POTW | City of Lilydale
By David Arbit on Monday, April 4th, 2016
Lilydale is a small and very oddly shaped city just south of the river from the Highland and West Seventh areas of St. Paul. It’s an area dominated by the townhouse-condo segment. In fact, there have been exactly two sales in the last 10 years that were classified as single family.
Due to a mix of factors such as proximity to jobs, amenities and water, as well as product mix and supply-demand factors, Lilydale properties tend to sell at a premium to the rest of Dakota County.
This area was not immune from the foreclosure epidemic. In March 2012, half of the sales in Lilydale were either foreclosure or short sales. But lender-mediated activity quickly declined to 0 by Fall 2014, thanks to the relatively small volume compared to other cities.
Market times varied by price point. Homes priced above $600,000 spent a median of 138 days on the market. Homes priced between $200,000 and $399,999 only spent 46 days on the market.
Percent of list price received at sale also varied by price point. Those who sold their homes for less than $200,000 found they received full price offers relatively quickly (100.0%). Those selling homes priced above $600,000 tended to receive about 85.0% of their original list price (84.7%).
Pro tip: if you’re in the neighborhood, are starving, like Italian food and have limited time, swing by Buon Giorno
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