Minnesota Real Estate Blog
by Ryan O'Neill, Co-Host of The Minnesota Real Estate Talk Show
Rosemount homes
Rosemount, MN Real Estate Market Update - September 2008Let's talk about Rosemount and the real estate numbers for August. Rosemount is home of the Irish, their high school mascot! Rosemount is a great city on the outskirts of the Twin City Metro Area, but becoming closer and closer the more building they do around it! Rosemount and it's surrounding area is still growing quite rapidly by building more houses and developing more land. However, Rosemount has kept up its small town atmosphere through these changes. Located about 25 minutes straight south of St. Paul, it makes it easy to get anywhere in the southern twin cities area pretty quickly! First we'll look at August of 2007 compared to the month of August in 2008. For the city of Rosemount, new listings put on the MLS were down by 10.5%. A total of 68 properties went onto the market vs. 76 that were put on last year. Closed sales decreased by 25.6%, with 32 closed sales in August of 2008. The average sales price went from $289,373 in 2007 to $261,525 in August of 2008, down 9.6%. The percent of original list price received at the time of sale went up just 0.6%, staying pretty consistent (going from 93.2% to 93.8%.) Average days on the market actually went down 35.4%, from 159 to 103 days! The overall active inventory level for single family homes in Rosemount is down 12.6%, from 151 to 132 listings. The townhome and condo inventory level is up 3.1%, with 99 properties on the market in August of 2008. Next, we will look at January through August of 2007 compared to January through August of 2008. This year, there has been a 16.4% drop in new listings put onto the MLS in Rosemount. Closed sales are also down 8.9%, with 235 properties closing so far in 2008. The average sales price is down from $281,956 to $246,189, a whopping 12.7%! The percent of original list price received at the time of sale is down 2.2%, from 95.8% to 93.7%. This number seems to be pretty similar to most areas here in the Twin Cities. Average days on the market until sale went from 137 to 151 days, which is up 10.2%. Closed sales this August compared to last August seems like a significant drop, but when the whole year is taken into account, it hasn't changed too much year over year. Average sales price is down a fair amount, but that just means this is a great time to buy in this area. Like you haven't heard that enough, right :)? There are also less houses going onto the market this year in Rosemount. Most likely people are holding onto their properties until the market prices pick up again. If you're currently looking to buy in the south metro, Rosemount is a great option!
Cottage Grove homes
Cottage Grove, MN Real Estate Market Update - September 2008Today we're going to look at Cottage Grove and the real estate trends in the area. Cottage Grove is a nice city on the "other side of the bridge" from the Twin Cities. It is only about a 15 minute drive from St. Paul or to the MSP airport. Also, just about 30 miles south of Cottage Grove is the Treasure Island Casino that has great food, gambling, and entertainment. Many young people might know Cottage Grove for The Rodeo, The Rush, or even The Gold Rush: the county western night club which recently closed down. This great city has many outdoor sport facilities and plenty of trails and restaurants/shopping. It has all you need and you're still close to the cities as well! First, we'll look at August of 2007 compared to the month of August in 2008. For the city of Cottage Grove, new listings put on the MLS were up by 4.1%, with 76 properties going onto the market. Closed sales increased significantly (22.9%), with 43 listings closing in August of 2008. The average sales price in August went down 5.6% from last August, going from $228,353 to $215,606. The percent of original list price received at the time of sale dropped by 1%, going from 95.9% to 94.9%. The average days on the market actually went down 1.2%, from 107 to 105 days! The overall active inventory level for single family homes in Cottage Grove is down 13.9%, from 223 to 192 listings. The townhome and condo inventory level is up 1.5, with 68 properties on the market in August of 2008. Next, let's look at January through August of 2007 compared to January through August of 2008. There has been a 1.7% drop in new listings put onto the MLS in Cottage Grove. Closed sales are up 9.6%, with 285 properties closing here in 2008. The average sales price is down 9.1%, from $243,969 to $221,723. The percent of original list price received at the time of sale is down 1.8%, from 96% to 94.3%. Average days on the market until sale are up 23.1%, going from 118 to 145 days. What does this mean for Cottage Grove? Well, the biggest changes are "days on the market" are averaging about a month longer than last year's numbers, and closed sales are up greatly, which is very encouraging for sellers!! Cottage Grove real estate is priced very fairly and buyers can get a pretty good deal out there. If you're looking to buy in Cottage Grove, Adam Benedict on our team (a native of Cottage Grove) knows the area extremely well.
