Through November, Chisago County’s prices increased at a faster pace than the Twin Cities for 2017. According to the Minneapolis Area Association of Realtors, the median price in the Twin Cities increased 6.6% to $245,900. The Chisago County median sale price increased 9% to $229,000. Interest rates remained low, and more homes sold in less time and for closer to asking price. Inventory is so low it keeps many sellers from putting their homes on the market as they can’t find a new home to move to, in the location or price point they want.
Market times are down 13.8 percent for the year, in the Twin Cities, indicating sellers are accepting offers more quickly. A normal market general has five to six months of inventory where the market is balanced so neither the buyers or sellers have an edge. There are currently have less than 2 months supply of housing inventory. Absorption rates are at their lowest level in at least 15 years and indicates a sellers’ market.
In November new listings were down over 16% in Chisago County, but closed sales were up 1.4%, which indicates older inventory is being used up. Chisago County has seen an influx of buyers from the Twin Cities as they can get more house for their money, in a great community with better schools.
The end of 2017 will mark the sixth consecutive year of rising home prices. The average home prices are now above their prior peak from 2006, as are median household incomes in the metro area. The economy remained supportive to housing by way of low unemployment and moderate job and wage growth.
An experienced agent can help you determine the best time to sell your home for the highest price.
Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to email@example.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.