Minneapolis Real Estate Market Update

St Louis Park real estate

St Louis Park Real Estate Monthly Market Update - June, 2008

St Louis Park is known here in the Twin Cities as having a number of very attractive single family homes, condos, and townhomes. Let's look at this city and what is happening in regards to real estate activity this year.

First comparing June of 2008 to June of 2007, there has been a substantial drop in the number of new listings put onto the MLS (44.3% drop here in June of 2008.) Closed sales are also down 23.8%, with 61 properties closing this past June. The average sales price in St Louis Park has remained fairly steady, going from $256,969 to $252,833. Average days on market has risen from 70 to 124 days, an increase of 78.7%. The average single family home inventory level dropped 10.9%, going from 230 to 205 properties. The townhome and condo inventory level also dropped 12.6%, from 191 to 167 MLS listings.

Comparing January through June of 2007 to January through June of 2008, there has been a 20.1% drop in new listings. 728 properties have gone onto the MLS here this year. Closed sales in St Louis Park are also down 20.6%, from 344 to 273 closed properties. Thankfully, the average sales price remained almost identical, moving from $248,319 to $247,463. The percent of original list price received at the time of sale also stayed consistent, going from 95.9% to 94.7%. Average days on market for a property in St Louis Park also rose from 106 to 122 days.

Overall, real estate in St Louis Park is still selling. And as the above numbers show, prices have not dropped much at all.

Woodbury MLS

Woodbury Real Estate Monthly Market Update - June, 2008

It's time to head over to Washington County and examine the real estate sales statistics for the bustling town of Woodbury. As we know, the Woodbury real estate market has some extremely nice home developments that have been in demand over the years.

Let's first take a look at June of 2008 compared to June of 2007, and let's start off with some good news! New listings are down considerably, going from 247 in June of 2007 to 171 this past June. Closed sales have not moved that much in numbers. June of 2008 saw 96 closings, with June of 2007 seeing 106 properties in Woodbury close. The average sales price did drop 4.9%, going from $318,940 to $303,424. Average days on market for a property in Woodbury went from 145 to 152 days in June of 2008. The overall inventory levels for single family homes decreased from 406 active MLS listings to 366. The townhome/condo inventory level also dropped from 325 to 271 active listings in June of 2008.

Looking at January through June of 2007 to January through June of 2008, new listings put onto the MLS are down 19.3%, going from 1,380 to 1,113. Closed sales are down slightly, from 461 closings in 2007 to 429 in 2008. The average sales price in Woodbury is down 5.3%, going from $304,584 to $288,411. The percent of original list price received at the time of sale is down 2.4%, from 95.3% to 93%. Average days on market is up 8.1%, going from 148 to 160 days.

Though the average sales price in Woodbury still remains fairly high compared to other cities from around the metro area, there still are a number of outstanding homes, condos and townhomes for sale on the MLS for buyers to choose from.

Burnsville real estate

Burnsville Real Estate Monthly Market Update - June, 2008

Today we would like to focus on the community of Burnsville, and look at how the real estate market is in this great Minnesota community. First, let's look at the month of June in 2008 compared to the month of June in 2007. This past June, there were 151 new listings put onto the MLS, a drop of 13.7% compared to June of 2007. Closed sales also dropped 23.9% however, going from 71 to 54. The average sales price has remained fairly steady, moving from $240,669 to $237,884. Average days on market until sale has increased by 13.7%, going from 116 to 132 days. The single family inventory level in June of 2008 was 235, down from 255 active homes for sale in June of 2007.

Looking at January through June of 2007 to January through June of 2008, there has been a drop in new listings by 15% (going from 969 to 824 listings.) Closed sales have decreased significantly, going from 340 to 245 (27.9% drop.) The average sales price also dropped 7.1%, going from $238,492 to $221,591. The percent of original list price received at the time of sale dropped 4.8%, going from 96.6% to 92%. Average days on market has remained fairly steady, going from 142 to 143 days here in 2008.

Real estate in general remains very affordable in this great town. There are a number of outstanding homes, condos and townhomes for sale for buyers to choose from. As always, our team highly encourages buyers to work with a buyer's agent on each and every transaction. Find someone who will "go to bat for you" and who will have your best interests in mind.

Camden Area - Minneapolis real estate

Camden Area of Minneapolis Real Estate Monthly Market Update - June, 2008

In this section of our website, we enjoy offering monthly updates on the various parts of Minneapolis, and what type of real estate activity is taking place in that particular neighborhood. Today, we wanted to talk about the "Camden" area of Minneapolis.

Let's first take a look at the month of June in 2008 compared to June of 2007. This past June, the Camden area of Minneapolis saw 144 listings go onto the MLS, a decrease of 2.7% compared to June of 2007. Closed sales rose nicely, going from 47 to 62 properties. The average sales price took quite a dive, going from $128,530 to $83,635 (a decrease of 34.9%.) The percent of original list price received at the time of sale dropped from 89.1% to 86.8%. Average days on market stayed pretty steady, going from 181 to 186 days. Lastly, the single family home inventory level in Camden decreased from 490 homes to 442.

