Monday, October 6, 2008

Wyoming, MN Real Estate Market Statistics 3rd Quarter 2008

The City of Wyoming, Minnesota on the northeastern edge of the Twin Cities metropolitan area is a hidden gem! According to the city's website the town was named after the first settlers who in 1855 relocated from the Wyoming Valley in Pennsylvania. Wyoming boasts its own police and fire departments, city utilities, library, hospital, elementary school and several community parks. Neighborhood shopping is great with a cute coffee shop, drug store and grocery store in the heart of the town.

Activities are abundant in Wyoming. Not only is the center of the community located smack dab on the walking/biking/snowmobile trail that runs along Hwy 61, there is the new Stars and Strikes bowling, laser tag, restaurant and meeting facility too. Several great fishing lakes are nearby including, Forest Lake, Coon Lake and Comfort Lake. Hunting is a favorite activity of many Wyoming residents as areas of Carlos Avery State Wildlife Management area are within its border. Wyoming Elementary is an integral part of the Forest Lake District 831 school district which provides community sports and activities for individuals of all ages.

Commuting into St. Paul or Minneapolis is a breeze from Wyoming as most residences are a within 3-5 minute drive to I35. The city is just 3 miles north of Forest Lake which is home to the NEW Park and Ride lot for an express commute to downtown Minneapolis.

A good fall pumpkin crop isn't the only big surprise for Wyoming, MN. Real estate in southern Chisago County is finally selling at a pace similar to other areas in the metro. The cumulative Days on Market (DOM) Statistic for single family homes in Wyoming was 163 days or just over 5 months in the third quarter. This time frame is down significantly from the 7 months/214 DOM statistic in the first half of 2008.

Inventory levels are significantly lower in all price points which is a good indicator of a positive trend. Though the highest number of homes available is in price points under $300,000, this category is selling faster translating to about 10 months of inventory. But homes at higher price points still struggle for sales. A DOM of 74 days sounds great in the $400,000-$500,000 category but with only one sale, it is an anomaly. With inventory levels down and sales up, Wyoming is in a better position than it was earlier this year. Current numbers show about 11 months of inventory for Wyoming homes over $300,000, as compared with 4 years of inventory based on sales in the first half of the year.

The amazing deals on the homes in the Wyoming area reflect the changed market. The prices on many existing homes for sale in the Wyoming community have been priced aggressively to entice buyers to drive just a little further north.

Mid Year 2008 Wyoming residential real estate statistics for single family homes:

Under $300,000 ~ 38 Active Listings, 8 Pending Listings, 12 Sold Listings, 136 DOM

$300,000-$400,000 ~ 17 Active Listings, 1 Pending Listings, 5 Sold Listings, 302 DOM

$400,000-$500,000 ~ 1 Active Listings, 0 Pending Listings, 1 Sold Listing, 74 DOM

$500,000 and Up ~ 4 Active Listings, 0 Pending Listings, 0 Sold Listings, N/A DOM

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7 /1/08 through 9/30/08.

Photo Featured Home in Wyoming MN:

25797 Freeport Avenue, Wyoming, MN 55092

Articles on Wyoming, Lakeshore and Minnesota that might be of interest:

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2008