According to the Minneapolis Area Association of Realtors, the median sale price for Chisago County increased from $228,900 in October 2016, to $240,250 in October 2017. While prices were up, the number of sales were down from 102 in October 2016 to 80 sales last month. Marketing time was down from an average of 59 days to 35 days.
Out of 80 closed sales in the county, in October, there were 10 new construction homes that closed with a median price of $340,000 with an average of 1,800 square feet. There was one detached townhome, which was the most expensive new construction home, that sold for $511,000 in Wyoming.
There were 16 waterfront homes that closed with a median price of $375,000 with an average of 2,300 square feet. The most expensive sale was a lake home that sold for $655,000 on Green Lake, with 4,900 square feet, 180’ of lake frontage, on a 1-acre lot.
There were 4 townhome sales and 1 condominium sale, last month. The condominium was the lowest priced sale last month for $80,000 on North Lindstrom Lake.
Six home sales had 10 to 30-acres of land. The highest priced home in this category was in North Branch at $424,900 with a 6,200 square feet home. This was the largest home that sold last month.
Homes closed in August this year had the highest median sale price at $249,200 with 112 closed sales. February had the lowest median sale price at $198,000 with 130 closed sales.
It typically takes 45 to 60 days to close a sale with a home loan, so most of the homes that closed in August were sold in June and July, except for the new construction homes, which take longer to build and close.
Minnesota buyers come out in droves in March through June. This is when prices get driven upward and there are many multiple offers. Properties sold in June and July benefit from the increased prices.
Most of the lowest priced homes that closed in February were sold in December and January. This cycle is repeated every year in Minnesota. As we move into the colder months, showings decline, and many sellers drop their price until a savvy buyer snaps it up.
An experienced real estate agent can provide you with market data to determine the best time to sell your home. It’s never too early to start planning.
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.