REAL ESTATE UPDATE: July Sales Increase 208 Percent

The city saw a three-fold increase in the number of closed sales over the last month, as compared to the same time last year. Real estate agents counted 77 completed sales over July 2011, a marked increase.

The number of homes entering the market also fell, which might be an indicator that the flow of property in and out of the market could balance out. Just 87 new listings appeared on the market in Burnsville, a significant decrease compared to 2010 when 114 new listings were added to the city's real estate inventory. 

The city's real estate inventory is decreasing, particularly in the residential market, good news for sellers and bad news for would-be buyers. In July 2010, 488 homes were for sale in Burnsville. This time around, just 380 homes were on the market during July, bringing the overall supply from nine months worth of inventory to just 6.8 months.

However, sales prices are down and listings are staying on the market for a longer length of time before final sale. The median sales price in July 2011 was $154,950 — almost $50,000 less than July 2010. Typically, a property stayed on the market for 132 days — about four months. That's a 45 percent increase over July 2010, when properties remained on the market for 91 days.