Lakeville real estate
Lakeville, MN Real Estate Monthly Market Update - July, 2008Having lived in Lakeville for a few years, I can tell you that this suburb is an all around great place to call home. Lakeville has a number of wonderful homes, townhomes, neighborhoods...you name it! It truly is a great spot to live and work. Our broker, RE/MAX Advantage Plus has one of its locations in Lakeville. Eric Malmberg, the owner of RE/MAX Advantage Plus, also has offices in Savage, Shakopee, and Prescott, Wisconsin.
Today, let's take a look at the city of Lakeville, and what sort of activity is taking place in regards to its real estate market. First, let's look at the month of July in 2008 compared to the month of July in 2007. New listings put on the MLS in Lakeville are down 16.1%, with 141 properties put onto the market this past July. Closed sales are down by 20.9%, with 68 properties closing in July of 2008. The average sales price stayed fairly level, dropping from $296,744 to $294,808. Consistent with the rest of the Twin Cities real estate market, average days on market increased from 102 to 137 days. The overall inventory level for single family homes in Lakeville dropped 2.1%, going from 376 to 368 active listings. The townhome and condo inventory level in Lakeville dropped 15.2%, going from 158 to 134 active listings.
When comparing January through July of 2007 to January through July of 2008, Lakeville has seen a sizable drop in new MLS listings. 17.2% less properties have been put on the market this year, a total of 1,063 new listings. Closed sales unfortunately are down by 19%, with 384 properties closing here in 2008. The average sales price has declined by 7.4%, going from $310,285 to $287,469. The percent of original list price received at the time of sale dropped from 95.7% to 93.5%. Average days on market is up only 5.4%, from 136 to 143 days.
In conclusion, Lakeville has seen a drop in average sales price similar to many other suburbs here in the Twin Cities, however not nearly as steep of a decline as some. The drop in new listings is encouraging news, as well as the only modest increase in average days on market. With it's convenient location right near 35, as well as its outstanding school districts, I believe Lakeville will continue to see strong demand by real estate buyers over time.
0 Comments:
Post a Comment