Lake Nokomis real estate
Nokomis - Minneapolis, MN Real Estate Market Update - December 2008Lake Nokomis is home to many walking and biking paths, beaches, close to Minnehaha Falls and much more! Oh, did we mention it has some nice housing too?! Let's look at the trends in this area of Minneapolis.
First, looking at November 2007 compard to November 2008, there have been 40.5% fewer listings put onto the market, with 50 going active this November. Closed sales are also down from 47 to 32, a decrease of 31.9%. The average sales price only shows a 1% decline from $213,968 to $211,852. The average days on market until sale in the Nokomis neighborhood has increased 22.7% to 123 days (from 100 days last November.) Inventory of homes on the market has declined: detached single family homes fell by 14.9% and townhomes and condos dropped by 16.1%.
Now we'll compare January through November 2007 to January through November 2008. New listings in Nokomis went from 1,540 to 1,143, a decrease of 25.8%. Closed sales are down 14.4%, from 727 in 2007 to 622 in 2008. The average sales price of a property did decline by 8.4%, going from $237,998 to $218,016 in 2008. The percent of original list price received at the time of sale in the Nokomis area only declined 2%, from 95.7% to 93.8% (Downtown Minneapolis and Southwest are above 93.8%but the rest are not, so this is still a good area to sell!) The average days on the market increased 19.2% to 108 days.
There is definitely less activity in the Nokomis area right now. However, there isn't anything overly negative we can comment on at this time. Certainly there were fewer houses listed and less closed sales, but the average sales price is staying relatively level and sellers are getting a high percentage of the sale price they are asking for. As far as average days on the market, 108 days is lower than the overall average here in the Twin Cities. Certainly good news for this part of Minneapolis! When in doubt, price your property well and it will sell.
