POTW | Wenonah Neighborhood

By David Arbit on Monday, March 7th, 2016

 

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Wenonah is a unique neighborhood in the south-central Nokomis Community. It butts right up against the northwestern tip of MSP Airport. It also includes the southern third of Lake Nokomis and all of Mother Lake.

The first thing to note is that Wenonah is quite affordable in the context of its wider Nokomis Community.

Homes in Wenonah are selling in record time, but are still spending—on average—4 days longer than homes in Nokomis. At 33 days, properties are selling in 75.0 percent less time than they were in Spring 2012.

There are currently 2.2 months supply of inventory in the neighborhood, compared to 1.9 months in the Nokomis Community. That means that there is a healthier balance between supply and demand in Wenonah when compared to Nokomis.

Wenonah was fairly hard-hit by the housing crash, as the relationship between traditional and lender-mediated sales demonstrates. Throughout most of 2011 and the beginning of 2012, the majority of sales in the neighborhood was lender-mediated activity.

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