POTW | Long Lake
By David Arbit on Monday, June 27th, 2016
“Land-locked” by Orono and awkwardly straddling Hwy 12 as it meanders toward Maple Plain, Independence and Delano, Long Lake occupies roughly 0.83 square miles of land near the geographical center of Hennepin County.
Home prices in Long Lake have hovered slightly above those of the entire Twin Cities region, even while the two areas show similar movement over time. Long Lake buyers are spending a median of $134 per square foot while all Twin Cities buyers are spending closer to $124 per foot. That is for traditional, single-family homes.
Within the context of its northern Lake Minnetonka neighbor cities, Long Lake has the tightest absorption rate with just 3.3 months supply of inventory. Maple Plain is next with 3.7 months, while Orono technically has slightly more supply than demand (a rarity in the current market climate) with 7.5 months supply.
Shifting to market times, Long Lake has the shortest median cumulative days on market at just 52. By contrast, Orono homes take 107 days to go under contract—more than twice the market of Long Lake. There are clearly price range and waterfront factors at work here as well.
So here is a fairly messy line chart showing Orono and Long Lake with identical market times (35 days). This shows only traditional, previously owned, single-family, non-waterfront homes with between 2,001 and 2,500 total finished square feet.
Sellers care deeply about what share of their list price they can expect to receive at the point of sale. Long Lake sellers are yielding 98.3 percent of their current (last) list price, the highest of this cohort. Wayzata sellers, by contrast, are yielding 96.0 percent of their current list price.
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