Real Estate in Mendota Heights
Mendota Heights, MN Real Estate Market Update - February 2009Mendota Heights is a city of 11,000 people, with most homes situated along the Mississippi and Minnesota River Bluffs. Today, we will first look at January of 2008 compared to January of 2009.
There were 10 properties put onto the market this January, down 9.1% from 11 new listings last January. Closed sales are down 22.2% with seven properties closing this January compared to nine last January. The average sales price decreased 40.8%, going from $445,469 to $263,757. The median sales price also decreased 41.7%, going from $315,000 to $183,500. The percent of original list price received at the time of sale in Mendota Heights was 88.8% this January, a decrease of 10.3% from last January's 99%! The average days on the market until sale were 66 days in 2008 and are now 265 days, an increase of 302.9%. The overall active inventory level for single family homes increased 9.8% to 45 homes in January 2009. The townhome and condo inventory level is down 14.3%, with 36 properties on the market in January of 2009.
Now we'll take a look at the entire year of 2007 compared to the entire year of 2008. New listings in Mendota Heights decreased 12%, going from 291 in 2007 down to 256 in 2008. Closed sales are down 21.1%, with 105 closings in 2008. The average sales price is down 25.3% from $438,242 to $327,365 in 2008. The percent of original list price received at the time of sale is down 6.5%, going from 98.5% to 92.1%. The average days on the market until sale increased 33.6% from 100 to 133 days.
Sellers in Mendota Heights are struggling right now to get their properties sold. And prices, like many other cities, have "taking a beating" because of the number of short sales and REO's in our market. However, Mendota Heights is certainly a beautiful city with lots of interesting topography and mature trees, lakes, and nature preserves.
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