Cottage Grove homes
Cottage Grove, MN Real Estate Market Update - September 2008Today we're going to look at Cottage Grove and the real estate trends in the area. Cottage Grove is a nice city on the "other side of the bridge" from the Twin Cities. It is only about a 15 minute drive from St. Paul or to the MSP airport. Also, just about 30 miles south of Cottage Grove is the Treasure Island Casino that has great food, gambling, and entertainment. Many young people might know Cottage Grove for The Rodeo, The Rush, or even The Gold Rush: the county western night club which recently closed down. This great city has many outdoor sport facilities and plenty of trails and restaurants/shopping. It has all you need and you're still close to the cities as well!
First, we'll look at August of 2007 compared to the month of August in 2008. For the city of Cottage Grove, new listings put on the MLS were up by 4.1%, with 76 properties going onto the market. Closed sales increased significantly (22.9%), with 43 listings closing in August of 2008. The average sales price in August went down 5.6% from last August, going from $228,353 to $215,606. The percent of original list price received at the time of sale dropped by 1%, going from 95.9% to 94.9%. The average days on the market actually went down 1.2%, from 107 to 105 days! The overall active inventory level for single family homes in Cottage Grove is down 13.9%, from 223 to 192 listings. The townhome and condo inventory level is up 1.5, with 68 properties on the market in August of 2008.
Next, let's look at January through August of 2007 compared to January through August of 2008. There has been a 1.7% drop in new listings put onto the MLS in Cottage Grove. Closed sales are up 9.6%, with 285 properties closing here in 2008. The average sales price is down 9.1%, from $243,969 to $221,723. The percent of original list price received at the time of sale is down 1.8%, from 96% to 94.3%. Average days on the market until sale are up 23.1%, going from 118 to 145 days.
What does this mean for Cottage Grove? Well, the biggest changes are "days on the market" are averaging about a month longer than last year's numbers, and closed sales are up greatly, which is very encouraging for sellers!! Cottage Grove real estate is priced very fairly and buyers can get a pretty good deal out there. If you're looking to buy in Cottage Grove, Adam Benedict on our team (a native of Cottage Grove) knows the area extremely well.
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