Real Estate Market in Big Lake MN
Cain Murray
Real estate market trends in Big Lake, MN have seen some ups and downs in recent years. According to the latest statistics, the number of new listings increased by 3.8% from 26 to 27, and then decreased by 28.6% from 56 to 40. Meanwhile, closed sales also experienced a drop, declining by 33.3% from 15 to 10, and then by 38.9% from 36 to 22.
Despite the fluctuations in new listings and closed sales, the median sales price has remained relatively stable, only decreasing by 0.1% from $343,000 to $342,500. However, the average sales price has seen a more significant decrease, dropping by 6.6% from $371,423 to $347,080, and then by 16.1% from $399,421 to $335,114.
The price per square foot has also decreased by 0.4% from $189 to $189, and then by 6.6% from $191 to $179. Additionally, the percent of the original list price received has decreased by 4.3% from 101.8% to 97.4%, and then by 3.8% from 100.3% to 96.5%. This indicates that sellers may be accepting lower offers or that buyers are able to negotiate better deals in the current market.
Days on market until sale has also seen an increase, rising by 43.5% from 46 to 66 and then by 40.4% from 47 to 66. This could be due to increased competition among sellers, causing properties to stay on the market for longer periods of time.
Inventory of homes for sale has decreased by 13.2% from 38 to 33, and the months supply of inventory has increased by 30% from 1.0 to 1.3. This indicates that there may be fewer homes available for sale, and it may take longer for buyers to find a suitable property.
Overall, the real estate market in Big Lake, MN has experienced some changes in recent years. While the median sales price has remained relatively stable, the average sales price and price per square foot have decreased, and the percent of the original list price received has also decreased. Additionally, days on market until sale have increased, and inventory of homes for sale has decreased. These trends suggest that the market may be shifting towards a more buyer-friendly environment, but it is important to keep an eye on future developments to fully understand the dynamics of the market.
