The Nokomis neighborhood of Minneapolis is beautiful and has some amazing homes to choose from! Comparing September of 2008 to the month of September in 2007, there have been 35.4% less listings put onto the market, with 82 hitting the MLS this September. Only 54 properties closed, a drop of 19.4% compared to last September’s 67 closed sales. Of the closed sales, sellers received an average of 95.7% of their asking price. The average sales price this September was $214,801, down 15.4%. Average days on the market were 104 days, compared to 88 days in 2007. For single family detached listings on the market, there was a decrease of 29.5%, with 253 listings on the MLS this September in the Nokomis neighborhood. There were 32 townhomes or condos on the market this September, down from 41 the previous year.

Now we’ll compare January through September of 2008 to January through September of 2007. New listings are down 22.3%, with 1,026 listings put onto the market this year. Closed sales dropped 17.8%, with 480 properties closing in 2008. The average sales price in Nokomis is down 8.5%, coming in at $220,378 from $240,913 in 2007. Average days on the market increased 20.4%, with homes staying on the market 109 days on average in 2008. The percent of original list price received at the time of sale dropped 1.9%, from 96% to 94.2% in 2008.

Lake Nokomis is home to beaches, walking/biking paths and trails, and beautiful landscaping. Also the beautiful Minnehaha falls is located right near here. If you enjoy the outdoors, you would love it here! The stats above are a reflection of the market and even though they are not real impressive now, you can definitely get some great built in equity if you buy in Nokomis now!