Real Estate in Elko New Market

Elko New Market, MN Real Estate Market Update – October 2008

Elko New Market is a small community just south of Lakeville. Home of the Elko Speedway, Saturday nights are really “roaring” here! Just ask Nichole Fredrickson – she is an agent on the team who lives here and loves the area. Elko and New Market used to be separate cities until the cities’ residents voted to combine the two and became one city on January 1, 2007. But now-a-days, the citizens are still trying to maintain the small town feel with a sense of safety and knowing your neighbors.

Now let’s compare September of 2007 to the month of September in 2008. For the city of Elko New Market, new listings put on the MLS were down by 10.7%, with 25 properties going onto the market this September, as opposed to 28 last September. Closed sales stayed exactly the same, with eight closed sales in September of 2007 and 2008. The average sales price went from $310,943 in 2007 to $230,415 in September of 2008, down 25.9%. The percent of original list price received at the time of sale went down 10.1% going from 104.9% to 94.3% in 2008. The average days on the market went down 29.7%. The overall active inventory for single family homes in Elko New Market is down 33.7%, from 83 to 55 listings. The townhome and condo inventory level is up 54.5%, with 17 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 12.7% drop in new listings put onto the MLS in Elko New Market. Closed sales are up 60.4%, with 77 properties closing so far in 2008. The average sales price is up from $115,775 to $246,812. The percent of original list price received at the time of sale is up 175.5%, from 34.1% to 93.9%. Average days on the market until sale went from 55 to 134 days, which is up 143.9% from last year.

Some of the numbers might seem quite extreme when looking at stats for a small town since the smallest change can bring about a large number. For example, condo/townhome inventory going up 54.5% in a year is only the difference between six properties. Here’s another one: closed sales when comparing September to September were the same, but comparing the entire year are up 60% (29 more properties closed in 2008!). In relation, the average sales price of those closed sales went up 113.2%.