Minnesota Real Estate Blog

Farmington Real Estate

Farmington, MN Real Estate Market Update - October 2008

Today we're going to look at Farmington and the real estate trends in the city. This area is one that has really grown a lot in the past years, and is still growing. Many neighborhoods here are quite new meaning lots of newer homes of course. The prices are also fairly affordable, being lower than most cities that are closer to Minneapolis and St. Paul. It's only about a 30 minute drive to the cities however. So if you don't mind commuting, you can get a great deal in Farmington!

First we'll look at September of 2007 compared to the month of September in 2008. For the city of Farmington, new listings put on the MLS were up 20%, with 78 properties going onto the market. Closed sales declined 10.5%, with 34 listings closing in September of 2008. The average sales price went down 8.9% from last September, going from $224,799 to $204,702. The percent of original list price received at the time of sale went up only by 0.1%, going from 94% to 94.1%. The average days on the market until sale are up 25%, from 143 to 179 days! The overall active inventory level for single family homes in Farmington is down 24.1%, from 274 to 208 listings. The townhome and condo inventory level is up 38.9%, with 100 properties on the market in September of 2008.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 11.2% drop in new listings put onto the MLS in Farmington. Closed sales are down 15.3%, with 293 properties closing here in 2008. The average sales price is down 9% from $234,607 to $213,411. The percent of original list price received at the time of sale is down 2.6%, from 95.6% to 93.2%. Average days on the market until sale are up 9.3%, going from 136 in 2007 to 148 days this year.

It's a tough time right now for townhomes and condos, and right now in Farmington there seems to be an abundance of townhomes available. Most of them are fairly new as well. Many young couples/families purchased these and are now looking to upgrade into single family homes and are having a difficult time selling them! If you're a first time buyer or are just looking at purchasing a townhome in a nice area, now would be a great time to invest in a newer townhome in Farmington!

posted by Ryan O'Neill at Permanent Link