Crystal, MN Real Estate
Crystal, MN Real Estate Market Update - February 2009Crystal is a beautiful community right on the border of Minneapolis. Today, we will first look at the real estate activity in this suburb for January of 2008 compared to January of 2009. This January, there were 41 listings put on the market, down 35.9% from last January. Closed sales are up in Crystal by 72.7%, going from 11 to 19 closings this January! The average and median sale price however dropped by over 40%. The average sales price went from $173,495 to $102,383, and the median sales price went from $175,500 to $97,500. The percent of original sale price received at the time of sale decreased 11.3% from 91.5% to 81.2%. The average days on the market until sale in Crystal went from 202 to 177 days, down 12.2%! Housing inventory also dropped: single family detached inventory is down 24.6% to 132 homes on the market and townhome/condo inventory is down 70.6%, to just five homes on the market.
Now we'll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Crystal decreased 11.2%, going from 708 in 2007 down to 629 in 2008. Closed sales are up 16% with 304 closings in 2008. The average sales price is down 16.3% from $194,245 to $162,566 in 2008. The percent of original list price received at the time of sale is down just 2.5%, going from 94.3% to 92%. The average days on the market until sale increased 28.3% from 112 to 143 days.
Crystal's listings have really seemed to drop, with townhome/condo inventory being very low, new listings falling and closed sales rising! Demand for housing in this area must be increasing. Being so close to Minneapolis but yet not in Minneapolis, definitely makes it a sought after area. Of course, these listings that have closed are at low prices. If you are looking to sell soon in Crystal, you might want to think about renting instead until the market comes back! Or, price your home competitively and use the marketing firepower of a top team to get it sold for you!
