Richfied real estate
Richfield, Minnesota Real Estate Market Monthly Update - June, 2008Richfield is known here in the Twin Cities as a city with an all around convenient location. Whether you are looking to go north, south, east, west, Richfield really is a "short jaunt" from a number of other hotspots in the Twin Cities: the Mall of America, downtown Minneapolis, and the airport. Today let's dive into some real estate numbers for this community, comparing first of all what happened in the month of June in 2008 compared to June of 2007.
First, some good news! New listings put onto the MLS this past June were down 35.2%, with 70 properties put onto the market. Closed sales were however also down 24.5%, with 37 listings closings in June of 2008. The average sales price has remained very affordable, especially in comparison to other suburbs here in the Twin Cities. In June of 2008, the average sales price was $187,591, down from $213,372 in June of 2007. The percent of list price received at the time of sale dropped almost 2%, going from 94.7% to 93%. Average days of market increased from 93 to 119 days, an increase of almost 29%. The active for sale inventory level on MLS remained fairly consistent year over year, going from 197 to 195 listings. The active level of townhome and condos in Richfield also stayed level, going from 48 to 45 listings.
Let's now look at year to date numbers, comparing January through June of 2007 to 2008 at the same time. New listings are down almost 16.5%, going from 522 to 437. Closed sales unfortunately are also down quite significantly, going from 208 last year to 162 this year. The average sales price stayed very affordable, but still a 14.1% year over year drop. The average sales price in Richfield went from $219,107 to $188,275 here in 2008. The percent of original list price received at the time of sale dropped from 96% to 91.9%. Average days on market is up 28.9%, going from 107 to 138 days.
In my opinion, Richfield's real estate values should stay strong long term. With a great location as I described above, and still an extremely attractive average sales price, buyers are afforded outstanding choices. Sellers currently with their homes on the market, must realize that supply is down compared to last year. However, there is still a lot of competition, so price and condition remain paramount.
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