The median sales price for closed sales in Chisago County for June was up to $222,500 which was 11.8% higher than the median sales for June 2015 at $199,000, according to the Minneapolis Area Association of Realtors. Closed sales are based on purchase agreements that were written approximately 45-60 days before closing. This is great news for sellers that have been waiting for the return of their lost equity from the market crash of 2008!
Inventory was down 19% in June to 340 homes for sale compared to 418 in June 2015, which gives buyers fewer options and helps to keep the prices higher for the sellers.
The number of new listings and the number of sales for 2016 was almost the same as last year with 860 new listings through June 2015 and 839 through June 2016. There were 457 sales through June 2015 and 459 through June 2016 in Chisago County.
The median sale price for June 2016 was up 6% over May 2016. Which brings our year to date increase over last year to 10.4%.
With less inventory comes fewer days on the market, which is down 29% for Chisago County compared to the same time last year. Sellers have more confidence that they can sell their home and purchase the next one in a reasonable period of time.
The Chisago County market is increasing at a faster pace than the Twin Cities. Through June 2016 the median sales price is up 5.5% in the Twin Cities compared to Chisago County’s increase at 10.4%. Some of this is attributed to new construction and lakeshore properties.
Based on our market data; now is an excellent time to sell your home, especially if you have waterfrontage, acreage, or a beautiful lot. Buyers are looking for more listings in Chisago County and they want to be settled before winter.
An experienced real estate agent can provide you the current market data to help you determine if now is a good time to sell or buy your next home.
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.