Housing Boom Returns, Especially in 2 Metro Communities
The housing boom. It's back. That's the word from the Minneapolis Area Association of Realtors.
It just released a new report that reveals sales and prices are up, especially in two East Metro communities.
Mendota Heights and Lilydale.
Thania Koegel knows that first hand. She looked and looked for a lakefront home in her price range in Mendota Heights. Finding one wasn't easy. Down the street from her on Cherie Lane, a home didn't event make it to the market before it sold. It's the same story for a lot of would-be buyers. They want what's not always available.
Jim Young works for Edina Realty. He says inventory is down as much as 30% in Mendota Heights and as much as 50% in Lilydale.
With inventory down and demand on the rise, the price of homes is being driven up. In Mendota Heights, the average price of a house is $365,000. That's up from $245,000 last year. The news is even better in Lilydale, where the median price of a home is $371,000, up from $137,000 in 2011.
The two communities could speak for the entire Twin Cities area where the average price of a home is up 12% this year over last.
Sixty-one homes have sold in Mendota Heights since last September. 155 have for sale signs in their yards right now. On average, homes are only on the market for 107 days, down 69 days from last year. That's almost two months and a 40% drop.