White Bear Lake real estate
White Bear Lake, Minnesota Real Estate Market Update - June, 2008White Bear Lake is a community with a lot of great attributes. For anyone who is looking to move to this city, it is conveniently located near 35E and 694, two of the major thoroughfares here in the Twin Cities. In addition, talk about some great lakes for your boating pleasure! And not to mention fishing as well! Instead of talking fishing and boating however, we thought it would be great to look at some real estate numbers here in 2008 for White Bear Lake.
Let's first take a look at June of 2007 compared to the month of June in 2008. New listings were down 35.1% in June of 2008 (50 properties put onto the MLS.) Closed sales rose very slightly, going from 18 to 20 closings this past June. The average sales price took a dramatic dip, going from $274,703 to $230,497. This is a drop of 16.1%. Average days on market until sale increased 31.2%, going from 132 to 173 days on market. Thankfully, the single family home inventory level in White Bear Lake dropped 11.9%, going from 159 to 140. When comparing the percent of original list price received at the time of sale, there was a 2.2% drop (from 96.7% to 94.5%.) The townhome and condo inventory level stayed the same, with 67 units for sale on MLS in 2007 and 2008.
Comparing month to month gives us a glimpse into this market, but now let's take a look at year to date numbers. When comparing January through June of 2007 to January of June in 2008, there has been a drop of 11.7% in new listings put onto the MLS. 332 properties have been put on as new listings this year, compared to 376 from 2007. The average sales price has taken an extremely steep fall. This year, the average sales price in White Bear Lake is $212,355. Last year, it was $269,359. This is a 21.2% year over year drop! The number of closed sales has decreased by 27.5%, going from 142 to 103. Percent of original list price also decreased from 95.7% to 92.2% here in 2008. Average days on market...surprise surprise, increased 18.6%, from 138 to 164 days on market.
Though most of these numbers are by no means a surprise to me, the large drop in average sale price is. We have obviously seen a drop in most of our communities here in the Twin Cities when looking at 2007 to 2008 average sales price numbers. However, this decrease of 21.2% is definitely one of the largest we have seen yet. Does this mean prices will continue to drop in White Bear Lake? Of course no one knows for sure, but, with the recent bill that was passed in Congress ($7500 credit to first time buyers), our local market surely should see an uptick in new purchase agreements and demand as a whole. Our team also has a number of great listings in White Bear Lake, and we have seen a good amount of showing activity on these listings the last few weeks as well.
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