Homes Sold in Champlin MN - Real Estate Market Update October 2023
Courtesy of Heidi Herda ~ 612.807.4858 -eXp Realty
2023's real estate ride has had a few unexpected twists and turns!!
Let’s talk about how things are shaping up as we enter Q4 shall we?
Active Champlin Homes for Sale
35 Homes are currently listed for sale - 5 of them are contingent on inspection. The average price of our Champlin's newest listings is $405,459 (which includes new construction), 31 days averaging for market time - down from 38 days from last month. Despite rate changes, we're still moving inventory at 2022 pace.
Without the new construction, 29 homes are for sale our average price is $419,930 with 24 average days on the market. We're showing roughly $187.29 per sqft. a decrease of about $23 a sqft from last month.
Pending Champlin Homes for Sale
We have 26 pending Champlin homes for sale (2 car new construction). The average price for the pending homes is $413,333 with 39 average days on the market and a $192.39 price per sqft.
MN Champlin Homes Sold & Closed
28 Champlin homes sold and closed in the last 30 days. With an average price of $398,138, which is a slight increase in the average pricing from last month, the average days on the market for sold Champlin homes is 35 days, and increase in price per sqft from $186.59 to $193.65.
You can always look at market statistics for Champlin.
Click the link and you will be registered to receive a monthly digest of your home value. See how you can make your equity work for you! What you could receive if you rented it out, paid extra on your mortgage, and more! All FREE, check out these home tools and see how they can benefit you!
On a national level, this is how things are shaking out, proof that Champlin continues to be a strong market regardless if you want to sell or buy in the area!
Home Prices: We can expect slight dips nationally, but don't anticipate any dramatic decreases. Last year saw a significant 10.2% increase in home prices. Now, predictions for this year show a minor 0.6% drop in median list prices. Of course, this is a national average. In the metro, we're up 8% from last year's list price.
We're also down -6.9% on days on the market from last year. The housing tracker for the metro is measuring 1 new single-family housing permit for every 5 jobs. This again solidifies that a housing crash is not in sight. The longer we sustain the demand needed prices will also hold steady.
Interest Rates: The good news is mortgage rates are anticipated to decrease, with expectations around 6.1% by year-end, down from an initial prediction of 7.1%. Today, the rates are riding right at 7.61% for a fixed-rate, conventional mortgage.
Inventory: It's still a tight market. We're seeing a decline in homes available for sale, with a predicted 5% drop this year. Home sales are expected to decrease by 15.8%.
If you're wondering when the best time to sell is... it's NOW, low inventory still means homes are selling quickly and for top dollar. Selling in the winter also means that buyers are serious and motivated. They will not bundle up and head over to your home if they're not really interested in purchasing it.
If you're planning for a Spring sale, you should be preparing NOW!
If you're looking for the BEST time to sell your Champlin home, contact me directly, or schedule a seller consultation. No obligation!
***What else should you be doing?! Taking pictures with green grass!!*** Connect with me and we can schedule a professional photographer and prepare your early Spring 2024 listing that WOWS!!!
What Does This Mean for Sellers?
It's more important than ever to take the time to prepare your home for sale and put your best foot forward. The sooner the better to list your home, buyers are still out in full force and now there will be less competition than waiting till Spring! Pricing is key, so talk to a local expert to ensure your home is priced right. Do you want to make the most money possible? Check out our seller's guide - FREE!
What Does This Mean for Buyers?
The neutralizing of interest rates actually gave buyers an advantage. The overbidding of homes and the panicking buying are no longer. You will have an opportunity to get an inspection and have time to make good decisions about your home purchase. If the rates decrease, you can consider refinancing if it makes sense. This new market makes it easier for buyers to get the home they really want! Be prepared, get our Free Comprehensive Home Buyer Guide!
What Does This Mean for Champlin 55316?
It means our market is staying steady. This gives the opportunity to Champlin buyers and sellers for different reasons. We are lucky here in Champlin that home homeowners will sell and usually buy another home in Champlin which keeps our inventory up as well. As usual, we are seeing homes above $450,000 start to accumulate some inventory. This was typical in years prior to 2020. If you're planning to purchase a higher-end home NOW is the time. Waiting till Spring could cost you.
