Lake Nokomis Community Home Sale Prices Surge 25%
Every year in Minneapolis we see home sale prices increase between winter and summer In February 2020 the median home sales price in the Lake Nokomis community was about $273,000. Today the median sales price is $340,000. That is a huge increase in just 5 months. That is a difference of $67,000, which could pay for a new garage or a new kitchen, new bathroom, new siding, windows and roof, etc. If you buy the right house and know how to spend it wisely $67,000 can go a long ways.
Total sales in Lake Nokomis are up 107% since February. In February only 31 homes sold, but in June 84 homes sold. Typically, more homes are listed in the spring and summer then fall and winter. In 2018 we saw 158% more homes available in June compared to February. In 2019 we saw inventory increase 50% between February and June.
But this year was different. There were 52 homes available for sale in February and 52 homes for sale in June. So we didn't see a big increase like we usually do. Maybe it was because of Covid-19 and George Floyd's death. I am sure a lot of sellers are holding off from selling right now. It will be interesting to see what happens over the next few months as the summer buying season comes to an end. If you need buyer or seller representation we would be happy to help.