Apple Valley MN real estate
Apple Valley, Minnesota Real Estate Market Monthly Update - August, 2008Back towards the end of June we covered the real estate update for Apple Valley, Minnesota. In that post, we discussed all of the various homes, townhomes and condos that had sold and been put active on the MLS in Apple Valley. Two months later, we wanted to take another look at the real estate sales activity numbers for this great city.
First of all, let's see what happened in the month of July in 2008 compared to July of 2007 for overall real estate activity in Apple Valley. 141 listings went active onto the MLS in the month of July in 2008. This is down 17.1% compared to July of 2007. Closed sales dropped 22.5%, with 55 properties closing this past July. The average sales price for a property in Apple Valley dropped from $248,197 to $226,547. Though not surprising, this is a 8.7% year over year drop. Average days on market stayed consistent, moving from 125 days in July of 2007 to 123 days in July of 2008. The percent of original list price received at the time of sale did drop from 96.5% to 95.3%. The overall inventory level for single family homes on the market in Apple Valley dropped from 258 to 209. The total inventory level for condos and townhomes in Apple Valley also dropped from 289 to 288.
Let's now look at year to date numbers, comparing January through July of 2007 to January through July of 2008. New listings put onto the MLS area down 14.3% this year, with 1007 new homes and properties being put up for sale. Closed sales for Apple Valley are 16.7%, from 420 closings in 2007 to 350 this year. Thankfully, the average sales price is not down that significantly. This year, Apple Valley has seen an average sales price of $237,511. This is down only 2.1% from the previous year. The percent of original list price received at the time of sale is also not down that steeply, going from 95.9% to 94.2%. The average market time for a property in Apple Valley has increase from 120 to 152 days.
In conclusion, the average sales price has declined since our last posting at the end of June. At the time, Apple Valley homeowners had seen a slight year over year price increase. Two months later, this now has been erased with the city real estate posting a small decline. In spite of this, the price dip for Apple Valley real estate is not nearly as great as other parts of the Twin Cities metro areas. Have no fear! The market and real estate prices will recover. History has shown, time will heal the pain of these price drops.
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