Minneapolis Real Estate Market Update

Minneapolis - Phillips Homes For Sale

Minneapolis - Phillips, MN Real Estate Market Update - September, 2008

The Phillips area of Minneapolis houses about 20,000 people and is just south of downtown. Comparing August of 2008 to the month of August in 2007, there have been 40.9% less listings put onto the market, with 13 going onto the MLS this August. Only six properties closed, a drop of 33.3% compared to last August's nine closed sales. Of the closed sales, sellers received an average of 98.7% of their asking price. The average sales price this August was up 13.1%, at $164,400. Average days on the market were 201 days, compared to 132 days in 2007. For single family detached listings on the market, there was an increase of 13.6%, with 50 listings on the MLS this August. There were 50 townhomes or condos on the market this August however, down from 57 the previous year.

The numbers comparing January through August of 2008 to January through August of 2007 are as follows: new listings are up 15.9%, with 233 listings put onto the market this year. Closed sales dropped 40.7% with only 35 properties closing in 2008. The average sales price in the Phillips neighborhood is down 29.4% compared to last year, coming in at $121,953. Average days on the market increased by 9.1% this year. Homes stayed on the market on average 163 days in 2008. The percent of original list price received at the time of sale dropped 8.2%, from 96% to 88.1% in 2008.

Obviously now is not a great time to sell in the Phillips neighborhood. But it is a great time to rent out your property if you need to move. There are plenty of renters looking for places right now in the Phillips neighborhood. Buyers also may be able to buy a home here and gain some possible built in equity.

North Minneapolis homes for sale

North Minneapolis - MN Real Estate Market Update - September, 2008

Let's dive into some real estate numbers today for the area of North Minneapolis. When comparing August of 2008 to August of 2007, there have been 7.1% more homes put on the market (120 this year vs. 112 last). Closed sales are up 68.4% this August, with 64 properties closing. The average sales price however is down, from $84,316 to $62,856 (25.5%). Average days on the market in North Minneapolis is down 33.1%, from 183 days last August to 123 days in August of 2008. As far as new single family homes that are for sale on the market, there were 365 actives in August of 2008, compared to 443 actives in August of 2007.

When looking at January through August, comparing 2007 to 2008, there are some staggering numbers to share. Closed sales are up by 81.9%, from 237 sales in 2007 to 431 closings in 2008. The average sales price has really taken a huge hit. In 2007, it was $107,826. Now in 2008, it has dropped to $65,385. Average days on the market are down 16.2%, from 178 days last year to 149 days this year. The percent of original list price received at the time of sale stayed pretty level, with it being 84.8% in 2007, and now 85.5% here in 2008.

North Minneapolis continues to be an outstanding location for investors and homeowners to find properties for sale. Our team has worked with a number of clients who have rehabbed properties in this area.

Southwest Minneapolis Homes

Southwest Minneapolis, MN Real Estate Market Update - September, 2008

Southwest Minneapolis has continued to be an area of Minneapolis that has had great demand by buyers over the years. Comparing August of 2008 to the month of August in 2007, there have been 23.8% less listings put onto the market, with 93 hitting the MLS this August. Only 65 properties closed, a drop of 16.7% compared to last August's 78 closed sales. Of the closed sales, sellers received an average of 95.4% of their asking price. The average sales price this August was down 16%, coming in at $301,338. Average days on the market were 109 days, compared to 94 days in 2007. For single family detached listings on the market, there was a decrease of 29.2%, with 259 listings on the MLS this August. There were only 43 townhomes or condos on the market this August however, down from 56 the previous year.

The numbers comparing January through August of 2008 to January through August of 2007 reveal some interesting trends as well. New listings are down 16.6%, with 981 listings put onto the market this year. Closed sales dropped significantly (26.5%), with 429 properties closing in 2008. The average sales price in Southwest Minneapolis did not drop too much. Through August, the price is down 7.1%, coming in at $333,880. The average days on market increased by 10.7%, with homes staying on the market on average, 123 days in 2008. The percent of original list price received at the time of sale dropped 2.3%, from 95.9% to 93.7% in 2008.

With the average sales price continuing to stay fairly constant, things are surely looking up for Southwest Minneapolis. Southwest not only is a great area with great neighborhoods, but it also has some outstanding homes for sale!

Northeast Minneapolis homes

Northeast Minneapolis, MN Real Estate Market Update - September, 2008
Today I would like to take a look at the Northeast neighborhood of Minneapolis. How many homes are selling? What is the average sales price for a home in this area?

First comparing the month of July in 2008 to July of 2007, there was a 13.4% drop in new listings put onto MLS. Closed sales for homes in Northeast dropped by 26.9%, with 38 properties closing this past July. The average sales price for a listing in Northeast dropped from $199,535 to $181,839. The percent of original list price received at the time of sale dropped from 95.3% to 93.6%. Average days on market for a home for sale in Northeast Minneapolis rose from 84 to 125 days. As of July 2008, there were 202 single family homes for sale in Northeast Minneapolis. This is down 15.5% from July of 2007. There were 38 townhomes/condos for sale in July of 2008. This too is down from 69 listings the previous year.

