Minneapolis - Camden Homes for Sale
Camden - Minneapolis, MN Real Estate Market Update - September, 2008Today we're going to look at the Camden neighborhood of Minneapolis and real estate trends there. Comparing September of 2008 to the month of September in 2007, there have been 10.2% fewer listings put onto the market, with 115 added to the MLS this September. Closed sales are up 146.2%, from 26 to 64 closings. Of the closed sales, sellers received an average of 86% of their asking price. The average sales price this September was $81,167, down 33.6%. Average days on the market were 150 days, compared to 147 days in 2007. For single family detached listings on the market, there was a decrease of 25.8%, with 405 listings on the MLS this September in the Camden neighborhood. There were 11 townhomes or condos on the market this September, down from 14 the previous year.
Now we'll compare January through September of 2008 to January through September of 2007. New listings are down 4.2%, with 1,256 listings put onto the market this year. Closed sales increased 52.9%, with 451 properties closing in 2008 vs. 295 in 2007. The average sales price in Camden is down 41.4%, going from $140,669 in 2007 to $82,472 in 2008. Average days on the market increased 13.5%, with homes staying on the market 169 days on average in 2008. The percent of original list price received at the time of sale dropped 6.3%, from 90% to 84.3% in 2008.
In conclusion, the Camden area seems to be doing pretty well. With closed sales up over 50% this year, people are definitely seeing some value and built-in equity opportunities in homes here with the sales prices being down 40%! Another interesting fact is that over 75% of the homes in Camden are owner occupied. Perhaps this number could mean that residents may care more about the long-term future of their neighborhood and could be more involved than more of a transient rental community.
