September 2007 Home Sales in New Richmond Continue Rapid Decline, Home Values Plummeting

The results are in – a 59.7% decline in New Richmond home sales in September 2007 compared to a year earlier. Just 11 homes were sold in New Richmmond compared to 27 homes sales in 2006.

Worse, the average sales price declined 30.07% from $189,900 in 2006 to $132,797 this year.

For St. Croix County, the numbers are also similar. Total County sales are down for the month of September compared to last year by 44.72% with 68 houses versus 123 homes a year ago. The 68 home sales in the County are the lowest number of home sales for September since at least 1999! Moreover, the 9 months of 2007 home sales are far below the same comparable 9 months in previous years as well. So far a total of 863 homes in the County have been sold this year compared to 1,023 in 2006, 1,093 in 2005, 1,037 in 2004, 1,048 in 2003 and 790 in 2002.

The new average home sale price in New Richmond is $132,797. Talk about a rapid decline in the value of property. Keep an eye on this data as it will directly impact the local schools and the property tax rate.

In order to pay for the $92.6 million in debt to pay for the new school buildings, the District has planned for an 8% increase in the total equalized property valuations for the District. It planned on almost 100 new kids next year. However, there are just 21 new kids this year, 1/5th what we were told. Without the growth in property values and without the growth in students, the property tax rate will far exceed anything promised by the District when it gave local residents information prior to the Referendum vote.

All the real estate sales info is easily accessible from the Twin Cities Realtors Association.

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