Now taking a look at January through June of 2007 to January through June of 2008, there has been a 6.3% decrease in the number of listings put on the market this year. Closed sales are up significantly, going from 199 last year to 272 this year (36.7% increase.) The average sales price dropped dramatically, going from $146,280 to $85,597. This is a drop of over 41%! The percent of original list price received at sale also dropped, going from 91.6% to 82.4%. Average days on market is up, from 148 days in 2007 to 189 days this year.

Overall, real estate in the Camden area of Minneapolis has stayed in demand. However, as these numbers show, the year over year price drop is fairly significant to say the least.

Uptown-Lakes Minneapolis Real Estate

Uptown-Lakes Minneapolis Real Estate Monthly Update - June, 2008

Over the years, "Uptown" in Minneapolis has always seemed to be a very desirable location for prospective real estate purchasers. In today's entry, we wanted to offer some market statistics for this part of Minneapolis.

When comparing the month of June in 2007 to June in 2008, there was a drop in new listings put onto the MLS by 8.3%. Closed sales however increased 17%, with 55 properties closing this June. The average sales price had a substantial year over year drop, going from $456,266 in June of 2007 to $315,668 in June of 2008. The percent of original list price received at the time of sale also dropped from 97.1% to 94%. When comparing average days on market until sale, June of 2008 saw a decrease of 17.4% (128 days.) And lastly, the townhome and condo listing inventory is down 26.6% this June.

When comparing January through June of 2007 to January through June of 2008, there have been 26.5% less listings put onto the market (700 total this year.) Closed sales are down as well, going from 268 last year to 203 this year. The average sales price dipped as well this year, going from $371,244 last year to $352,783. Average days on market actually increased slightly, moving from 148 days last year to 154 days this year.

Overall, these numbers seem to be in line with other parts of Minneapolis. Thankfully new listings are down this year, and the average sales price has not dropped that significantly.

Lake Nokomis real estate

Lake Nokomis Real Estate Monthly Market Update - June, 2008

We have a couple of the agents who work on our team and live in the Lake Nokomis area of Minneapolis. Kevin Curtis, the 2007 Agent of The Year on The Minnesota Real Estate Team lives in this area and knows it well. I thought since this part of Minneapolis is in such demand, we would give the monthly market update.

When looking just at the month of June in 2008 to the month of June in 2007, there have been 21.2% less listings put on this June. The number of new MLS listings dropped from 151 to 119. Closed sales stayed fairly steady, with one more closing taking place this June (83 total.) The average sales price did drop, but not to the extent that we have seen in other parts of the Twin Cities. In June of 2007, it was $234,538, and this past June, it was $224,151. The average days on market did increase 61%, going from 73 to 117 days. As far as inventory levels on the MLS, there was a drop of 25%, with only 255 new single family homes put on the market this June. The townhome and condo market in the Lake Nokomis area saw a drop from 45 new listings June 2007 to 36 this past June.

Taking a look at year to date numbers, there have been thankfully 20.4% less listings put on the market this year through the end of June. Closed sales through June 30th dropped from 369 last year to 316 this year (14.4% drop.) The average sales price dropped 6.8%, from $239,232 last year to $222,970 this year. The percent of list price received at the sale only dropped 2.2%, from 96.2% to 94%. Average days on market increased 24.4%, from 97 to 121 days.

Lake Nokomis as we know, is such a great part of Minneapolis. Homes still have stayed affordable and demand has not tapered off that significantly this year.

Real Estate in Minneapolis

The Minneapolis Real Estate Market Monthly Update - June, 2008

The 4th of July has come and gone, and we are moving almost into the middle of July. This past week, the most recent real estate and MLS numbers for the month of June for the city of Minneapolis have come out. In this entry, we will take a look at both June of 2008 compared to June of 2007, as well as January through June of 2007 to 2008 at the same period.

Let's start out looking at the month of June alone: in June 2008, there were 1049 new listings put onto the MLS. This was down 11.4% from 2007. Closed sales rose 5.5%, with 516 properties closing this June. The average sales price dropped significantly, going from $280,358 in June of 2007 to $222,804 in 2008. This is a decrease of over 20%. Average days on market increased 23.5%, from 116 days in June of 07 to 143 days this past June. Overall inventory levels for single family homes in the city of Minneapolis dropped 6.2%, and the townhome and condo inventory levels also dropped 20.7%.

Now let's take a look at the Minneapolis real estate market year to date. How have things "shook out" this year versus last? (Hopefully these numbers won't make us all go to the medicine cabinet to look for some Mylanta?!!) When we look at new listings put onto the market, there have been 12.8% less listings here in 2008 (Thank goodness!) Closed sales unfortunately have dipped a bit, going from 2,248 last year to 2,173 this year through the end of June. Average sales price is down a dismal 16.8%, from $260,037 to $216,406. The percent of original list price received at the sale also dropped 4.6%, from 94.8% last year to 90.4% this past year. Average days on market increased from 127 in 2007 to 148 here in 2008.

Unfortunately these numbers are not great news for homeowners in Minneapolis. As expected, the average sale price continues to show a large year over year drop, and closed sales have dipped as well. There are some bright spots however. Parts of Minneapolis have seen a huge increase in year over year closed sales as well as average sales price.

Some of our upcoming entries this month will go into greater detail into the various neighborhoods in Minneapolis and what has taken place with real estate year to date. Stay tuned and check back for more updates on the latest numbers for Minneapolis real estate and homes on the Minneapolis mls!