Downtown Minneapolis real estate update
It's hard to believe we are already into February of 2009! There are so many things still happening with our real esate market here in Minneapolis and throughout the Twin Cities. In today's entry, we wanted to take a quick look at the downtown Minneapolis real estate market for the most recent statistics that have been released.Comparing December of 2008 to December of 2007, there were a drop in new listings put onto the MLS by 1.8%. Closed sales dropped significantly, going from 57 to 30 closings. The average sales price for a property sold on MLS in this area increased by 7.4%, going from $393,269 to $422,461. The inventory of condos and townhomes for sale was down 24.4%, with 415 actives for sale on the MLS in December of 2008.
When looking at the entire year of 2008 compared to 2007, new listings for downtown Minneapolis were down 24.6%. Closed sales dropped by 7%, and the average sales price rose 5.2% to $338,114. Average days on market did rise from 85 to 106 days.
Overall, things are looking up for this market. Fewer properties for sale and a steady demand has forced prices upward. Unfortunately other parts of Minneapolis have not followed suit of course.
