Northeast Minneapolis homes
Northeast Minneapolis, MN Real Estate Market Update - September, 2008Today I would like to take a look at the Northeast neighborhood of Minneapolis. How many homes are selling? What is the average sales price for a home in this area?
First comparing the month of July in 2008 to July of 2007, there was a 13.4% drop in new listings put onto MLS. Closed sales for homes in Northeast dropped by 26.9%, with 38 properties closing this past July. The average sales price for a listing in Northeast dropped from $199,535 to $181,839. The percent of original list price received at the time of sale dropped from 95.3% to 93.6%. Average days on market for a home for sale in Northeast Minneapolis rose from 84 to 125 days. As of July 2008, there were 202 single family homes for sale in Northeast Minneapolis. This is down 15.5% from July of 2007. There were 38 townhomes/condos for sale in July of 2008. This too is down from 69 listings the previous year.
Comparing January through July of 2007 to January through July of 2008, there has been a 17.5% drop in new listings put onto the market this year. Closed sales are down 26.6%, with 182 listings closing in 2008. The average sales price for a home in Northeast Minneapolis dropped 11.2%, going from $198,778 to $176,578. The percent of original list price dropped from 95.7% to 91.1%. Average days on market for a home in Northeast is up to 155 days (from 115 last year.)
In conclusion, this section of Minneapolis has seen a pretty significant year over year price drop. However, this decrease is not nearly as large as other parts of the Minneapolis real estate market. Thankfully, new listings are down significantly this year. However, buyers still have an abundant supply of homes for sale to choose from!
