Summary
November 2023 sees significant changes in Stillwater’s real estate market, particularly for single-family homes, condos, townhouses, and apartments. With a decrease in inventory and an increase in median sold prices, the market dynamics are shifting, presenting new opportunities for buyers and sellers alike. This update offers a detailed analysis of these trends.
Table of Contents
- An Evolving Market Landscape
- Property Value Trends
- The Dynamics of New and Active Listings
- The Story of Pending and Sold Listings
- Inventory and Market Supply
- Simplified Takeaways
- Frequently Asked Questions
As we delve into the November 2023 real estate market trends for Stillwater, MN, we observe some interesting shifts and movements, particularly in the single-family, condo, townhouse, and apartment sectors. This update aims to provide a comprehensive look at what these changes mean for buyers and sellers in this vibrant community.
An Evolving Market Landscape
November has painted a dynamic picture for the real estate market in Stillwater. With a notable shift in several key areas, the market dynamics are subtly changing, shaping new opportunities and challenges for market participants.
Key Market Indicators
- Months of Inventory: Down to 1.97, a significant decrease of 27.04% month over month, indicating a faster-moving market.
- List to Sold Price Ratio: Average list to sale price decreased to 98.2%, a drop of 3.41% from the previous month.
- Median Days in RPR: Properties now spend an average of 47 days on the market, a substantial increase from the previous month.
- Median Sold Price: The median sold price sees a slight increase to $378,950, a 1.09% rise month over month.
Property Value Trends
As we examine the property value trends, there’s a slight dip in the median estimated value of properties, now standing at $474,180. This represents a marginal decrease of 0.2% from last month, but an overall increase of 1.1% over the past year.
The Dynamics of New and Active Listings
November’s market shows a decrease in the number of new listings but an increase in their median list price. Conversely, active listings have increased in number, with a notable rise in median list price and living area.
New Listings Overview
| Detail | Data |
|---|---|
| Median List Price | $398,975 |
| Number of Properties | 18 |
| Median Living Area | 2,292 Sqft |
Active Listings Snapshot
| Detail | Data |
|---|---|
| Median List Price | $649,000 |
| Number of Properties | 61 |
| Median Living Area | 3,306 Sqft |
The Story of Pending and Sold Listings
Despite the fluctuations in new and active listings, pending sales and sold listings present a different picture. The median list price for pending listings saw an increase, as did the total dollar volume, indicating a robust interest in the market.
Sold Listings: The Final Picture
The sold listings in November show a stable market with a healthy number of properties sold, albeit with a longer median time on the market.
Inventory and Market Supply
The months supply of inventory has decreased significantly, signaling a more competitive market for buyers and a favorable scenario for sellers. This decrease in inventory, combined with the increase in the median list price of active listings, suggests a market where demand remains strong.
Simplified Takeaways
In summary, the Stillwater real estate market in November 2023 has seen an interesting mix of trends. Properties are spending more time on the market, but the overall market activity remains vigorous. Sellers are seeing favorable conditions, while buyers are facing a more competitive landscape with fewer options and higher prices.
For a more in-depth analysis or to discuss how these trends affect your real estate goals in Stillwater, contact me now. Let’s navigate this dynamic market together and find the best path for your real estate journey.
Stay tuned for the next monthly update, where we’ll continue to keep you informed on the pulse of the Stillwater real estate market.
Statistics for this market update were sourced from the National Association of Realtors’ Realtors Property Resource® (RPR). For more detailed information, please visit narrpr.com.
Frequently Asked Questions
Is it expensive to live in Stillwater, MN?
Living in Stillwater, MN, can be considered moderately expensive, particularly in the real estate sector. With a median sold price of $378,950 in November 2023, housing costs are significant but comparable to surrounding areas in Washington County, where the median sold price was $415,000.
Is it a buyer’s or seller’s market in Minnesota?
As of November 2023, the real estate market in key Minnesota counties, including Washington, Hennepin, Ramsey, and Dakota, leans towards a seller’s market. This is indicated by low months of inventory (ranging from 1.53 to 1.93 across these counties) and high list-to-sale price percentages, suggesting strong demand and favorable conditions for sellers.
Are home prices dropping in Minnesota?
In November 2023, the trend across Washington, Hennepin, Ramsey, and Dakota counties showed either stable or slightly increasing home prices. For instance, Washington County saw a 2.92% increase in median sold price, indicating that prices are not dropping significantly but are rather maintaining or increasing modestly.