Minneapolis - Phillips Homes For Sale
Minneapolis - Phillips, MN Real Estate Market Update - September, 2008The Phillips area of Minneapolis houses about 20,000 people and is just south of downtown. Comparing August of 2008 to the month of August in 2007, there have been 40.9% less listings put onto the market, with 13 going onto the MLS this August. Only six properties closed, a drop of 33.3% compared to last August's nine closed sales. Of the closed sales, sellers received an average of 98.7% of their asking price. The average sales price this August was up 13.1%, at $164,400. Average days on the market were 201 days, compared to 132 days in 2007. For single family detached listings on the market, there was an increase of 13.6%, with 50 listings on the MLS this August. There were 50 townhomes or condos on the market this August however, down from 57 the previous year.
The numbers comparing January through August of 2008 to January through August of 2007 are as follows: new listings are up 15.9%, with 233 listings put onto the market this year. Closed sales dropped 40.7% with only 35 properties closing in 2008. The average sales price in the Phillips neighborhood is down 29.4% compared to last year, coming in at $121,953. Average days on the market increased by 9.1% this year. Homes stayed on the market on average 163 days in 2008. The percent of original list price received at the time of sale dropped 8.2%, from 96% to 88.1% in 2008.
Obviously now is not a great time to sell in the Phillips neighborhood. But it is a great time to rent out your property if you need to move. There are plenty of renters looking for places right now in the Phillips neighborhood. Buyers also may be able to buy a home here and gain some possible built in equity.
