St Michael houses for sale

St. Michael, MN Real Estate Market Update – September 2008

St. Michael is a great city about 33 miles northwest of Minneapolis along I94. Whether you’re in the mood to shop, go house hunting, go out for dinner and a movie, or just enjoy the outdoors, St. Michael has it all! Housing is more affordable here also since it’s a “ways out” from the Twin Cities metro area. It’s also a great place for first time home buyers to get a great first time investment! Bernie Borschke on our team lives in St. Michael and is an expert in that area.

Let’s take a look at August of 2007 and compare it to the month of August in 2008. For the city of St. Michael, new listings put on the MLS were down a whopping 38.2%, with 42 properties going onto the market. Closed sales were also down by 24%, with 19 listings closing in August of 2008. The average sales price in August took a plunge from $275,940 to $227,716. This is a 17.5% drop from last August. The percent of original list price received at the time of sale dropped by 7.1%, going from 98.2% to 91.2%. Unfortunately, the average days on the market are up 33.3%, from 130 to 173 days! The overall active inventory level for single family homes in St. Michael is down 35.7%, from 258 to 166 listings. The townhome and condo inventory level is also down by 21.3%, with 59 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 18.1% drop in new listings put onto the MLS in St. Michael. Closed sales are down 10.6%, with 126 properties closing in 2008 vs. 141 in 2007. The average sales price is down 15.5% from $266,924 to $225,660. The percent of original list price received at the time of sale is down 4.9%, from 96.5% to 91.8%. The average days on the market until sale are up 27.2%, from 154 to 196 days.

Unfortunately, these St. Michael sales numbers don’t look too promising right now. Less people are putting their homes on the market, however homes’ values are going down and less listings are closing (which is definitely a picture similar to other cities here in the Minneapolis real estate market.) If you’re not a big fan of the Twin Cities and want to seek nice affordable housing a bit farther out, St. Michael would be a great choice. There are not quite as many homes to choose from, but you can get an outstanding deal right now!