Find youself wondering how the market here in the Longfellow neighborhood really is? Here is how it compares so far to last year.
2006: 178 homes sold from 1/1/2006-7/15/2006
Avg list price Avg sale price Avg List-to-Sale Price Days on market Avg FSF Avg. $ per sq. ft.
$237,535 $234,867 98.9% 45.2 1,350 $173.96
Now let's compare the same time period in 2007 here in the Longfellow market. 1/1/2007-7/15/2007
(173 homes sold)
Avg list price Avg sale price Avg List-to-Sale Price Days on market Avg FSF Avg. $ per sq. ft.
$238,740 $233,669 98.9% 77 1,376 $169.82
You may have heard from a certain source that the Longfellow market values have gone up substantially so far in 2007. Make no mistake, Longfellow is one of the greatest places in Minnesota to live. As well as being one of the best markets in the state. However, I'd like to shed some light on that idea. In the first part of the year there were a number of high end properties in the neighborhood that sold. What does that do to the average sale price??? You guessed it, it jumps right up! See the stats below.
The first quarter in 07' there were 63 homes that closed.
Avg list price Avg sale price Avg List-to-Sale Price Days on market Avg FSF Avg. $ per sq. ft.
$260,584 $253,181 96% 105.6 1,428 $177.29
1st quarter 2006 (68 homes sold)
Avg list price Avg sale price Avg List-to-Sale Price Days on market Avg FSF Avg. $ per sq. ft.
$231,360 $227,858 96% 51.7 1,324 $172.09
Now, just looking at that one would think that indeed that values in the Longfellow neighborhood jumped up substantially compared to last year... roughly 11% based of the avg. sale price or roughly 3% based on the average price per square foot. Until you disect what happened during that time
In the 1st quarter of 2007 there were 8 homes above $300,000 that sold. The range was $333,000-$1,149,000.
Three of these homes were on Edmund Blvd. and two were on W River Pkwy.
2414 35th Ave S sold for $333,000
3440 45th Ave S sold for $345,000
3641 47th Ave S sold for $365,000
4570 Edmund blvd sold for $427,000
3212 Edmund blvd sold for $514,00
4100 Edmund sold for $555,000
2766 W River Pkwy sold for $855,000
2772 W River Pkwy sold for $1,149,000
In the 1st quarter in 2006 there were 5 homes above $300,000 that sold. The range was $325,000-$596,000.
2439 35th Ave S sold for $325,000
3516 47th Ave S sold for $420,000
4133 burton ln sold for $537,000
4836 Northrop Drive sold for $525,000
3616 Edmund Blvd. sold for $596,000
When you have as many higher end homes sell in a short period of time as we did in the 1st quarter of 2007, absolutely it's going to push the average sale price up. Taking a larger sample of the market as I did above, from January 1st until just recently, July 15th in 2007 and compare...you get a more accurate picture.
As you can see we are very close to where we were last year at this time. We're only about 5 sales off, and $4 per square foot on average less. The end of the year will tell the tale if home values in Longfellow rose in 2007. Being active in the market I can tell you that of houses are still selling and getting a great price, some multiple offers still exist even in today's market - they are just less frequent.
The market here in the Longfellow neighborhood is still very good. However, you need an aggressive plan to get your home sold for the best possible price and in your time frame.
If you would like more information or would like to find out what your home would sell for in today's market give us a call. 612-275-8877.
Travis Erickson
RE/Max Results
*These statistics are based on all single family type homes and are derived from the Regional Multiple listing Service of Minnesota, Inc. All rights reserved.
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