Mendota Heights Homes Sold Faster in 2011

Buyers are snapping up homes in Mendota Heights faster than they have since spring of 2009, according to data from the Minneapolis Area Association of Realtors. 

The average days on market for homes sold dropped to 139 days in December. The highest average number of days on market for 2011 reached 177 in July.

That’s still an improvement compared to 2010’s numbers, when the low was 178 and the high was 201 days.

In many other indicators, the market has not improved significantly since 2009—but it hasn’t worsened either.

“At least we’re seeing it skip along the bottom whether it’s up or down,” said local real estate agent and Sunfish Lake resident Dick Braun. “It’s not consistent but at least it’s not in a freefall like we were.”

The median sales price for a Mendota Heights home in 2011 was $283,000, down slightly from 2009’s median of $289,450 and 2010’s median of $305,000.

The highest median home value reached in 2011 was a plateau of $305,000 in June and July.

 As far a percentage of original asking price, sellers are receiving on average about 90 percent. That statistic has varied little since spring of 2009, and is consistent with the metro area.

Mendota Heights has seen a slight decline in the average number of homes on the market, but metro-wide, the association is touting a dramatic drop in inventory, indicating what Braun calls a better balance between buyers and sellers.

How that drop will affect selling prices remains to be seen.

"Despite the dramatic drop in inventory, prices are still bound by distressed activity, budget-conscious consumers and a general sense of economic uncertainty," said the association's President Brad Fisher in a statement last month.

Locally, Braun is a bit more optimistic about the outlook for 2012.

“The atmosphere is excellent right now,” said Braun, citing what he called a “perfect storm” of income levels, mortgage rates and housing prices in the Mendota Heights area. “This year is going to be good. We’re going to see a lot more activity and movement in real estate.”