Lake Nokomis real estate
Lake Nokomis Real Estate Monthly Market Update - June, 2008We have a couple of the agents who work on our team and live in the Lake Nokomis area of Minneapolis. Kevin Curtis, the 2007 Agent of The Year on The Minnesota Real Estate Team lives in this area and knows it well. I thought since this part of Minneapolis is in such demand, we would give the monthly market update.
When looking just at the month of June in 2008 to the month of June in 2007, there have been 21.2% less listings put on this June. The number of new MLS listings dropped from 151 to 119. Closed sales stayed fairly steady, with one more closing taking place this June (83 total.) The average sales price did drop, but not to the extent that we have seen in other parts of the Twin Cities. In June of 2007, it was $234,538, and this past June, it was $224,151. The average days on market did increase 61%, going from 73 to 117 days. As far as inventory levels on the MLS, there was a drop of 25%, with only 255 new single family homes put on the market this June. The townhome and condo market in the Lake Nokomis area saw a drop from 45 new listings June 2007 to 36 this past June.
Taking a look at year to date numbers, there have been thankfully 20.4% less listings put on the market this year through the end of June. Closed sales through June 30th dropped from 369 last year to 316 this year (14.4% drop.) The average sales price dropped 6.8%, from $239,232 last year to $222,970 this year. The percent of list price received at the sale only dropped 2.2%, from 96.2% to 94%. Average days on market increased 24.4%, from 97 to 121 days.
Lake Nokomis as we know, is such a great part of Minneapolis. Homes still have stayed affordable and demand has not tapered off that significantly this year.
