Press Release (ePRNews.com) - CHAMPLIN, Minn. - Jul 25, 2017 - What an awesome opportunity to help another Champlin home seller! This Champlin Home is now sold! Since we’re still in a hot seller’s market, this Champlin home for sale actually sold in just 1 showing the first day! This home was originally listed at $294,900. This Champlin home for sale is a split level home, which is very common for Champlin, MN 55316. This home has 4 bedrooms and 2 bathrooms and is roughly 2,189 sqft. and is located just off West River Road on the small service road.
The buyer on this property wrote a competitive offer on day one and did not ask the seller to contribute any closing costs. In Minnesota, it’s very common for the seller to contribute some sort of closing costs, otherwise known as seller concessions. The norm in Champlin is 3% but remember this can be negotiable.
The offer was accepted on the property a few days after listing and closed July 20th for $300,000 and no seller contributions. The total market time on this home was only 16 days before the home went to pending status. Once this home is moved to pending, all contingencies or terms have been satisfied or removed.
The number of active listings in Champlin (55316) increased by 19.6% from the previous month. The median number of days active properties have been listed is 35. This is significantly shorter than the national average. The number of sales in May dropped by 24% from the previous month. This is greatly due to a very low amount of inventory. Home prices are on the rise for home sellers greatly due to supply and demand. Since we are experiencing extreme levels of low inventory, there tends to be high competition for the listings that do make it to the market.
The current Champlin market remains a seller’s market and will stay that way until supply meets demand. Currently, Champlin 55316 has 96 active properties with 69 of them listed without any offers or contingencies. This may seem like a lot of homes for sale in Champlin, especially during a time of low-inventory but this is greatly due to Champlin New Construction homes for sale in the Reserve at Elm Creek new construction neighborhood. These home prices are starting in the $500,000 and up, which accounts for 16 of the currently listed Champlin homes.
The average of the Champlin homes for sale is $367,490 with accumulative days on the market of 53 days. That is actually pretty long compared to just a couple months ago when our average market time was 23 days. Again, the new construction neighborhoods in Champlin skew our actual days on market because many of them are listed as a “to be built” home or a spec home and usually will sit on the market during their average built time which is typically 120 days for most builders. As a comparison, this Champlin home sold in just 16 days. “This is largely attributed to a home that was show ready, professional photographs and a marketing plan geared toward mass online exposure”, says Heidi Herda, owner of The Herda Home Team
The percent of unoccupied properties is very low in Champlin (55316). It is -12.08% below the national average. The percent of rental properties in Champlin (55316) is 19.98% above the national average which is typical for the Champlin area. This also supports a healthy economy as home prices are increasing with rent costs.
Median household income in 55316 is $84,888 with 270 households earning between $35,000 to $40,000 annually.
For the zip 55316, 26.89% of the people have completed a bachelor’s degree as their highest education level. 8.51% have earned a Graduates Degree and 13.93% have earned an Associate’s Degree.
The median age of residents in Champlin is 39, with 48% of residents being married. Current statistics suggest Champlin has roughly 8,438 households, of those households 3,248 of them having children.
Champlin continues to be a great place to sell a home or buy your first home. Champlin has a community feel with lots of great entertainment opportunities, a plethora of parks and community events, plus a splash pad free to residents. For more information on the current real estate market or all that Champlin can offer you, please contact The Herda Home Team – http://www.HerdaHomeTeam.com Source :
The Herda Home Team Keller Williams Classic Realty