The Real Estate Market in Hanover, MN

Let me introduce myself. My name is Todd Urbanski, I live in Hanover and have since 1991. Over the years I have served two terms on the city council, served 16 years on the fire department, sat on the Economic Developement Authority, I have been involved with the park board as well as the planning commission. I also happen to work for Coldwell Banker Burnet in Buffalo. My goal for this blog, first is to keep it on-going, but to offer you a quick snap-shot of what is happening in our local real estate market.

This has obviously been a challenging year for many sellers. The interesting thing is that it is also one of the best times to buy a home in the last 35 years. Today as I write this, mortgage interest rates are at 5%. Inventory levels have dropped and home prices are as low as 2001/2002.

Our local market has also been effected. In November in Hanover there were only 2 sales with an average sales price of $194,450. In November of 2007 there was only 1 sale at a price of $235,000. Overall for the year we have had 39 sales, compared with 35 last year. That is roughly 3 to 4 sales per month. Not bad for a small city like ours! Our average sales price though has fallen 17.8% from last year. Currently for the year our average sales price is $243,530, last year it was $296,156. We currently have 29 homes on the market, compared with 40 at this time last year.

So overall it is a great time to buy and it's really not that bad of a time to sell depending upon your situation. To sell today, it is a price war and a beauty contest! You have to be priced right and you have to have your home q-tip clean! And once you sell you can enjoy all the benefits of being a buyer in the best market to buy in the last 35 years.

Stop in at the River Inn, order yourself a sausage/ sauerkrauht pizza, tell them Todd sent you!