But the key to remember is that "all real estate is local". And by local we mean within your specific town or even within your specific neighborhood. If you live in Chaska and you are comparing your home to one in Minnetonka, that is not an accurate comparison. You would need to compare your home to others in Chaska, and more specifically even, your home compared to others within a 6 block radius.
To drive home that fact, and to give you a picture of how varied the market is within our SW metro region, we give you some statistics, brought to you by the good people at the Minneapolis Area Association of Realtors. This is by no means all of the towns within our region but a sampling to give you an idea of the variety.
But first, a quick primer on what all the terms mean:
New Listings: The number of homes that went on the market in that time period
Closed Sales: Those homes that sold withing that time period
Median Sales Price: The middle number of all the numbers (i.e. 1, 3, 8 the median is 3)
Average Sales Price: The average number of all the numbers (i.e. 1, 3, 8 the average is 4)
Price Per Square Foot: The sale price of the home divided by the finished square feet of the home
Percent of Original List Price Received: The sales price divided by the original asking price
Days On Market Until Sale: The number of days it took to sell the home
| Hennepin County | |||
| Year To Date | |||
| Medina | 2013 | 2014 | + / - |
| New Listings | 139 | 163 | 17.3% |
| Closed Sales | 79 | 77 | -2.5% |
| Median Sales Price | $485,432 | $520,000 | 7.1% |
| Average Sales Price | $567,949 | $589,647 | 3.8% |
| Price Per Square Foot | $156 | $156 | 0.0% |
| Percent of Original List Price Received | 9360.0% | 9520.0% | 1.7% |
| Days On Market Until Sale | 152 | 82 | -46.1% |
| Year To Date | |||
| Minnetonka | 2013 | 2014 | + / - |
| New Listings | 750 | 818 | 9.1% |
| Closed Sales | 489 | 464 | -5.1% |
| Median Sales Price | $279,950 | $280,000 | 0.0% |
| Average Sales Price | $335,473 | $335,699 | 0.1% |
| Price Per Square Foot | $132 | $140 | 6.1% |
| Percent of Original List Price Received | 95.6% | 96.2% | 0.6% |
| Days On Market Until Sale | 85 | 74 | -12.9% |
| Year To Date | |||
| Minnetrista | 2013 | 2014 | + / - |
| New Listings | 189 | 197 | 4.2% |
| Closed Sales | 72 | 77 | 6.9% |
| Median Sales Price | $419,950 | $425,000 | 1.2% |
| Average Sales Price | $486,328 | $500,724 | 3.0% |
| Price Per Square Foot | $139 | $151 | 8.6% |
| Percent of Original List Price Received | 95.1% | 95.3% | 0.2% |
| Days On Market Until Sale | 196 | 151 | -23.0% |
| Year To Date | |||
| Excelsior | 2013 | 2014 | + / - |
| New Listings | 27 | 22 | -18.5% |
| Closed Sales | 20 | 7 | -65.0% |
| Median Sales Price | $362,500 | $234,750 | -35.2% |
| Average Sales Price | $467,656 | $286,324 | -38.8% |
| Price Per Square Foot | $236 | $168 | -28.8% |
| Percent of Original List Price Received | 97.8% | 94.2% | -3.7% |
| Days On Market Until Sale | 109 | 65 | -40.4% |
| Year To Date | |||
| Greenwood | 2013 | 2014 | + / - |
| New Listings | 13 | 13 | 0.0% |
| Closed Sales | 5 | 8 | 60.0% |
| Median Sales Price | $1,236,250 | $747,500 | -39.5% |
| Average Sales Price | $1,264,625 | $1,269,150 | 0.4% |
| Price Per Square Foot | $282 | $304 | 7.8% |
| Percent of Original List Price Received | 95.0% | 93.0% | -2.1% |
| Days On Market Until Sale | 204 | 96 | -52.9% |
| Carver County | |||
| Year To Date | |||
| Chanhassen | 2013 | 2014 | + / - |
| New Listings | 442 | 477 | 7.9% |
| Closed Sales | 309 | 246 | -20.4% |
| Median Sales Price | $315,000 | $320,000 | 1.6% |
| Average Sales Price | $345,741 | $375,582 | 8.6% |
| Price Per Square Foot | $130 | $138 | 6.2% |
| Percent of Original List Price Received | 96.9% | 96.3% | -0.6% |
| Days On Market Until Sale | 89 | 80 | -10.1% |
| Year To Date | |||
| Victoria | 2013 | 2014 | + / - |
| New Listings | 216 | 253 | 17.1% |
| Closed Sales | 126 | 115 | -8.7% |
| Median Sales Price | $380,000 | $365,000 | -3.9% |
| Average Sales Price | $420,484 | $368,325 | -12.4% |
| Price Per Square Foot | $132 | $132 | 0.0% |
| Percent of Original List Price Received | 97.0% | 97.4% | 0.4% |
| Days On Market Until Sale | 112 | 95 | -15.2% |
| Year To Date | |||
| Chaska | 2013 | 2014 | + / - |
| New Listings | 440 | 454 | 3.2% |
| Closed Sales | 257 | 200 | -22.2% |
| Median Sales Price | $245,699 | $235,000 | -4.4% |
| Average Sales Price | $277,447 | $305,505 | 10.1% |
| Price Per Square Foot | $110 | $119 | 8.2% |
| Percent of Original List Price Received | 96.2% | 96.8% | 0.6% |
| Days On Market Until Sale | 100 | 83 | -17.0% |
| Year To Date | |||
| Carver | 2013 | 2014 | + / - |
| New Listings | 117 | 101 | -13.7% |
| Closed Sales | 55 | 50 | -9.1% |
| Median Sales Price | $282,000 | $269,900 | -4.3% |
| Average Sales Price | $260,280 | $265,623 | 2.1% |
| Price Per Square Foot | $110 | $113 | 2.7% |
| Percent of Original List Price Received | 96.4% | 96.5% | 0.1% |
| Days On Market Until Sale | 104 | 78 | -25.0% |
For more information on your specific town/township, and to see more data and fancy graphs, follow this link to MAAR's Local Market Updates.
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