POTW | Lyndale Nbhd
By David Arbit on Monday, July 11th, 2016
The Lyndale Neighborhood is part of the Powderhorn Community and not the Calhoun-Isle Community (or “Uptown” to some). The Powderhorn boundary juts out to the west of I-35W to incorporate Whittier and Lyndale (map). Whittier and Lyndale are typically thought of as part of “Lyn-Lake,” just in case the various official and unofficial geographies weren’t confusing enough.
In terms of the price per square foot of a traditional, single-family, previously owned home, Lyndale tracks very close to the city with a value of $156 per square foot compared to $155 for Minneapolis. Just across Lake Street to the north, similar Whittier properties are selling for $151 per square foot.
Absorption rates are noticeably tighter in Lyndale than in Minneapolis. There are currently 1.5 months supply of inventory in Lyndale compared to 2.2 months supply in the City of Minneapolis as a whole. That means that there is about 50.0 percent less supply relative to demand in Lyndale compared to the city.
Similarly, homes in Lyndale are taking a median of 20 cumulative days on market to go under contract. For comparison, sellers in Minneapolis are waiting a median of 28 cumulative days before accepting offers.
Lyndale sellers are accepting offers at a median of 98.7 percent of their original list price. That’s one of the highest figures compared to nearby peer neighborhoods. Whittier sellers are accepting 97.2 percent of their original list price, Lowry Hill East sellers are accepting 98.3 percent.
Examining listing activity, active counts or sales trends by price range can shed a lot of light on local market dynamics. In terms of seller activity, the $200,000 and up range used to be the lion’s share of the market from 2005-2008. Since mid-2013, the $200,000 and up price point has once again dominated new listing activity.
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