Longfellow Homes
Minneapolis - Longfellow - MN Real Estate Market Update - October, 2008Today we will look at trends in the Longfellow neighborhood of Minneapolis. Comparing September of 2008 to September of 2007, there have been 42.5% more homes put on the market this year, equalling 57 new listings going on this September. Closed sales are up 12.1% this September, with 37 properties closing vs. only 33 last year. The average sales price is down 19.8% from $224,385 to $180,049. Average days on the market in the Longfellow neighborhood are up 53.6%, from 71 days last September to 109 days this September. As far as single family homes that are currently for sale, there were 136 actives in September of 2007, compared to 123 actives in September of 2008, a decrease of 9.6%.
Now we'll look at January through September 2007 and compare to January through September of 2008. There were 543 new listings put on the market in 2007 and in 2008 there were 504, a decrease of 7.2%. Closed sales are down 14.1%. The average sales price went down 12.7% from $224,897 in 2007 to $196,365 this year. Average days on the market are up 29.6%, from 73 days last year to 95 days this year. This number is low compared to the overall market! The percent of original list price received at the time of sale only decreased 2.3%, from 95.4% last year to 93.2% this year.
The last update on Longfellow we did was real estate numbers and statistics through the end of July. In two months time, closed sales are still increasing. The prices haven't dropped significantly, but went from a 14.6% drop a couple months ago to only a 12.7% drop now compared to last year. Hopefully these both are lasting trends!
