Long Lake Real Estate
Long Lake is a town of nearly 2000 residents located twenty minutes west of downtown Minneapolis and straight north of Lake Minnetonka on the cozy shores of Long Lake lake. Since the rerouting of highway 12 around the outside of town, congestion through this quaint bedroom community is a thing of the past. As we review the housing figures for Long Lake from December 2008 to December 2009 you’ll have a greater understanding of how desirable this community is!
The single-family detached inventory for Long Lake in December 2008 saw just 11 homes on the market. Of those homes, only but one home was a new listing. In December 2009, the number of homes on the market rose 34% over the previous year to 15 and of those 3 were new listings. If you haven’t done the math yet, new listings between December 2008 and December 2009 skyrocketed 200%! All goofing aside, the increase in new listings does follow figures for the year-to-date, just not as dramatically. For the year-to-date, Long Lake saw 43 new listings in 2008 and in comparison, 52 in 2009.
Closed sales in December ‘08 and at the year-end of 2008, the numbers were 1 and 18 respectively. Closed sales for December ‘09 saw only one closing with the year-to-date finishing down 16.7%.
Median sales prices between December 2008 and December 2009 rose 42.4% to $299,000, however, the year-to-date median sales price was down 17.4% from $248,125 to $205,000. The one sold home in December 2009 received 88% of the original list price, up 0.1% from December 2008’s 87.9%. Overall year-to-date percent of sellers in Long Lake receiving the original list price was down by 1.9% to close the year at 91.3%.
Most remarkably, Long Lake had one of the lowest average number of days for December 2009 and the year-to-date. In December 2008, the average was 132 days, which fell 65.9% to 45 days in December 2009.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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