The median sale price for residential real estate sold in 2018, in Chisago County, was up 8.7% from $229,900 to $249,900, according to the Multiple Listing Service. This follows an increase of 9.5% from 2016 to 2017. There were 5% fewer sales in 2018, and the average marketing time decreased from 70 days to 59 days, due to the shortage in inventory.
The median price in the Chisago Lakes School District was slightly higher at $259,900.
The Chisago Lakes Area recreational lake values increased 10% to an average sale price of $384,663. There were 10 lake homes that sold over $500,000 with the highest sale reaching $962,500 on Chisago Lake. There were only 3 lake homes that sold under $200,000 compared to 7 in 2017. There were great values on East and West Rush Lake with an average sale price of $252,990.
The average sale price of homes on Forest Lake was $485,332, which drove more buyers to the better values on the Chisago Lakes.
There were 123 new homes built in the County in 2018, with an average sale price of $308,859, which was a 4% increase from the 2017 average price of $297,019. New construction prices are expected to increase in 2019 due to higher land, development, and material costs, and a shortage of laborers. North Branch had the most new construction; with 34 homes, followed by Chisago City with 24, and Wyoming with 17. There were 39 split entry homes built, followed by 37 homes featuring one level living, 26 townhomes, and a few 2-story homes and 3 or 4 level homes.
Chisago City and Wyoming had the highest median sale prices in the County, for 2018 at $281,850 and $280,000 respectively, which was higher than the median price in Forest Lake at $269,900.
With prices up and inventory down, now is a great time to plan for your home sale in 2019. An experienced real estate agent can show you the market activity in your neighborhood, and discuss the best strategy for you.
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 firstname.lastname@example.org. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.