factors that may be pushing values down nationwide, is definitely reason to celebrate for those who live and own a property in Prior Lake.

posted by Ryan O'Neill at Permanent Link