According to the Multiple Listing Service there have been 60 new construction, single family sales so far, this year, in Chisago County. The average price of the single family, new construction sales this year is $294,000 with an average price per square foot of $198.00 During the same period in 2018 there were 70 sales with an average price of $322,000 with an average price per square foot of $189.00.
There have been 392 pre-owned single-family homes sold this year with an average price of $278,000 and an average price per square foot of $137.00; compared to 436 sales during the same period last year with an average price of $257,000 and an average price per square foot of $130.00.
Sales are down in both categories, but at a higher rate for new construction. Prices are up in both categories about 10% over 2018.
This year there have been 11 new construction townhome sales, in Chisago County, with an average sale price of $242,000 and an average price per square foot of $160.00 compared to 32 pre-owned townhome/twin-home sales in Chisago County with an average price of $203,000 and an average price per square foot of $128.00.
Prices are higher with new construction, but the advantage is everything is new and under warranty. New construction also offers the latest trends and customization.
With pre-owned homes, you tend to get established, high demand neighborhoods, larger lots, larger garages, and more finished square footage.
One level-living-homes are in high demand for new constructions as there are very few pre-owned homes that don’t have stairs at the entrance or garage, and most pre-owned homes have the laundry on the lower level. Many down-sizers want smaller lots and an association to take care of lawn maintenance and snow removal, and they want to customize the floor plan. There is great appeal for snow-birds to be able to feel secure leaving their home for the winter.
The best value homes whether new or pre-owned are split entry homes. The larger the foundation, the higher the price per square foot. Above ground square footage has higher values than finished basements.
An experienced real estate agent can help you find the right lot and builder to design your dream 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.