Homes in Southwest Minneapolis
Southwest Minneapolis Market Monthly Update - May, 2008Southwest Minneapolis has always been a section of Minneapolis that has had nice demand by buyers over the years. Comparing May of 2008 to the month of May in 2007, there have been 22.6% less listings put onto the market, with 147 hitting the MLS this May. Only 67 properties closed, a drop of 23% compared to last May. The average sales price this May was down 9.8%, coming in at $294,865. Average days on market was 129 days, compared to 104 days in 2007. For single family detached listings on the market, there was an increase of 7.3%, with 324 new listings put onto the MLS this May. There were only 42 townhome or condos put onto the market this May however, down from 66 the previous year.
The numbers comparing January through May of 2008 to January through May of 2007 reveal some interesting trends as well. New listings are down 13.1%, with 650 listings put onto the market this year. Closed sales dropped significantly (31.3%), with 222 properties closing in 2008. The average sales price in Southwest Minneapolis did not drop too much. Through May, the price is down 3.1%, coming in at $332,315. The average days on market increased by 9.2%, with homes staying on the market on average, 134 days in 2008. The percent of original list price received at the time of sale dropped 2.7%, from 95.7% to 93.1% in 2008.
Seeing the average sales price remain fairly constant is encouraging. As mentioned initially, this part of Minneapolis really seems to be desirable for sorts of real estate buyers.
