Real Estate Data – Annandale, Minnesota

December 2008 – December 2009

A comparison of market values and sales from the year 2008 to year end 2009/present date for Annandale in Wright County, Minnesota:

In December 2008, the average and median sales price on properties for homes for sale in Annandale had been $340,000. Over the last year, house prices have fallen due to a number of economic factors, causing the median sales to drop 52.1% for the same period in December 2009.

Adding to the drop, the average price of a property’s final sales price became $220,742, a marked drop of 35.1% by December 2009 in comparison to the $340,000 average in December 2008. There certainly were a number of REO listings and mn short sales that caused these prices to drop over time.

There was however an increase in the final percentage of a property’s sale price being met by buyers, as in December 2008 buyers had offered and paid 75.6% of the sellers asking price. Whereas in December 2009, that figure had jumped to 85.6%.

Sellers however had favorable market times both in December 2008 and December 2009.

An average of 49 days from sales board to sold sign in December 2008 saw only a slight increase to 68 days by December 2009 (albeit sounds much worse when stating that is an increase of 38.8%.)

Year to Date

The year to date comparison of 2008 and 2009 shows that in 2008 average median house prices had been $170,250, but to date that figure has become $154,700, a drop of 9.1%.

Average property prices to date have not fared much better, dropping from $253,925 in the year to date 2008, to $201,678 in the present year to date. This is a drop of 20.6%, but again is a marked improvement on the previous drop of 35.1%.

The average days on the market at the present point in 2008 had been 158, and now it is at 187 days, showing an 18.1% increase in time to final sale.

Data Analysis

Looking at the data, you would be forgiven for thinking that it clearly has not been a year for selling a home in Annandale. Although when you look at the bigger picture, it was probably wise for those who sold during the 2008 – 2009 period to do so when they did, or they could have been staring down at bigger losses.

On the plus side, it is probably fair to say if you are a buyer on both sides of the fence the time is probably now to grab a deal in Annandale. For those selling cheaper than they should, there could be some potential advantageous purchases.

But for the first time home buyer in Annandale, it may be now or wait or perhaps the prices will inch upward over the year.

This data taken from Minneapolis Area Association of Realtors. Here at this site, you can find an number of great minneapolis condos for sale.

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.

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!

MN Real Estate Market Update: November 2009

The Webber-Camden community, commonly referred to as “Camden,” is located in the upper half of the north side of Minneapolis. Its boundaries are 53rd Avenue North to the north, the Mississippi River to the east, Lowry Avenue North to the south, and Xerxes Avenue North to the west. Today we’re comparing housing market figures for Camden from November 2008 to data collected in November 2009. We’ll also examine year to date information for Camden and the city of Minneapolis.

In November 2008, the single-family detached inventory for the Webber-Camden neighborhood in Minneapolis was 416 homes on market, 113 being new listings. In November 2009, the number of homes on the market dropped 39.4% to 252 and of those, 74 were new listings. The new listing difference amounts to a 34.5% decline over the previous year. This change follows the year-to-date trend with fewer new listings being added to the market: 1,550 in 2008 down to 1,231 in 2009, a -20.6% adjustment.

The ratio of new listings to closed sales for November 2009 and the year-to-date is positive. For closed sales in November ‘08 and at the year-end of 2008, the numbers were 61 and 667 respectively. Closed sales for November ‘09 jumped 27.9% to 78 with the year-to-date at 856 closings, a positive 28.3% change over the previous year.

The median sales price for November 2008 jumped 89.1% from $50,500 to $95,500 in November 2009. The median sales price for the year-to-date decreased 18.1% from $61,063 to $50,000 in 2008 and 2009 respectively. However, the percent of sellers receiving the original list price rose 9% from November 2008’s 92.4% to 100.7% in 2009. The entire Webber-Camden community saw an increase in sellers receiving the original list price, the year-to-date change rose 10.9% from 85.9% in 2008 to 95.3% in 2009.

The average number of days on the market before a home sold fell 8.3% from 132 days in November 2008 to 122 days in November 2009, more than the year-to-date change which slipped 32.8% from 159 days in 2008 to 107 days in 2009. Interestingly, in 2008 the Camden neighborhood listed 13 townhouse / condos active on the market. In 2009 those same 13 units remain on the market.

Minnesota Real Estate City of Minneapolis Market Update

Data collected from the neighborhoods that comprise Minneapolis show similar trends as the Webber-Camden neighborhood. In Minneapolis there were 483 new listings in November ‘09, down 23.9% from November ’08’s 635 listings. The year to date figures are down 11.0% from 10,497 new listings in 2008 to 9,339 listings in 2009. Closed sales are up 38.5% from November 2008’s 343 to November 2009’s 475. The average sales price for properties in Minneapolis increased 9% from $175,823 to $191,572 in November 2008 and November 2009 respectively. The year to date average sales price is down, however, 14.2% from $214,080 in 2008 to $183,783.

