Maple Grove homes

Maple Grove, MN Real Estate Market Update – September 2008

Let’s talk real estate activity numbers for Maple Grove. Just north of Minneapolis, this city has a great blend of urban and rural living. Here people not only enjoy the best of the big city, but also a more relaxed lifestyle as well. There is a great farmer’s market every summer that attracts many people as well as plenty of shopping, dining, entertainment. And let’s not forget the great freeway access to anywhere you want to go!

Let’s first take a look at August of 2007 compared to the month of August in 2008. For the city of Maple Grove, new listings put on the MLS were down this August by 4.3%, with 179 properties going onto the market. Closed sales decreased by 24.3%, with 109 listings closing in August of 2008. The average sales price in August dropped from $319,359 to $304,323. This is only a 4.7% year over year drop. The percent of original list price received at the time of sale dropped by 0.6%, going from 95.5% to 94.9%. Unfortunately, the average days on the market is up 53.8%, from 87 to 134 days! The overall active inventory level for single family homes in Maple Grove is down 0.8%, from 394 to 391 listings. The townhome and condo inventory level is up 13.1%, with 268 properties on the market in August of 2008.

Now when we take a look at January through August of 2007 compared to January through August of 2008, there has been a 3.3% drop in new listings put onto the MLS in Maple Grove. Closed sales are down 13.3%, with 605 properties closing here in 2008. The average sales price is down 6.8%, going from $333,840 to $311,178. The percent of original list price received at the time of sale is down 2.2%, from 95.9% to 93.8%. The average days on the market until sale are up from 111 to 144 days, an increase of 30.3%.

In conclusion, the Maple Grove market has stayed pretty consistent as far as sales prices. With only a 6.8% year over year drop, people are still getting a good price for their homes when selling. However, the sharp increase in days on market (53.8%!!) and decrease in closed sales may keep some from wanting to sell their home in Maple Grove right now. It might take a bit longer in this market to sell, but the buyers are out there. There were 605 sold homes sold just in Maple Grove this year which means the properties are selling, just not as quickly!