Uptown/Lakes Minneapolis Homes for Sale
The Uptown/Lakes Minneapolis, MN Real Estate Market Update - September, 2008In the middle of July, we took a look at the market statistics for all homes, townhomes, and condos in the Uptown/Lakes area of Minneapolis. Now about six weeks later, we wanted to look at the latest statistics for this part of the Minneapolis real estate market.
First comparing the month of July in 2008 to July of 2007, there were 101 new listings put onto the MLS for this area of Minneapolis. In July of 2007, there were 150 new listings. As far as the number of homes that closed in the Uptown and Lakes area, there were 45 properties that closed in July of 2008. This is a 31.8% decrease from July of 2007. The average sales price for a property increased from $420,409 to $464,491. This is a 10.5% year over year increase. The percent of original list price received at closing decreased from 97.3% to 93.6%. Average days on market for a home in this part of Minneapolis rose from 88 to 117 days. The active inventory level of homes for sale went from 123 to 143, and the townhome and condo inventory level dropped from 434 to 296 listings.
Comparing January through July of 2007 to January through July of 2008, there has been a drop of 27.3% in new homes and listings put on the market. 801 properties have gone active on MLS so far this year. Closed sales for all homes, condos and townhomes are down by 25.7% this year, moving from 334 to 248 closings. The average sales price for this portion of Minneapolis has remained fairly level, decreasing from $380,959 to $373,053. Average days on market has increased from 136 to 148 days.
In conclusion, the year over year price decrease for a home has narrowed (compared to our last update six weeks ago.) This is good news indeed, and another "little sign" things are slowly starting to turn in our Minneapolis real estate market!
