Those trying to sell their homes in the Madelia and St. James areas may be waiting a long time before a deal goes through.
According to the Realtor Association of Southern Minnesota, while the number of new listings in Madelia/St. James is down significantly, the average number of days on the market has skyrocketed.
Year to date, the average days on the market before a home sale in Madelia/St. James has gone from 116 days at this time last year to 215 days – or roughly seven months in 2017. This despite only 25 new listings thus far, compared to 50 at this time last year.
At the same time, the average sales price in Madelia/St. James has fallen nearly nine-percent to $101,742.
In Mankato-North Mankato the average number of days before a home is sold is just 92, which is the quickest turnaround among towns in Blue Earth, Brown, Faribault, Le Sueur, Nicollet and Watonwon counties.
The latest figures also show that new listings (881) and closed sales (716) in Mankato-North Mankato so far this year are both down slightly, while the average sales price has inched up .3% to $218,634.
Read more on this at southernminnesotanews.com