Minneapolis Real Estate Market Update

Minneapolis MN Real Estate

Minneapolis is the largest city in the state of Minnesota with an estimated population of 390,000. In association with St. Paul, Minneapolis is ranked as the 13th largest urban area in the United States. With a great arts scene featuring music, theater, visual arts, dance and literature, Minneapolis has been lauded as the "most literate city in America." While many neighborhoods compromise Minneapolis, today we're examining housing figures from December 2008 to December 2009 and looking at year-to-date information for Minneapolis as a whole.

In December 2008 Minneapolis had 1,901 homes on market, 555 were new listings. A year later there were 27.4% fewer homes being listed with only 1,380 properties and 446 were new listings, down 19.6% from the previous year. Townhouse and condo units also saw a 20.8% slip between December 2008's 1,065 units and December 2009's 844 units. This change for new market listings follows the year-to-date trend: 11,052 in 2008 down to 9,785 in 2009.

Closed sales for December 2009 were also down, but the number of closing for the year-to-date did see an increase. In December '08 and year-end of 2008, the numbers of closed sales were 398 and 5,293 respectively. Closed sales for December '09 fell 24.9% to 299 with the year-to-date at 5,886 closings, a positive 11.2% change over the previous year.

The average sales price for December 2008 to December 2009 increased from $157,425 in 2008 to $177,515. The average sales price for the year-to-date decreased 12.7% from $209,824 to $183,265 in 2008 and 2009 respectively. While looking at the median sales price for December 2009 ($134,900) and the year-to-date ($150,000), its apparent that homes with a lower sales price are comprising a greater percent of the sales for Minneapolis.

The average number of days a home was on the market fell 12.5% from 127 days in December 2008 to 111 days in December 2009, which mimicked the year-to-date change, 12.6% to 112 days in 2009. The percent of sellers receiving the original list price increased 6.6% from December 2008's 89.8% to 95.6% in 2009. For the year-to-date in 2009, 94.7% percent of sellers in Minneapolis received the original listing price (not accounting for previous listing prices), which rose by nearly four-percent.The city of Minneapolis has a neighborhood for every price range and life you'd like to live. If you're not sure where to look, let the Minnesota Real Estate Team help guide your journey as a buyer, seller, or both! If you're looking to purchase a home and don't know where to start, The Minnesota Real Estate Team can help you with their free first time mn home buyers class.

Labels: First Time Home Buyer Class, Minneapolis Market Update, Minneapolis real estate, Minnesota Real Estate Team

Minneapolis Real Estate: Uptown-Lakes Neighborhood

While there are no official boundaries that comprise the Uptown-Lakes neighborhood or "Uptown," traditionally the neighborhood is viewed as bordered by the east edge of Lake Calhoun in the west, 36th Street in the south, Lyndale Avenue in the east and Franklin Avenue in the north. The area is a popular destination for food, shopping, entertainment and leisure. Yesterday we reviewed Minneapolis as a whole. Today we're diving deeper looking at the Uptown neighborhood's housing figures from December 2008 to December 2009 and looking at year-to-date information for this charming neighborhood.

In December 2008 Uptown listed 131 homes on the market, with 52 new listings. When December 2009 rolled around, there were 139 homes on the market, a positive change of 6.1% with 45 of them being new listings (down 13.5%). Townhouse and condo units also saw a 23.5% slip between December 2008's 243 units and December 2009's 186 units. This change for new market listings follows the year-to-date trend: 1,165 in 2008 down to 1,056 in 2009.

Closed sales for December 2009 and the year-to-date were down in the Uptown neighborhood. In December '08 and year-end of 2008, the numbers of closed sales were 29 and 459 respectively. Closed sales for December '09 fell 10.3% to 26 with the year-to-date at 441 closings, a decline of 3.9% over the previous year.

The median sales price for December 2008 to December 2009 jumped dramatically from $154,000 in 2008 to $357,500, a 132.1% increase! The median sales price for the year-to-date was down 4.5% from $240,900 to $230,000 in 2008 and 2009 respectively. Across the board, the percent of sellers receiving the original list price was down. In December 2008 sellers in Uptown netting the asking price was 90.9% which decreased 1.4% to December 2009's 89.6%. 2009 was down one-percent to 91.4% of sellers receiving the original listing price (not accounting for previous listing prices).

The average number of days a home was on the market in December 2009 shot up 94.7% to 226 days. The change for the year-to-date for Uptown wasn't as dramatic, changing 24.3% from 124 days in 2008 to 154 days in 2009.

The Uptown-Lakes neighborhood is full of life, excitement, and always with something fabulous to do. Check out some of the properties the Minnesota Real Estate Team offers and we can help you find what you're looking for in Uptown! Have a question and want it answered in person? The MN Real Estate Team offers classes that are starting all the time for minnesota first time home buyers! Let the Minnesota Real Estate Team help guide you through Uptown's fabulous offerings!

Labels: First Time Home Buyer Class, Market Update, Minneapolis Market Update, Minneapolis real estate, Uptown-Lakes Real Estate