Afton Real Estate | Homes for Sale in Afton, MN

Recent statistics show the real estate market to be stabilizing during the last twelve months. Everything is pointing that the rock bottom has been hit in many places. This is of extreme importance to many real estate investors, because those who get in at the very low have a potential to reap benefits as the market rebounds. Yet, picking a bottom can often be very difficult and risky endeavor. That’s why it is important to keep a constant eye on monthly real estate movements. Following are such statistics for real estate in Afton, Minnesota that can provide an insight into the current local market conditions.

Please note that all following statistics are provided by Minneapolis Area Association of Realtors and seem accurate and reliable.

Activity for the January of 2010, being the most recent month, shows ‘New Listings’ jump from 1 to 3 new homes for sale, which represents a 200% increase from the same period in 2009. There were no closed home sales during the first month, which compares less favorably to the year ago when there was one closed sale. Yet, if we dig deeper, we can find that 2009 actually saw a drop in new home MLS listings from 2008 from 58 to 53, while at same time the number of closed sales increased from 19 during 2008 to 26 during 2009.

‘Median Sales Price’ for a property in Afton MN during the January of 2009 was only $76,000. Since there were no real estate sales in January 2010, we have to take a look at the month before, December of 2009, when the Media Sales Price was $315,000. That’s quite a big jump indeed! However, for a year as a whole, 2009 have seen Median Sales Price drop to $307,000 from $404,000 during previous year.

‘Percent of Original List Price Received’ of homes for sale shows a drop from 93.2% (2008) to 85.2% (2009), confirming the price pressure that existed during the past year.

‘Average Days on Market until Sale’ stood at 279 (December 2009), a further deterioration from 2008 which had 212 days.

‘Inventory of Homes for Sale’ at the end of January 2010 was 21 which is surprisingly 31% less than the inventory at the end of January 2009.

Please take into consideration that the Afton area is a smaller reporting market place, so even a smaller change in a real estate sales can have a drastic influence on statistics. Thus, whether all of those numbers are pointing to the housing market that has dropped down sufficiently enough in this area and is now ready to rebound, still stands to be seen in the coming month’s numbers. So, stay tuned.

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