In this northern Washington County community, just east of White Bear Lake, closed home sales were down in 2009 by over 21%. With few starter priced homes in Mahtomedi, the tax credit did not jumpstart sales as it had in many other metro suburbs. The average sales price of sold homes was down as the foreclosure and lender-mediated homes are everywhere. New listings are also down significantly in Mahtomedi so the market is starting to become more balanced. Sellers are still getting 92% of their asking price though the average sales price dropped significantly to $265,705. Time on the market to sell a home, has remained flat at just over four months. It appears that the Mahtomedi market is still working toward becoming balanced again but home buyers may still have an edge in this community.
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