After another long, hard winter new listings are starting to enter the market. Inventory is extremely low and multiple offers are common as buyers are competing for homes to buy. In March of 2018 there were 113 new listings in Chisago County but there were only 87 new listings last month.
There is especially a shortage of one level townhomes for seniors, lake homes, and homes that first time home-buyers can qualify for.
Looking at the current Active Listings on the Multiple Listing Service for affordable homes that first time homebuyers qualify for; a 3-bedroom, 2 bath, rambler with 1700sf (including basement) and 1 garage stall in Rush City was listed for $160,000 and had multiple offers the first day on the market. The best buy in the Chisago Lakes Area was in Taylors Falls with a 3-bedroom, 1 bath home with 1150 sf and a 2-car garage for $190,000. It also sold in multiple offers the day on the market.
There are 18 pre-owned waterfront homes on the market, in Chisago County, with a median price of $342,450. New construction is driving prices up with 11 “to be built” homes on waterfront with a median price of $490,000.
There are 31 townhomes on the market, 12 of those are pre-owned with a median price of $222,500. There are 19 new construction townhomes on the market with a median price of $255,900. The median price of the new construction, one level living townhomes in the Chisago Lakes Area is $296,900.
Homes that sell in April and May typically get the highest prices, because of the pent-up buyer demand. New listings will continue to increase through June, but if your home isn’t sold by July, you run the risk of selling off season. Home prices typically start to decline in August through the end of the year.
If you are thinking of selling soon, now is the time to talk with an experienced real estate agent for advice on the best time to sell your home, and tips to get the best possible price.
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 ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.