The city of Mound is surrounded by a series of lakes, most popularly Lake Minnetonka. Located 23 miles from downtown Minneapolis, this western outer-ring suburb is on the bus line making commuting convenient and cost-effective. Housing figures for Mound from December 2008 to December 2009 were recently released so we will be examining what is happening in this market and we will also compare year-to-date information.
The number of single-family homes in December 2008 was 134 homes on market, 22 being new listings. December 2009 saw the total number of homes on the market drop 10.4% to 120. Alternatively, townhouse and condo inventories saw a 32% increase between December 2008’s 25 units and December 2009’s 33 units. New market listings in December ‘09 were down 22.7% to 17 over the previous year. This change for new market listings follows the year-to-date trend: 443 in 2008 down to 425 in 2009.
Closed sales for December 2009 rose slightly while closings year-to-date saw a remarkable increase. In December ‘08 and year-end of 2008, the numbers of closed sales were 7 and 12 respectively. Closed sales for December ‘09 rose 71.4% to 12 with the year-to-date at 157 closings, a 51% increase over the previous year.
The median sales price for December 2008 to December 2009 dropped from $285,900 in 2008 to $139,900 in 2009. The median sales price for the year-to-date decreased 13.2% from $207,500 to $180,200 in 2008 and 2009 respectively. However, the percent of sellers receiving the original list price increased 13.8% from December 2008’s 83.8% to 95.4% in 2009. For the year-to-date in 2009, 89.2% percent of sellers in Mound received the original listing price (not accounting for previous listing prices), which decreased slightly by 4.2%.
The average number of days a home sat on the market fell by 50.8% from 235 days in December 2008 to 116 days in December 2009. These number likely are related to the dramatic decrease in median sales price over the previous year.
Mound has the most listings (single family and townhouse / condo units) by month and year-to-date, closed sales, and sellers receiving their original listing price (December ’09) on the market in the Lake Minnetonka area. If you’re a first time homebuyer looking for a property near the lake, let the Minnesota Real Estate Team help you answer any tax credit questions by attending their free mn first time homebuyer seminar. Or if you’re an investor looking to capitalize on the rental market in Mound, The Minnesota Real Estate Team can help you with all of your minnesota investment property needs.
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