Bloomington, MN real estate

Bloomington is located south of Minneapolis and is bordered by Eden Prairie, Edina, Richfield, and Burnsville. First we’re going to look at November of 2008 compared to the month of November in 2009.

As of November 2009, there were 78 new listings put onto the market in Bloomington, down 17% from 94 listings last November. Closed sales are up 35.6% with 80 properties that closed this November 2009 compared to 59 last November 2008. The average sales price decreased 8.3%, going from $222,460 to $204,001. The percent of original list price received at the time of sale in Bloomington was 93.5% this November, an increase of 2.3% from last November.

The current average days on the market until sale were 129 days compared to 126 days last November 2008, an increase of only 2.3%. The overall active inventory level for single family homes has decreased 19.6% to 258 homes compared to 321 homes in November 2008. The townhome and condo inventory level is down 5.8%, with 162 properties on the market in November of 2009.

Now let’s take a take a look at January through November of 2008 compared to January through November of 2009. New listings in Bloomington decreased 12.1%, going from 1,767 to 1,554 in 2009. Closed sales are up 3.7% with 841 closings in 2009. The average sales price is down 12.0% from $228,583 to $201,061. The percent of original list price received at the time of sale is down 0.5%, going from 93.7% to 93.2%. The average days on the market until sale increased 12.9% from 115 days in 2008 to 130 days in 2009.

The numbers for Bloomington are a reflection of most areas in the current market. Listings are on the market a little longer and selling for less, however there are fewer listings on the market this year versus last. Considering there are approximately 12.06 houses per buyer currently available, the fewer listings on the market in one area the better! One other positive statistic I see is the inventory of townhome-condo units on the market, which is down 5.8% from last year. That’s a good sign considering townhouses and condos are difficult to sell in the current market.