Sold: Home Sales Halt in Mendota Heights Area

No homes have closed in Mendota Heights, Mendota or Lilydale since Oct. 5, more than two weeks ago. In the last six months, only 58 homes closed—11 in Lilydale and 47 in Mendota Heights.

Prices ranged from a Fannie Mae (banked-owned) condo in Lilydale that sold for $71,250 minus $2,490 in seller contributions, to a five bedroom, six bath Mendota Heights mansion that sold for $1,435,000; $15,000 under list price.  

Real estate agents specializing in the Mendota Heights area complain that there aren’t enough high-end homes for their buyers’ price range, so when a buyer looking for a more expensive home finds it, he’s more likely to make an offer knowing that there are others out there ready to make a possibly better offer.

The area is considered by many buyers in the Twin Cities to be one of the places to find large and elegant single-family homes, so here is where many buyers with means go to find a home. Many lower priced properties are condos or town homes, a tougher sell for the area, where condos for sale are easy to find.

Of the 58 homes sold in the last six months, 17 were listed between $100,000 and $200,000; 13 were listed between $200,000 and $300,000 with the rest (except for the one mentioned above that sold for $71,250) listed for above $300,000. The homes stayed on the market for as little as one day to 997 days.

Surprisingly, homes selling for between $100,000 and $200,000 tended to stay on the market considerably longer than more expensive homes. The million dollar home was on the market for only four days before it sold. With only a few exceptions, homes in all price ranges sold for less than list price.