On the shores of popular Lake Minnetonka, Deephaven is located sixteen miles west of Minneapolis. Today we’re comparing housing market figures for Deephaven from November 2008 to data collected in November 2009. We’ll also see how the community is doing with year-to-date information.
In November 2008, the single-family detached inventory for Deephaven was 37 homes on market, five being new listings. In November 2009, the number of homes on the market changed 24.3% to 28 and of those, four were new listings. The new listing difference amounts to a 20% decline over the previous year. This change follows the year-to-date trend with fewer new listings added to the market: 106 in 2008 dropping to 100 in 2009.
While the ratio of new listings to closed sales for November 2009 is positive, the year-to-date change is negative. For closed sales in November ‘08 and at the year-end of 2008, the numbers were two and 44 respectively. Closed sales for November ‘09 jumped 100% to four with the year-to-date at 36 closings, a negative 18.2% change over the previous year.
The median sales price for November 2008 rose 10% from $602,500 to $662,500 in November 2009. The median sales price for the year-to-date also rose 10.7% from $492,500 to $545,000 in 2008 and 2009 respectively. The percent of sellers receiving the original list price rose a considerable 24% from November 2008’s 76% to 94.3% in 2009. The overall year-to-date percent of sellers in Deephaven receiving the original list price increased slightly by 2.5% from 89.2% in 2008 to 91.4% in 2009.
The average number of days on the market before a home sold fell 75.9%; from 299 days in November 2008 to 72 days in November 2009. The year-to-date average days on the market in 2008 were 135. Numbers for the year-to-date 2009 currently aren’t available for Deephaven, however, the average days on the market until a property sold in the Lake Minnetonka area are up 19.2% from 2008’s 181 days to 216 days.
Deephaven’s close proximity to the Twin Cities and it’s abundance of beaches (the city has six!), nature trails, and parks makes this community especially prized, which explains why so few new listings hit the market every year. When a property is listed, you’re going to need a real estate agent that knows the market.
The mn real estate team can help you find your dream home in this lakefront community. If you’re looking to purchase a home, but not sure where to start, The Minnesota Real Estate Team offers free classes to help minnesota first time home buyers just like you!
