Lake Elmo real estate

Lake Elmo, MN Real Estate Market Update – September 2008

Lake Elmo was named one of the best places to live by Money Magazine in 2007. Their school system is rated 9 out of 10 by GreatSchools.net. Back in the passenger train days (late 1800s), Lake Elmo was known as a great summer time getaway and an all year round great place to live. It remains that way today. It’s so close to the Twin Cities and also still has the rural feel. if you need to get to the city you can drive to St. Paul in less than 20 minutes without speeding. Of course, Woodbury is closer and has some really great shopping!

First we’ll look at September of 2007 compared to the month of September in 2008. For the city of Lake Elmo, new listings put on the MLS stayed exactly the same with 13 properties going onto the market 2007 and 2008. Closed sales were three in September of 2007 compared to two in September of 2008. The average sales price in September dropped 55.7% from last September, going from $456,667 to $202,500, again a really big difference based on the small inventory. The percent of original list price received at the time of sale dropped by 21.6%, going from 96.6% to 75.7%. The average days on the market almost doubled, from 118 to 347 days! The overall active inventory level for single family homes in Lake Elmo is down 24%, from 75 to 57 listings. The townhome and condo inventory level is up 50%, with just three properties on the market in September of 2008.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 16.3% drop in new listings put onto the MLS in Lake Elmo. Closed sales are up 2.7%, with 38 properties closing in 2008. The average sales price is down 1.3% from $501,876 to $495,295. The percent of original list price received at the time of sale is down 4.6%, from 95.5% to 91.2%. Average days on the market until sale are up 28.1%, going from 138 to 177 days.

Lake Elmo is quite a small community with a population of only 7500 in the year 2007. The home prices here are definitely a reflection of the community being a little more upper-scale and newer. Lots of new construction available right now in upper price ranges and they are beautiful homes! Lots of land also if you enjoy a bigger yard and not being so close to your neighbors!