By the end of May the median home price in Chisago County rose to $243,000, year to date, compared to $220,500 for the first five months of 2017. The number of closed sales is down from 351 to 291 for the same period, according to the Multiple Listing Service. Our low inventory is pushing prices higher. Many homeowners I talk with are afraid to put their homes on the market for fear of selling to quickly and not having a place to go.
There were 92 closed sales in May, in the County, with a median sale price of $250,337, with an average marketing time of 17 days. The most expensive home sold in May was on Chisago Lake for $650,000. The least expensive home was sold for $99,900 in Rush City.
Chisago Township had the highest median sale price, in the County, of $399,500 with 6 sales in May. Followed by Chisago City with 9 sales and a median sale price of $300,000.
North Branch had the most sales in the County with 21 sales, and a median price of $235,000.
The best values can be found in Shafer with the median price of $182,000, but you must be quick as the average marketing time is only 12 days.
Homes also move fast in Lindstrom, with an average of 14 days on the market, and the median price of $252,366.
There were 11 waterfront homes that sold in May with a median price of $384,000. The highest waterfront sale price was on Chisago Lake for $650,000, and the lowest priced waterfront home was on West Rush Lake for $209,000.
There were also 11 new construction home sales, spread throughout the county, that closed in May with a median price of $283,700. The highest was $417,000 and the lowest at $182,482.
We are still experiencing a seller’s market with low inventory, shorter marketing times, and higher prices. This trend should continue for the next few months.
An experienced real estate agent can help you determine the right price for your home, to help you sell quickly, and maximize your net proceeds.
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.