Comparing January through July of 2007 to January through July of 2008, there has been a 17.5% drop in new listings put onto the market this year. Closed sales are down 26.6%, with 182 listings closing in 2008. The average sales price for a home in Northeast Minneapolis dropped 11.2%, going from $198,778 to $176,578. The percent of original list price dropped from 95.7% to 91.1%. Average days on market for a home in Northeast is up to 155 days (from 115 last year.)

In conclusion, this section of Minneapolis has seen a pretty significant year over year price drop. However, this decrease is not nearly as large as other parts of the Minneapolis real estate market. Thankfully, new listings are down significantly this year. However, buyers still have an abundant supply of homes for sale to choose from!

Minneapolis MN homes for sale

Longfellow, Minneapolis, MN Real Estate Market Update - September, 2008

Today I would like to take a look at the Longfellow area of Minneapolis, and see what is taking place for all of the homes, condos, and townhomes for sale in this area of Minneapolis.

First comparing the month of July in 2008 to July of 2007, there was a decrease of 11.3% in new Longfellow listings put on the MLS. 22 properties for sale closed this past July, a decrease of 38.9% compared to July of 2007. The average sales price for a home in Longfellow dropped 15.8%, going from $215,409 to $181,341. The percent of original list price received actually increased by 1.8%, going from 93.4% to 95%. Average days on market for a home for sale in this part of Minneapolis decreased from 83 to 77. The overall for sale inventory level for single family homes in Longfellow stayed fairly level, moving from 136 to 138 active listings. The townhome and condo inventory level decreased from 22 to 8 active listings.

Comparing January through July of 2007 to January through July of 2008, new listings put on MLS are down 9.6%, with 396 properties put on the market this year. Closed sales for homes in Longfellow are down 17%, with 161 properties closing this year. The average sales price of a property in Longfellow is down from $227,472 to $194,417. The percent of original list price received at the time of sale is down 2.7%, going from 95.6% to 93%. Average days on market until sale for homes in Longfellow is up 21.2%, going from 82 to 99 days.

In conclusion, this section of Minneapolis has seen a pretty sizable year over year price drop. With that being said, if you are a buyer looking for a great home for sale in Minneapolis, look no further. Longfellow offers some great homes at outstanding prices.

Uptown/Lakes Minneapolis Homes for Sale

The Uptown/Lakes Minneapolis, MN Real Estate Market Update - September, 2008

In the middle of July, we took a look at the market statistics for all homes, townhomes, and condos in the Uptown/Lakes area of Minneapolis. Now about six weeks later, we wanted to look at the latest statistics for this part of the Minneapolis real estate market.

First comparing the month of July in 2008 to July of 2007, there were 101 new listings put onto the MLS for this area of Minneapolis. In July of 2007, there were 150 new listings. As far as the number of homes that closed in the Uptown and Lakes area, there were 45 properties that closed in July of 2008. This is a 31.8% decrease from July of 2007. The average sales price for a property increased from $420,409 to $464,491. This is a 10.5% year over year increase. The percent of original list price received at closing decreased from 97.3% to 93.6%. Average days on market for a home in this part of Minneapolis rose from 88 to 117 days. The active inventory level of homes for sale went from 123 to 143, and the townhome and condo inventory level dropped from 434 to 296 listings.

Comparing January through July of 2007 to January through July of 2008, there has been a drop of 27.3% in new homes and listings put on the market. 801 properties have gone active on MLS so far this year. Closed sales for all homes, condos and townhomes are down by 25.7% this year, moving from 334 to 248 closings. The average sales price for this portion of Minneapolis has remained fairly level, decreasing from $380,959 to $373,053. Average days on market has increased from 136 to 148 days.

In conclusion, the year over year price decrease for a home has narrowed (compared to our last update six weeks ago.) This is good news indeed, and another "little sign" things are slowly starting to turn in our Minneapolis real estate market!

Southwest Minneapolis real estate

Southwest Minneapolis Real Estate Monthly Market Update - September, 2008

Back at the end of June, we took a look at the market statistics for all homes, condos, and townhomes in Southwest Minneapolis. Now that we are into the beginning part of September, we wanted to re-examine the latest numbers and trends.

First comparing the month of July in 2008 to July of 2007, there has been a 7.7% decline in new listings put onto the MLS. Closed sales in southwest Minneapolis are also down 12%, with 73 homes closing this past July. The average sales price for a home in southwest Minneapolis increased from $347,904 to $363,039. This is a 4.4% year over year increase. The percent of original list price received at the time of sale went down by 2.5%, going from 95.4% to 92.9%. Average days on market for a home increased from 95 to 120 days. The single family home inventory level in southwest Minneapolis declined 13.8%, going from 333 to 287 active listings. The townhome and condo inventory level decreased from 59 to 43.

Comparing January through July of 2007 to January through July of 2008, there have been 15.7% less homes put on the market this year. Closed sales are off by 28.1%, with 364 properties closing this year. The average sales price dropped 5.5%, from $359,384 to $339,691. The percent of original list price received at the time of sale dropped from 95.9% to 93.4%. Average days on market for a home in southwest Minneapolis is up by 10.4%, going from 114 to 126 days.

In conclusion, the average sales price has dropped a bit more than our numbers showed at the end of June. Actually, the price rose, but the year over year decline is greater (5.5%). Closed sales for homes in southwest Mineapolis however increased the past couple of months, with the year over year drop not as significant as the end of June numbers.