Community Spotlight: East Bloomington Sellers Got 100.5% of Their Asking Price in September. West Bloomington Got 96.3%.

Bloomington is not one market. In September, sellers on the east side of the city got 100.5% of their original asking price. On the west side, sellers got 96.3%.

That is a four point spread inside one city, in one month, from the same report. If you are buying or selling here, that gap is worth more to you than the citywide median.

I'm Lesley The Realtor, and at Dream Homes Minnesota Bloomington sits in the middle of our map, close enough to the airport and the south metro job centers that we work both sides of it constantly. Here is what September actually did, and what the city has on its calendar this week.

1. The citywide numbers first

Median sale price $365,000, down 2.1% from last September. The rolling 12-month median is $375,000, up 1.0%, which is the steadier number.

Average sale price $373,066, down 5.1%. Price per square foot $210, up 4.5%. Days on market 34, up slightly. Percent of original list price received 97.8%. Closed sales 66, down 40.5%. New listings 117, down 12.0%. Inventory 189 homes, up 12.5%, at 2.4 months of supply.

2. Now split it east and west

East Bloomington: median $342,500 in September, up 4.6% from last year. Sellers received 100.5% of original asking price. Days on market 40. Inventory 58 homes, 2.5 months of supply.

West Bloomington: median $370,000, down 10.8%. Sellers received 96.3% of original asking. Days on market 32. Inventory 131 homes, 2.3 months of supply.

So the east side is cheaper, slower to sell, and sellers are holding their price. The west side is more expensive, faster to sell, and sellers are giving up ground.

3. What a buyer should do with that

In East Bloomington, at 100.5% of original list on a rolling 12-month figure of 100.6%, a low offer is not a strategy. Homes there have been selling at or above the first asking price for a year. Bring your financing tight and your number realistic.

In West Bloomington, sellers came down an average of 3.7% from where they started in September. On a $400,000 house that is about $14,800 of room, and it is real room, not a hope. With 131 homes active and inventory up 20.2%, buyers there have choices they did not have a year ago.

4. What a seller should do with that

West Bloomington sellers: your rolling 12-month figure is 99.1% of original list. September's 96.3% is one month and the report itself warns about small samples. What the single month tells you is that the first asking price is doing more work than it used to, and a price cut three weeks in costs more than pricing it right on day one.

East Bloomington sellers: your days on market went from 24 to 40 year over year. The price is holding. The patience required is longer.

5. How the city compares to the metro

The metro median in September was $395,000, up 1.3%. Bloomington's was $365,000. Metro days on market was 48. Bloomington was 34.

So Bloomington is about $30,000 under the metro median and selling roughly two weeks faster, with 2.4 months of supply against the metro's 3.2. That is a tighter market than the metro average, in both halves of the city.

6. Two housing code amendments get a hearing Thursday, Nov. 12

The Planning Commission meets Thursday, Nov. 12 at 6 p.m. in Council Chambers at Bloomington Civic Plaza, 1800 West Old Shakopee Road, on two separate items that touch housing.

The first amends Chapter 9, the Opportunity Housing Ordinance, covering affordability requirements and building performance incentives. The staff contact is Ryan Solberg, Housing Development Specialist, 952-563-3764.

The second amends Chapter 21, the multi-family residential performance standards, specifically streetside structural setbacks, on-site storage units and usable open space. That notice was posted Sept. 9 and updated Oct. 14.

If you own or are buying anything multi-family here, the second one is the one to read.

7. You can speak at it without leaving your house

Watch at blm.mn/btv-live or the city's YouTube channel. To testify by phone, dial 1-415-655-0001, enter code 2861 147 2756, password 7526#, then press star 3 to ask to speak. Written testimony is due by noon on Nov. 12.

Most residents never learn that the phone line exists. It takes eleven minutes to use it.

8. What else is going on in the city this month

The annual Veterans Photo Wall is up in the Civic Plaza lobby through November, with close to 500 photos from every branch.

A free screening of The People's Protectors, a documentary about Native American veterans, is Friday, Nov. 13 at Schneider Theater.

The indoor winter farmers market is back at Civic Plaza for the season. The Winter Lights Tour is taking sign-ups for homes that decorate. And adaptive basketball with Special Olympics runs Nov. 19 at Substance Gym.

Short FAQ

Why do east and west Bloomington report separately? The Local Market Update splits the city into two submarkets because the housing stock and price points differ enough that one citywide number hides both.

Which side is the better buy? Depends on what you want. East is the lower entry price with less negotiating room. West is the higher price with more room and more choices.

Is 66 closed sales in a month low? It is down 40.5% year over year, and single-month counts in one city bounce. The rolling 12-month figure, 951 sales, down 5.4%, is the one to trust.

How do I speak at the Nov. 12 hearing? Phone 1-415-655-0001, code 2861 147 2756, password 7526#, press star 3. Or email written testimony by noon that day.

Next steps

If you own in Bloomington and want to know which side of the city your house actually prices against, call us. We will pull your block's sales and tell you what the first asking price should be, not what it could be.

Lesley The Realtor | REALTOR® | Bridge Realty
651-661-4770
[email protected]
www.dreamhomesminnesota.com