In this northern Washington County community, just east of White Bear Lake, closed home sales were down in 2010 by 17.5% but surprisingly the average sales price was up. The average sales price of sold homes was held down by foreclosure and lender-mediated homes during the past couple of years. But it is apparent that the bulk of the distressed properties have worked their way out of this community. New listings were down significantly for the second year in a row in Mahtomedi. The market does appear to becoming more balanced. Sellers are still getting 92% of their asking price and the average sales price rose a healthy 10.3% to $292,980. Time on the market to sell a home, dropped significantly to 115 days which is the best it has been in years for this area. It appears that the Mahtomedi market is well on it’s way to becoming balanced again but time will tell if home buyers have lost their edge over sellers in 2011.
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