Thursday, April 17, 2008

STC home prices down 12% in a year 

From this morning's St. Cloud Times,
Local single family home sales were down 4 percent in first quarter 2008 compared with first quarter 2007, according to data released this week by the St. Cloud Area Association of Realtors.

That's a slightly larger drop from last year around this time, when first-quarter home sales decreased 1 percent from first quarter 2006.

Local home sale prices have dropped almost $20,000. The median price of a home was $143,000 in first quarter 2008 compared with $162,650 in first quarter of 2007. And the average number of days a home remains on the market is now 111, according to first quarter 2008 data. That's six days longer than first quarter 2007.
Here's the sales report. Homes were discounted more than $6000 from their listing prices, and 13% fewer homes were listed in the first quarter of 2008 vs first quarter of 2007. It appears the mix of homes sold had something to do with the downturn, as single-family home prices fell 10%, but more condo, townhouse and patio home sales occurred this year than last.

Meanwhile, local gas prices hit a high. It happens every spring, as we change blends for the Clean Air rules, but it's hard to argue with $115 oil.

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