Lakeville Real Estate Market News

Lakeville Real Estate Market News

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Real estate in Lakeville, MN is still holding strong! In comparison to surrounding communities, it has a substantially lower inventory of distressed properties (short sales & foreclosures). Total homes for sale in Lakeville is 312. Single family homes account for 250, and there are 62 townhomes for sale in Lakeville.

Here is a look at the statistics for Lakeville real estate in 2011:

Total Homes For Sale in Lakeville: 312
Single Family Homes: 250
Foreclosures: 36
Short Sales: 63

Townhomes/Condo/Twin Homes: 62
Foreclosures: 8
Short Sales: 23

 

For the year through 12/8/2011, a total of 719 homes have sold in Lakeville. This is made up of 541 single family homes, and 178 townhomes, condos, and twin homes.

 

Closed Homes Through 12/8/2011

Single Family: 541 Homes Sold
Short Sale: 61 Homes             ASP: $213,938                            DOM: 188
Foreclosure: 142Homes        ASP: $191,559                            DOM: 126
Traditional: 347 Homes          ASP: $296,411                           DOM: 130

 

Townhomes: 178  Homes Sold
Short Sale: 35 Homes                 ASP: $123,994                         DOM: 203
Foreclosure: 86 Homes           ASP: $112,231                         DOM: 126
Traditional: 59 Homes             ASP: $194,393                           DOM: 141

 

An interesting statistic to make note of is the differential in price of approximately 10% between short sale and foreclosure homes. That means a lender loses an additional 10% off the value of the home by foreclosing! Proof positive that short sales benefit all involved. A short sale will keep a foreclosure off the homeowner’s record, and save the lenders tremendous amounts of money. They will also benefit the homeowner in the case of a deficiency judgment, where they may be responsible for paying the lender for losses. Nobody wins in a foreclosure.

The differential between a traditional sale, and a distress sale remains quite high at around 30%. Generally speaking, occupied homes, with an owner caring for it will show much better to a potential buyer.  They just have a much cleaner ‘feel’, which is noticeable to the buyer right away!

 

Feel free to leave any comments on these statistics or the Lakeville real estate market in general.  Click here to search for Lakeville homes for sale, or if you have any questions, contact us any time!

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Jesse Schneider
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As a full-time MN Realtor® since 2003, I have built my business on making customer satisfaction my #1 goal. I take great pride in timely communication, my education and knowledge of the changing real estate industry, and the incorporation of technology in the... Read More

has written 98 articles

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