Maple Grove homes
Maple Grove, MN Real Estate Market Update - September 2008Let's talk real estate activity numbers for Maple Grove. Just north of Minneapolis, this city has a great blend of urban and rural living. Here people not only enjoy the best of the big city, but also a more relaxed lifestyle as well. There is a great farmer's market every summer that attracts many people as well as plenty of shopping, dining, entertainment. And let's not forget the great freeway access to anywhere you want to go! Let's first take a look at August of 2007 compared to the month of August in 2008. For the city of Maple Grove, new listings put on the MLS were down this August by 4.3%, with 179 properties going onto the market. Closed sales decreased by 24.3%, with 109 listings closing in August of 2008. The average sales price in August dropped from $319,359 to $304,323. This is only a 4.7% year over year drop. The percent of original list price received at the time of sale dropped by 0.6%, going from 95.5% to 94.9%. Unfortunately, the average days on the market is up 53.8%, from 87 to 134 days! The overall active inventory level for single family homes in Maple Grove is down 0.8%, from 394 to 391 listings. The townhome and condo inventory level is up 13.1%, with 268 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 3.3% drop in new listings put onto the MLS in Maple Grove. Closed sales are down 13.3%, with 605 properties closing here in 2008. The average sales price is down 6.8%, going from $333,840 to $311,178. The percent of original list price received at the time of sale is down 2.2%, from 95.9% to 93.8%. The average days on the market until sale are up from 111 to 144 days, an increase of 30.3%. In conclusion, the Maple Grove market has stayed pretty consistent as far as sales prices. With only a 6.8% year over year drop, people are still getting a good price for their homes when selling. However, the sharp increase in days on market (53.8%!!) and decrease in closed sales may keep some from wanting to sell their home in Maple Grove right now. It might take a bit longer in this market to sell, but the buyers are out there. There were 605 sold homes sold just in Maple Grove this year which means the properties are selling, just not as quickly!
University Area - Minneapolis Real Estate
University Area of Minneapolis, MN Real Estate Market Update - September, 2008 Today, we will explore market trends in the University area of Minneapolis. This is appropriate now since school is back in session and the city is alive with people and fun fall activities! The University area of Minneapolis not only has some outstanding and unique homes, townhomes, and condos, but is an awesome location as well. And if you love being in the city where there are lots of fun activities, shopping and nightlife to offer, this would be a great place for you! Let's take a look to see what is happening with the real estate numbers near the University of Minnesota in Minneapolis. First comparing the month of August in 2007 to the month of August in 2008, there was a drop in new listings put on the MLS by 37% this August. 17 properties went active onto the market. 17 properties closed in August of 2008, down from 21 in August of 2007. The average sales price dropped 12%, going from $224,841 to $197,900. Great for you as a buyer! The percent of list price received at the time of sale did in fact drop by 5.2%, going from 97.2% to 92.1%. Average days on the market is up 52.3%, going from 60 to 92 days, but still a very short time on the market as opposed to most other areas (mostly due to the time of year.) The single family home inventory level in the University area was at 30 this past August, compared to 38 in August of 2007, a 21.1% drop. The townhome and condo inventory level is up by 37.8%, going from 42 to 62 active listings! Now looking at January through August of 2007 compared to January through August of 2008, there have been 18.3% less properties put on the MLS this year. 187 listings have gone active here in 2008. Closed sales unfortunately are also down 29.9%, going from 97 last year to 68 this year. The average sales price has also decreased by 17%. In 2007, the average sales price in the University area was $267,699. Now in 2008, it is $222,316. The percent of original list price received at the time of sale dropped by only 1.9% from 95.2% to 93.4%. There's some good news for sellers! Lastly, the average days on the market increased, moving from 106 to 136 days. In conclusion, the University area of Minneapolis, like many parts of the Twin Cities, has seen a sizable decrease in new listings put onto MLS this year. In addition, closed sales are down as well and so is the average sales price. There is not a great inventory of single family homes in this area, but a greater inventory of townhomes and condos makes it great for students and young professionals just getting started with prices that are reasonable! It is truly a great time to buy in the University area!
St Louis Park homes for sale
St Louis Park Monthly Real Estate Market Update - September, 2008 At the end of July, we took at look at some market statistics for the Minneapolis suburb of St Louis Park. These numbers were year over year comparisons through the end of June. In today's blog entry, we wanted to see what took place in July as well as compare year to date sales numbers. Let's first take a look at July of 2007 compared to the month of July in 2008. Closed sales in for homes in St Louis Park decreased 33.7%, going from 92 to 61. New listings that were processed and put onto the MLS also decreased from 143 to 103. The average sales price for a home in St Louis Park rose from $246,709 to $254,801. The percent of original list price received at the time of sale dropped 2.8%, going from 96.2% to 93.5%. Average days on market for a property in St Louis Park rose from 89 to 93 days. The overall inventory levels for homes in St Louis Park for sale dropped 4.1%, from 222 to 213 listings. The townhome and condo market in St Louis Park also saw a drop of 13.7% in active listings for sale, going from 182 to 157. Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings are down by 21.2%. 831 properties have gone on the market this year in St Louis Park. Closed sales unfortunately are also down by 23.4%, with 334 properties closing this year. The average sales price for a property in St Louis Park has actually increased by 0.3%, going from $247,979 to $248,804. The percent of original list price received at the time of sale decreased by 1.6% from 96% to 94.5%. Average days on market for a listing in St Louis Park is up by 13.9% this year, going from 102 to 116 days on market. Compared to our blog post for St Louis Park at the end of July, the numbers seem eerily similar. The average sales price has stayed level. Compared to the entire Twin Cities real estate market however, days on market for a home in St Louis Park is still considerably lower. Even at 116 days this year, this number is surely encouraging for homeowners in this great suburb of Minneapolis.
