Minneapolis MN homes for sale
Longfellow, Minneapolis, MN Real Estate Market Update - September, 2008Today I would like to take a look at the Longfellow area of Minneapolis, and see what is taking place for all of the homes, condos, and townhomes for sale in this area of Minneapolis.
First comparing the month of July in 2008 to July of 2007, there was a decrease of 11.3% in new Longfellow listings put on the MLS. 22 properties for sale closed this past July, a decrease of 38.9% compared to July of 2007. The average sales price for a home in Longfellow dropped 15.8%, going from $215,409 to $181,341. The percent of original list price received actually increased by 1.8%, going from 93.4% to 95%. Average days on market for a home for sale in this part of Minneapolis decreased from 83 to 77. The overall for sale inventory level for single family homes in Longfellow stayed fairly level, moving from 136 to 138 active listings. The townhome and condo inventory level decreased from 22 to 8 active listings.
Comparing January through July of 2007 to January through July of 2008, new listings put on MLS are down 9.6%, with 396 properties put on the market this year. Closed sales for homes in Longfellow are down 17%, with 161 properties closing this year. The average sales price of a property in Longfellow is down from $227,472 to $194,417. The percent of original list price received at the time of sale is down 2.7%, going from 95.6% to 93%. Average days on market until sale for homes in Longfellow is up 21.2%, going from 82 to 99 days.
In conclusion, this section of Minneapolis has seen a pretty sizable year over year price drop. With that being said, if you are a buyer looking for a great home for sale in Minneapolis, look no further. Longfellow offers some great homes at outstanding prices.
