All real estate is locale and that is very evident in the 2017 Stillwater housing market. In the eastern Washington County community of Stillwater, MN there is an abundance of housing options available. This is quite a contrast to many parts of the metro where there are few homes available for sale. New listings are up a whopping 70% compared to January/February 2016. And the supply of inventory is also up considerably. The over 3 month supply of home is up nearly 39%. The average sales price of a home sold is also up a bit, coming in at $312,963 compared to $295,331 in early 2016. Homes are currently bringing in an average price per square foot of $137 which is down quite a bit from the $147/sq ft that homes in Stillwater commanding last year at this time. Like most other north and east metro suburbs, sellers are getting roughly 95% of their asking price; this statistic is also down a bit from 2016 but not significantly. However, the average time on the market to sell a home did drop dramatically from 136 to 118 days on the market in a year to year comparison.
Many of these statistics in the Stillwater market are skewed by the new construction boom. This does drive up the average price as new homes tend to cost more per square foot than existing construction. New homes time on the market can also skew the time on the market. Many new homes are not listed by the builder until under contract so will show up as sold with zero or one day market time. In a community where 30-50% of the homes sold are new construction, this has a dramatic effect on the time on the market.
For Stillwater home sellers, it is important to use these numbers as a guideline but realize it might take a bit longer to sell your home than these averages. Pricing must be on point when selling in an area where you compete with new construction.
Stillwater home buyers might have more negotiating advantages than in other parts of the Twin Cities metro due to the higher amount of housing inventory in this area. However, many of the new homes being constructed are at the higher end of the market. Homes under $200K are still very few and far between so will often sell quickly, even if the statistics show there is considerable homes for sale.
Featured Listing in Millbrook of Stillwater: 3072 Lowell Court 5BR/4BA/3 Car on South Twin Lake
Need more info on buying or selling a Stillwater home?
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report.