Bloomington homes for sale
Bloomington Real Estate Monthly Market Update - September, 2008 At the end of July, we took at look at some market statistics for Bloomington through the month of June. In today's entry, we wanted to see what took place in July as well as compare year to date sales numbers. Let's first take a look at July of 2007 compared to the month of July in 2008. New listings put onto the MLS actually increased this past July by 4.8%, with 173 properties put onto the market. Closed sales in Bloomington dropped by 4%, with 96 homes closing this past July. The average sales price in Bloomington stayed fairly steady, moving from $271,220 in July of 2007 to $267,123 this past July. The percent of original list price received at the time of sale also stayed level, decreasing slightly from 95.3% to 95%. Average days on market for a home in Bloomington increased 23.3% from 89 to 110 days. The active for sale inventory level of homes in Bloomington rose 7.1%, going from 336 to 360 homes on the market. The townhome and condo inventory level in Bloomington decreased from 225 to 215 days, a drop of 4.4%. Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings in Bloomington are down 1%, with 1,239 new listings put onto the market this year. Closed sales are down by 4.9%, moving from 467 properties sold in 2007 to 444 sold this year. The average sales price for Bloomington as a whole decreased from $256,418 to $237,508. This is a 7.4% year over year drop. The percent of original list price received also decreased from 95.9% to 94%. Average days on market for a listing in Bloomington rose from 107 to 125 days. This is a 17.3% increase. Compared to our numbers we posted at the end of July, the average sales price has actually gone up. Closed sales also picked up a bit, moving from a year over year decrease of 5.2% at the end of July to 4.9% now. The average market time for a home in Bloomington has stayed fairly level, moving from 130 days at the end of July to 125 days now. The amount of new listings stayed fairly level, moving from 1.8% down at the end of July to a year over year decrease of 1% now.
Apple Valley MN real estate
Apple Valley, Minnesota Real Estate Market Monthly Update - August, 2008 Back towards the end of June we covered the real estate update for Apple Valley, Minnesota. In that post, we discussed all of the various homes, townhomes and condos that had sold and been put active on the MLS in Apple Valley. Two months later, we wanted to take another look at the real estate sales activity numbers for this great city. First of all, let's see what happened in the month of July in 2008 compared to July of 2007 for overall real estate activity in Apple Valley. 141 listings went active onto the MLS in the month of July in 2008. This is down 17.1% compared to July of 2007. Closed sales dropped 22.5%, with 55 properties closing this past July. The average sales price for a property in Apple Valley dropped from $248,197 to $226,547. Though not surprising, this is a 8.7% year over year drop. Average days on market stayed consistent, moving from 125 days in July of 2007 to 123 days in July of 2008. The percent of original list price received at the time of sale did drop from 96.5% to 95.3%. The overall inventory level for single family homes on the market in Apple Valley dropped from 258 to 209. The total inventory level for condos and townhomes in Apple Valley also dropped from 289 to 288. Let's now look at year to date numbers, comparing January through July of 2007 to January through July of 2008. New listings put onto the MLS area down 14.3% this year, with 1007 new homes and properties being put up for sale. Closed sales for Apple Valley are 16.7%, from 420 closings in 2007 to 350 this year. Thankfully, the average sales price is not down that significantly. This year, Apple Valley has seen an average sales price of $237,511. This is down only 2.1% from the previous year. The percent of original list price received at the time of sale is also not down that steeply, going from 95.9% to 94.2%. The average market time for a property in Apple Valley has increase from 120 to 152 days. In conclusion, the average sales price has declined since our last posting at the end of June. At the time, Apple Valley homeowners had seen a slight year over year price increase. Two months later, this now has been erased with the city real estate posting a small decline. In spite of this, the price dip for Apple Valley real estate is not nearly as great as other parts of the Twin Cities metro areas. Have no fear! The market and real estate prices will recover. History has shown, time will heal the pain of these price drops.
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