Minneapolis Real Estate Market Update

Longfellow Homes

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

Today we will look at trends in the Longfellow neighborhood of Minneapolis. Comparing September of 2008 to September of 2007, there have been 42.5% more homes put on the market this year, equalling 57 new listings going on this September. Closed sales are up 12.1% this September, with 37 properties closing vs. only 33 last year. The average sales price is down 19.8% from $224,385 to $180,049. Average days on the market in the Longfellow neighborhood are up 53.6%, from 71 days last September to 109 days this September. As far as single family homes that are currently for sale, there were 136 actives in September of 2007, compared to 123 actives in September of 2008, a decrease of 9.6%.

Now we'll look at January through September 2007 and compare to January through September of 2008. There were 543 new listings put on the market in 2007 and in 2008 there were 504, a decrease of 7.2%. Closed sales are down 14.1%. The average sales price went down 12.7% from $224,897 in 2007 to $196,365 this year. Average days on the market are up 29.6%, from 73 days last year to 95 days this year. This number is low compared to the overall market! The percent of original list price received at the time of sale only decreased 2.3%, from 95.4% last year to 93.2% this year.

The last update on Longfellow we did was real estate numbers and statistics through the end of July. In two months time, closed sales are still increasing. The prices haven't dropped significantly, but went from a 14.6% drop a couple months ago to only a 12.7% drop now compared to last year. Hopefully these both are lasting trends!

Minneapolis - Camden Homes for Sale

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

Today 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.

Lake Nokomis homes for sale

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

The Nokomis neighborhood of Minneapolis is beautiful and has some amazing homes to choose from! Comparing September of 2008 to the month of September in 2007, there have been 35.4% less listings put onto the market, with 82 hitting the MLS this September. Only 54 properties closed, a drop of 19.4% compared to last September's 67 closed sales. Of the closed sales, sellers received an average of 95.7% of their asking price. The average sales price this September was $214,801, down 15.4%. Average days on the market were 104 days, compared to 88 days in 2007. For single family detached listings on the market, there was a decrease of 29.5%, with 253 listings on the MLS this September in the Nokomis neighborhood. There were 32 townhomes or condos on the market this September, down from 41 the previous year.

Now we'll compare January through September of 2008 to January through September of 2007. New listings are down 22.3%, with 1,026 listings put onto the market this year. Closed sales dropped 17.8%, with 480 properties closing in 2008. The average sales price in Nokomis is down 8.5%, coming in at $220,378 from $240,913 in 2007. Average days on the market increased 20.4%, with homes staying on the market 109 days on average in 2008. The percent of original list price received at the time of sale dropped 1.9%, from 96% to 94.2% in 2008.

Lake Nokomis is home to beaches, walking/biking paths and trails, and beautiful landscaping. Also the beautiful Minnehaha falls is located right near here. If you enjoy the outdoors, you would love it here! The stats above are a reflection of the market and even though they are not real impressive now, you can definitely get some great built in equity if you buy in Nokomis now!

University of Minnesota housing

Minneapolis, University area - MN Real Estate Market Update - October, 2008

Let's take a look at what is happening for real estate buying and selling near the University of Minnesota. Comparing August of 2008 to August of 2007, there was a decrease of 37% in new listings put on the market (27 last August vs. 17 this August). Closed sales are down 19% this August with 17 listings closing. The average sales price is down 12%, from $224,841 to $197,900. Average days on the market in the University area are up 52.3%, from 60 days last August to 92 days in August of 2008. As far as single family homes that are on the market, there were 30 actives in August of 2008 compared to 38 actives in August of 2007, which is a 21.1% decrease.

When looking at January through August, comparing 2007 to 2008, closed sales are down 29.9%, from 97 sales in 2007 to 68 closings in 2008. The average sales price went from $267,699 in 2007 to $222,316 in 2008. Average days on the market are up 28.4%, from 106 days last year to 136 days in 2008. The percent of original list price received at the time of sale stayed about the same (1.9% decrease), with it being 93.4% of original list price in 2008.

With the University of Minnesota located here, and its 66,000 students and 4,000 full time faculty, the demand for this part of Minneapolis real estate remains high. With the Mississippi River running directly through campus, it is quite beautiful. Because the area is always full of students, there is always plenty of things to do here. The biggest changes in the area as far as real estate, are the days on market going up quite a bit and the number of new listings are down significantly as well. This is the trend in most areas of Minneapolis currently however!

Minneapolis - Powderhorn Homes

Minneapolis - Powderhorn - MN Real Estate Market Update - October, 2008

Let's look at real estate numbers for the Powderhorn area of Minneapolis. This area of Minneapolis has many outstanding homes, condos and townhomes for sale on the MLS. Comparing August of 2008 to August of 2007, there have been 6.3% less homes put on the market, with 60 new listings going on this August. However, closed sales are up 137% this August, with 64 properties closing vs. 27 last year. Wow! The average sales price is down 30% from $180,518 to $126,335. Average days on the market in the Powderhorn neighborhood are up 93.9%, from 71 days last August to 138 days this August. As far as new single family homes that are for sale on the market, there were 201 actives in August of 2008, compared to 171 actives in August of 2007. This is a 17.5% increase.

When looking at January through August, comparing 2007 to 2008, closed sales are up by 11%. The average sales price went down 20.1% from $173,960 in 2007 to $139,080. Average days on the market are up 17.3%, from 111 days last year to 130 days this year. The percent of original list price received at the time of sale went from 94.9% last year to 90% this year, which is a decrease of 5.1%.

The city of Minneapolis took control of the Powderhorn neighborhood in 1887. As a result, most of the housing was completed by the 1920s which means neat architecture of course! You can find a wide variety of single family to multifamily buildings for sale currently. Price ranges are anywhere from a lot for $29,900 all the way to a 14 unit multifamily building for $930,000. Despite the discouraging numbers for sellers, properties here are still moving!