Chanhassen Real Estate Update

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Chanhassen homes are selling but the market here is definitely slower than the Eden Prairie housing market market. Why this would be I am not sure. I thought the new hwy 212 might increase buyer activity here. On the good side of things there is also a lot less inventory as well. In the month of February there were 18 single family Chanhassen homes sold.

Of those homes, the average list price of Chanhassen real estate was $436,000. The average home was 4 br, 3 bath with 3,000 finished square feet and a 3 car garage. The highest price home to sell was listed at 1.2 million and sold for just over 1 million. This home had 6 bedrooms, 5 baths and over 5,300 finished square feet. It was built in 2006 and of course was gorgeous! The lowest price home to sell was a 2 bedroom 1 bath 1,180 finished square foot rambler priced at $79,900.

Average market time for Chanhassen homes sold in February were 214 days. Several homes did sell in less than 30 days which tells me again that if you price your home right, and it shows well, you can still sell your Chanhassen home very quickly, even in the current market environment. There are currently 120 single family Chanhassen real estate listings on the MLS for sale. This would give us approximately a 10 month supply of inventory. 6 months supply is considered a balanced market between buyers and sellers.

On the townhouse side, there are currently 82 townhomes for sale in Chanhassen. Unfortunately, in February only 5 townhomes sold. This would give us approximately a 16 month supply of townhomes for sale. This shows us there is defintely a glut in the townhouse market. This is precisely the target market of the governments stimulus incentives and $8,000 tax credit for 2009. Prices ranged from $173,000 to $215,000. Let’s hope things pick up for townhome sales in the Chanhassen real estate market!