According to the Multiple Listing Service, the number of residential listings that went under contract, in Chisago County, for May was up 20% compared to May 2019. There was pent up demand after a 6 week decline in sales due to COVID-19. Even though the stay at home order was in effect, real estate services were deemed essential. Buyers, sellers, and agents practiced safe procedures while viewing homes.
The number of new listings in May was slightly lower than 2019, but the median list price was up 3% to $299,400, compared to last year. We are experiencing a seller’s market with higher prices and low inventory, during the best-selling season of the year.
Closed sales were down 19% compared to last May, but the median sale price was up 4% to $259,700. Most of these homes were sold during the 6-week slow down. During the COVID-19 slow down, the least expensive homes were the most popular homes sold.
When we compare January through May of 2019 and 2020, the number of home sales for this year is 10% higher than 2019 and the median sale price is up 6%.
New construction sales are up 28% from January -May compared to last year, townhome sales are up 25%, and waterfront sales are down 30%.
In the past week I sold 3 homes and listed 2 others, all of which involved sellers and or buyers moving out of the Twin Cities to get away from high density living. Buyers coming to Chisago County are pleasantly surprised at the value they get here compared to the metro area.
If you are thinking about selling your home, you should contact an experienced real estate agent for expert advice on when to sell and for how much. Most homes show their best in June and early July.
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.