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Wednesday, November 05, 2008Minneapolis Homes - Lake Nokomis Area
Today I wanted to take a quick look at the real estate activity in the Lake Nokomis area of Minneapolis. Let’s first compare the month of September in 2008 to September in 2007. New listings put on the MLS were down 35.4%, with 82 properties going active. Closed sales for the Lake Nokomis area was down 19.4% this year. The average sales price for a home in Lake Nokomis saw a drop of over 15% comparing year over year. The percent of listing price received at the time of sale stayed very consistent. Average days on market increased from 88 to 104 days. The overall inventory level for townhome, condos, as well as single family homes for sale in Nokomis decreased by over 22% here in September of 2008.
Now let’s take a look at January through September of 2007 compared to January through September of 2008. New listings put up for sale are down 22% here in 2008. Closed sales of properties did in fact drop by 17.8%. The average sales price for a property in the Lake Nokomis area of Minneapolis is down by 8% here in 2008. In 2008, the average sales price is at $220,378. Average days on market is up by 20% here in 2008.
Overall, these numbers certainly do not surprise me. Though there have been pockets of Minneapolis that have not seen such drastic drops, Lake Nokomis unfortunately has felt the blues of our retail real estate market. However, if you are needing to sell in this market, remember that pricing has become even more important. Make sure you really have your real estate agent examine your pricing very closely. And of course, condition of your home is critical as well. Real estate buyers here in our Minneapolis market are certainly not expecting homes with a lot of work. And if the home does require work, the buyer certainly wants a substantial discount.
