Maple Grove Homes Market Update-December 2009
Here we are again, into a new year. Hopefully 2010 will be a good year for you. As we review the market update, remember that this information comes to us from the Minneapolis Area Association of Realtors. Most Maple Grove Realtors are members of this association.
December 2009 was again a tough month for most of the Maple Grove Real Estate market. New listings were down 28.6% from December 2008. For all of 2009, new home listings were -9.8%. This is mostly due to retail sellers waiting to put their homes on the market until the values stabilize.
Closed sales were down 16.7% over last December, but were actually up almost 3% from 2008. This demonstrates the decrease in the inventory that we have been seeing for some time now. I am surprised that this number is not much larger (it feels like home inventory has decreased more than just 3%).
Both the median and average sale prices dropped for the 12th consecutive month. Both were down by a whopping 26.6% and 27.8% respectively. The average sale price of a home in December 2009 dropped $100,000 from December 2008. Year over year changes were not as bad, but there prices still dropped by 11.2% for the median sale price and 14.9% for the average sale price. This is consistent with the state of the entire Minneapolis/Saint Paul real estate market.
Positive notes were seen in the percent of original list price received at sale increasing almost 2% and the average days on market dropping by 21 days to 128 days. Year to date the average days on the market has also fallen by 6 days.
The inventory of Maple Grove homes for sale dropped for both single family homes and townhouse-condos by 8.3% and 19% respectively. This can be see in the drop in new listings and the rise in closed sales year over year.
These statistics do not show that we have turned the corner yet in the Maple Grove real estate market. Stay tuned.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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