Minnesota Real Estate Blog
by Ryan O'Neill, Co-Host of The Minnesota Real Estate Talk Show
Farmington Real Estate
Farmington, MN Real Estate Market Update - October 2008Today we're going to look at Farmington and the real estate trends in the city. This area is one that has really grown a lot in the past years, and is still growing. Many neighborhoods here are quite new meaning lots of newer homes of course. The prices are also fairly affordable, being lower than most cities that are closer to Minneapolis and St. Paul. It's only about a 30 minute drive to the cities however. So if you don't mind commuting, you can get a great deal in Farmington! First we'll look at September of 2007 compared to the month of September in 2008. For the city of Farmington, new listings put on the MLS were up 20%, with 78 properties going onto the market. Closed sales declined 10.5%, with 34 listings closing in September of 2008. The average sales price went down 8.9% from last September, going from $224,799 to $204,702. The percent of original list price received at the time of sale went up only by 0.1%, going from 94% to 94.1%. The average days on the market until sale are up 25%, from 143 to 179 days! The overall active inventory level for single family homes in Farmington is down 24.1%, from 274 to 208 listings. The townhome and condo inventory level is up 38.9%, with 100 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 11.2% drop in new listings put onto the MLS in Farmington. Closed sales are down 15.3%, with 293 properties closing here in 2008. The average sales price is down 9% from $234,607 to $213,411. The percent of original list price received at the time of sale is down 2.6%, from 95.6% to 93.2%. Average days on the market until sale are up 9.3%, going from 136 in 2007 to 148 days this year. It's a tough time right now for townhomes and condos, and right now in Farmington there seems to be an abundance of townhomes available. Most of them are fairly new as well. Many young couples/families purchased these and are now looking to upgrade into single family homes and are having a difficult time selling them! If you're a first time buyer or are just looking at purchasing a townhome in a nice area, now would be a great time to invest in a newer townhome in Farmington!
Golden Valley homes
Golden Valley, MN Real Estate Market Update - September 2008Golden Valley is home to several large parks and green spaces, public and private golf courses, excellent schools (public and private, including: Robbinsdale and Hopkins School Districts, Good Shepherd Catholic School, Perpich Center for Arts Education, and Breck School) and churches, and shopping is always nearby. Golden Valley is also close to downtown Minneapolis which is outstanding for commuters. There are several large employers including General Mills, Kare 11, Honeywell Intl, Bluestone Garden, UnitedHealth Group, and USFamily.net located within city limits. Homes currently for sale in Golden Valley range in price from $39,900 to $1,295,000, making it a very diverse community. Jesse Grumdahl on our team currently resides in Golden Valley and could help you get to know the area! Check out his website www.mnshortsale.com as well. First we'll look at September of 2007 compared to the month of September in 2008. For the city of Golden Valley, new listings put on the MLS were down by 6.5%, with 43 properties going onto the market. Closed sales decreased by 21.1%, with 15 listings closing in August of 2008. The average sales price in August went down 10.9% from last August, going from $286,117 to $254,943. The average days on the market until sale increased by 11.2%, from 144 to 160 days! The percent of original list price received at the time of sale increased only 1.5%, going to 96.2%. The overall active inventory level for single family homes in Golden Valley is up 9.2%, from 119 to 130 listings in 2008. The townhome and condo inventory level is up 14.6%, from 41 to 47 properties on the market this September. Next we look at January through September of 2007 compared to January through September of 2008. There has been a 1.6% drop in new listings put onto the MLS in Golden Valley. Closed sales are down 11.6%, with 160 properties closing in 2008 vs. 181 closings in 2007. The average sales price is down 5.1% from $340,547 to $323,150. The percent of original list price received at the time of sale is down 1.7%, from 95.2% to 93.5%. Average days on the market until sale are up 23.3%, going from 113 to 139 days. The trends in Golden Valley aren't too different from other areas of the Twin Cities. The average sales price continues to fall but hopefully will bottom out soon and then begin to rise. Many predict we are nearing that time. Also days on the market until sale for new listings is currently 139 days in Golden Valley, so sellers should plan accordingly and price aggressively to sell fast!
Lake Elmo real estate
Lake Elmo, MN Real Estate Market Update - September 2008Lake Elmo was named one of the best places to live by Money Magazine in 2007. Their school system is rated 9 out of 10 by GreatSchools.net. Back in the passenger train days (late 1800s), Lake Elmo was known as a great summer time getaway and an all year round great place to live. It remains that way today. It's so close to the Twin Cities and also still has the rural feel. if you need to get to the city you can drive to St. Paul in less than 20 minutes without speeding. Of course, Woodbury is closer and has some really great shopping! First we'll look at September of 2007 compared to the month of September in 2008. For the city of Lake Elmo, new listings put on the MLS stayed exactly the same with 13 properties going onto the market 2007 and 2008. Closed sales were three in September of 2007 compared to two in September of 2008. The average sales price in September dropped 55.7% from last September, going from $456,667 to $202,500, again a really big difference based on the small inventory. The percent of original list price received at the time of sale dropped by 21.6%, going from 96.6% to 75.7%. The average days on the market almost doubled, from 118 to 347 days! The overall active inventory level for single family homes in Lake Elmo is down 24%, from 75 to 57 listings. The townhome and condo inventory level is up 50%, with just three 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 16.3% drop in new listings put onto the MLS in Lake Elmo. Closed sales are up 2.7%, with 38 properties closing in 2008. The average sales price is down 1.3% from $501,876 to $495,295. The percent of original list price received at the time of sale is down 4.6%, from 95.5% to 91.2%. Average days on the market until sale are up 28.1%, going from 138 to 177 days. Lake Elmo is quite a small community with a population of only 7500 in the year 2007. The home prices here are definitely a reflection of the community being a little more upper-scale and newer. Lots of new construction available right now in upper price ranges and they are beautiful homes! Lots of land also if you enjoy a bigger yard and not being so close to your neighbors!
Real Estate in Elko New Market
Elko New Market, MN Real Estate Market Update - October 2008Elko 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%.
St Michael houses for sale
St. Michael, MN Real Estate Market Update - September 2008St. 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!
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