Tuesday, January 15, 2013
Median prices are way up over previous year's levels, but Realtors say there's now a new problem: Not enough homes on the market to meet demand.
Boom. That's what 2012 was for Lakeville's real estate market. And it wasn't limited to the south metro. Realtors say 2012 has been, and 2013 will likely continue to be, the closest thing to a boom market the Twin Cities region has seen in almost a decade: Prices are up—in some cases, spectacularly—the average amount of time homes spend on the market is way down, and the number of foreclosures, which tend to depress prices overall, has fallen considerably. Now, all the market needs is more sellers. “We’re very encouraged by the recovery we saw in 2012,” said Andy Fazendin, president of the Minneapolis-Area Association of Realtors. (MAAR), at a Friday news conference to announce the organization’s annual market-results survey. With the area…
Thursday, December 20, 2012
Most every real estate indicator is improving in Lakeville, which is a good sign for homeowners whether they're planning to sell or not.
Good news for homeowners in Lakeville: every key real estate indicator is on the upswing according to the November market update released this month by the Minneapolis-Area Association of Realtors. Closed listings are up significantly year and month to date, and new listings are also trending up, filling the holes in inventory. But most importantly for homeowners, median sale prices are up, as is percent of original list price received, and days on the market until sale are down. (Check out the report which we have available to the right.) In November, there were 66 closed sales in Lakeville, bringing the 2012 totals to 858. That's a 20.3 percent increase over last year, according to the MAAR report. Notably, the median sale price for …
Friday, July 13, 2012
Lakeville's real estate numbers are looking up in 2012.
Across the region, the market is finally starting to tilt in favor of sellers, rather than buyers, the Minneapolis-Area Association of Realtors is reporting this month. The bottom line: The median sales price in June 2012 rose 10.7 percent from the previous June to $179,500. That’s the second-largest annual gain since January 2004 and the fourth consecutive month of year-over-year gains. Excluding only June 2010, home prices in the Greater Twin Cities area are now at their highest level since October 2008. In Lakeville it's a similar story. Median sales prices in town are up 6 percent to $243,750 in June from May, and 2012 overall, prices are up 5 percent. Real estate indicators in Lakeville are looking better in 2012 across the board. In …
Thursday, January 12, 2012
Foreclosures and short sales are to blame for the median sale price of homes in Lakeville dropping nearly 9 percent in 2011. But experts say the the market is changing, with inventory levels finally starting to bottom out.
Overall, Lakeville's real estate news for 2011 is cloudy, but there are at least a few rays of sunshine poking through fog. According to the Minneapolis Area Association of Realtors the median price for homes sold in Lakeville fell 8.9 percent in 2011, to $205,000. That's a dip of more than than $20,000 on average. And while this may not come as a major surprise given all the bad news the real estate market has been besieged with in recent years, the numbers are a stark contrast to 2010, when prices actually rose slightly from the previous year. But some rather good news accompanied the dismal sales numbers: inventory is down 16.4 percent in Lakeville. The 1,212 homes listed in 2011 was the lowest level in eight years, according to the …
Wednesday, September 14, 2011
While new listings remain flat, closed sales were up 28 percent in August.
Housing sales numbers in Lakeville for August showed improvement, but year-to-date, most major indicators in town are still trending down according to a new Minneapolis Area Association of Realtors report. Closed sales spiked more than 28 percent in August compared to last year, jumping from 53 closings to 68. But year-to-date, the report says only 15 more homes have been sold in 2011 compared to this time last year, up just 3.1 percent. And despite the slightly improved sales figures, the report says home prices slid more than 9 percent from $255,588 in August of 2010 to $232,017 this year. But that's better than April, when the median pice of a home that sold dropped to $192,000. Real estate agent Patti Kellum, a 26-year veteran who …
Tuesday, April 19, 2011
Homes on the market are still selling for less, spending more time up for sale.
It’s no secret that the real estate market is bad. People need look no further than their property tax statements to know home values continue to slide. And for those hopeful that the first quarter of 2011 would usher in better news, plan on waiting a bit longer. The Minneapolis Area Association of Realtors monthly report for home sales in Lakeville paints an all to familiar picture of the real estate market. The median sale price for homes sold in Lakeville is down 21.6 percent according to the MAAR report, sliding from $245,000 to $192,000. The report also says those homes that sold did so after being on the market 18.2 percent longer than they did last year, averaging 153 days on the market, the report said. Maybe those numbers are why …
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2:02 am on Thursday, September 15, 2011
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