If you haven't seen Living Local Champlin yet, check out one of our local businesses! If you're interested in adding your information to the Champlin business directory or doing an interview with your business, fill out this form to schedule, We would love to hear from you!!
If I can help answer any of your real estate questions, always feel free to reach out!
Curious how this affects YOUR Champlin Home value?
When we see successful closings in Champlin we are creating comparables that will support your home's value. When we see multiple offers, low inventory, and high demand we're creating supply and demand. Fortunately, Champlin is a high-demand area with desirable homes, parks, trails, and resources. We have great Schools both private and public and we have lower taxes than our neighbors in Brooklyn Park and Maple Grove. The Elm Creek Park Reserve and community keep pulling new homeowners in, and most of my business here in Champlin is a move within the city.
Each time a home sells we are creating a new record of value for your neighborhood. Being a resident of Champlin and a local Realtor it's important for me to have YOUR home sell for top dollar. When your home sells for top dollar everyone's values go up! That's why I have created a market system to sell your home faster and for MORE Money!
Why Do People Live in Champlin?
Champlin is snugly situated near the Mississippi River and offers a ton of fun for all! New developments in the river area will soon offer more restaurants and riverside dining.
Champlin has more than a handful of parks which include Andrew's Park Splash Pad, a Skate Park, a Lifetime Fitness, an ice rink, and expanded outdoor viewing at Champlin movie theater. Champlin also offers easy commuting access to Highway 169 and Highway 610. Plus 252 is a quick way into downtown Minneapolis (Search all Champlin Community has to offer).
Champlin also offers restaurants, grocery stores, and coffee shops with three small strip malls with ice cream shops, Chinese restaurants Fast Food locations, Wells Fargo and Target. All the conveniences and a little smaller community feel than the neighboring Brooklyn Park and Maple Grove areas.
What Schools Will the Kids Attend?
If you buy a home for sale near Andrews Park it's likely that your kids will attend Oxbow Creek Elementary, serving grades K-5 (see all homes for sale near Oxbow Creek Elementary), Jackson Middle School, serving grades 6th-8th grade, (see all homes for sale near Jackson Middle School), Champlin Park High School services grades 9th-12th grade, (see all homes for sale near Champlin Park High School). If you're looking for specific specialty programs, Champlin offers access to magnet schools and unique school opportunities for elementary, middle school, and high school students through Northwest Suburban Integration School District (www.nws.k12.mn.us). This is a great opportunity for children who excel in engineering, mathematics, and science. See more Champlin School information according to GreatSchools.org.
Local preparatory Schools also include Parnassus Preparatory School, Maple Grove (see homes for sale near Parnassus Preparatory School), and Athlos Leadership Academy, Brooklyn Park (see homes for sale near Athlos Leadership Academy).
Now You Really Want to Find a home for sale in Champlin?
If you are interested in Champlin's current list of homes available in Champlin click on the link. Our 'for sale' property information is a direct feed from the Northstar MLS and is updated multiple times per day. Set your search by creating a personal Champlin Homes alert, and subscribe to the Champlin Living Local page so you're up-to-date on the current inventory, pricing, and sales in Champlin. Otherwise, you may search all Champlin Homes for sale by price:
If you're thinking about selling your home, I would love the opportunity to earn your business! I am a resident of Champlin and also an experienced Realtor. Please connect with me to schedule a seller consultation so I can provide you with the details of my comprehensive marketing plan! We can strategize to get your home sold quickly and for top dollar!
Heidi@HerdaHomeTeam.com For any Real Estate questions contact The Herda Home Team powered by eXp Realty at 612-807-4858 or visit the HerdaHomeTeam.com for more blogs and buying and selling tips!
Thank you for reading Heidi Herda Real Estate ~ Champlin Realtor & Residents, blog, "Homes Sold in Champlin MN - Real Estate Market Update February 2023" Don't forget to like my Heidi Herda Champlin Real Estate Facebook Page
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