Minneapolis Real Estate Market Update

Southwest Minneapolis Homes

Southwest Minneapolis, MN Real Estate Market Update - September, 2008

Southwest Minneapolis has continued to be an area of Minneapolis that has had great demand by buyers over the years. Comparing August of 2008 to the month of August in 2007, there have been 23.8% less listings put onto the market, with 93 hitting the MLS this August. Only 65 properties closed, a drop of 16.7% compared to last August's 78 closed sales. Of the closed sales, sellers received an average of 95.4% of their asking price. The average sales price this August was down 16%, coming in at $301,338. Average days on the market were 109 days, compared to 94 days in 2007. For single family detached listings on the market, there was a decrease of 29.2%, with 259 listings on the MLS this August. There were only 43 townhomes or condos on the market this August however, down from 56 the previous year.

The numbers comparing January through August of 2008 to January through August of 2007 reveal some interesting trends as well. New listings are down 16.6%, with 981 listings put onto the market this year. Closed sales dropped significantly (26.5%), with 429 properties closing in 2008. The average sales price in Southwest Minneapolis did not drop too much. Through August, the price is down 7.1%, coming in at $333,880. The average days on market increased by 10.7%, with homes staying on the market on average, 123 days in 2008. The percent of original list price received at the time of sale dropped 2.3%, from 95.9% to 93.7% in 2008.

With the average sales price continuing to stay fairly constant, things are surely looking up for Southwest Minneapolis. Southwest not only is a great area with great neighborhoods, but it also has some outstanding homes for sale!