Hastings Real Estate

Hastings is a great river community off the Mississippi, just before it meets up with the St. Croix in Prescott, Wisconsin. Let’s look at real estate numbers for Hastings, comparing January of 2008 to January of 2009. New listings going onto the market this January were down 27.3%, from 55 listings in January 2008 to 40 listings this January. Closed sales in Hastings are also down by 55.6%, going from 18 to eight. The average sales price decreased 19% and was $175,038 in January 2009. And the median sales price decreased by 6.5% and was $166,000 in January of 2009. The percent of original sales price received at the time of sale went from 94.8% in Jan 2008 to 84% in Jan 2009, a decrease of 11.4%. Ouch! Average days on the market until sale also had a heavy increase from 121 to 212 days on the market in January 2009.

Now we’ll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Hastings decreased 16%, going from 745 in 2007 down to 626 in 2008. Closed sales are down 21% with 264 closings in 2008. The average sales price is down 13.2% from $228,117 to $197,914 in 2008. The percent of original list price received at the time of sale is down 4.6%, going from 94.9% to 90.5%. The average days on the market until sale increased 28.9% from 125 to 161 days.

Hastings is in a tough spot right now. First thoughts are about the bridges to Hastings…there is the Mendota Bridge which has been under construction for years, due to be finished in 2010 and now they’re considering rebuilding the small bridge that goes into Hastings on Hwy 61 over the Mississippi. Both of these are preventing people from really wanting to live in this beautiful community. When they are finished, I imagine the demand will come back to Hastings!