In other positive Minnesota real estate news, residents in Minneapolis saw an increase of 6.9% of sellers receiving the original list price from November 2008’s 90.2% to November 2009’s 96.4%. Likewise, in November 2008 the average number of days a Minneapolis property remained on the market was 129, which fell 22.1% to 101 days in November 2009. The year to date change has also fallen 12.6% from 2008 to 2009.

The facts and figures above point to a housing market that is making a steady recovery. Further evidence can be found by examining Standard & Poor’s Case-Shiller Home Price Indices which shows a slow increase in home prices over the past nine months for home owners.

First time home buyers need to be aware of these conditions because early speculation states that interest rates for a 30-year mortgage, which have been hovering around 5%, will rise in early spring 2010. This information coupled with ever-rising home prices means that first time home buyers in Minnesota should act before its too late.

There are free classes available for first time home buyers in Minnesota to help you. Presented by The Minnesota Real Estate Team, you can use their knowledge to help you find that perfect home in the Webber-Camden neighborhood of Minneapolis.

Thanks to our friends at the Minneapolis Area Association of Realtors for providing these valuable statistics.

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.

MN Real Estate Market Update – February, 2009

The Phillips neighborhood is a very diverse community where crime rates are declining due to increased enforcement. Comparing January of 2008 to the month of January in 2009, there were 7.1% fewer listings put onto the market, with 26 properties going onto the MLS this January. There were nine closings this January, an increase of 125% over last January’s four closings. The average sales price January of 2009 decreased 7.8%, from $95,575 to $88,083. The percent of original list price received at the time of sale decreased from 91.2% last January to 84.5% this January. Average days on the market decreased 5.2%, with an average of 201 days this January vs. 212 days last January. For single family detached listings on the market, there were 37 listings on the MLS this January, an decrease of 11.9% compared to the 42 last January. The townhome-condo inventory decreased 28.4% from 67 to 48 active listings in January of 2009.

Now we’ll compare the entire year of 2007 to the entire year of 2008 for this part of the Minneapolis real estate market. New listings are up 13.9%, with 319 listings put onto the market this year. Closed sales increased by 6.1% with 87 properties closing in 2008. The average sales price in the Phillips neighborhood is down 41% from last year, going from $167,278 to $98,613. The average days on the market until sale in 2008 were 147 days, an increase of 50.4% over 2007. The percent of original list price received at the time of sale dropped 8.4%, from 94.4% to 86.5% in 2008.

Aside from Camden, Phillips had homes on the market, on average, the longest of all other Minneapolis neighborhoods in 2008. This is very unexpected based on he numbers the last time we looked at the Philips neighborhood (November)! Today there are 133 listings in Phillips, ranging from a $7,500 rehab to a $1.7M apartment building and everything in between!

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.

Nokomis – Minneapolis, MN Real Estate Market Update – December 2008

Lake Nokomis is home to many walking and biking paths, beaches, close to Minnehaha Falls and much more! Oh, did we mention it has some nice housing too?! Let’s look at the trends in this area of Minneapolis.

First, looking at November 2007 compard to November 2008, there have been 40.5% fewer listings put onto the market, with 50 going active this November. Closed sales are also down from 47 to 32, a decrease of 31.9%. The average sales price only shows a 1% decline from $213,968 to $211,852. The average days on market until sale in the Nokomis neighborhood has increased 22.7% to 123 days (from 100 days last November.) Inventory of homes on the market has declined: detached single family homes fell by 14.9% and townhomes and condos dropped by 16.1%.

Now we’ll compare January through November 2007 to January through November 2008. New listings in Nokomis went from 1,540 to 1,143, a decrease of 25.8%. Closed sales are down 14.4%, from 727 in 2007 to 622 in 2008. The average sales price of a property did decline by 8.4%, going from $237,998 to $218,016 in 2008. The percent of original list price received at the time of sale in the Nokomis area only declined 2%, from 95.7% to 93.8% (Downtown Minneapolis and Southwest are above 93.8%but the rest are not, so this is still a good area to sell!) The average days on the market increased 19.2% to 108 days.

There is definitely less activity in the Nokomis area right now. However, there isn’t anything overly negative we can comment on at this time. Certainly there were fewer houses listed and less closed sales, but the average sales price is staying relatively level and sellers are getting a high percentage of the sale price they are asking for. As far as average days on the market, 108 days is lower than the overall average here in the Twin Cities. Certainly good news for this part of Minneapolis! When in doubt, price your property well and it will sell.

The Minnesota Real Estate Team was extemely humbled to learn that we made the Wall Street Journals Top 200 Real Estate Professionals for 2007. The WSJ ranked the top fifty individual agents and teams across the United States according to total volume closed and total number of closed transactions. Our team was fortunate enough to come in the Top 50 Teams in the United States for number of homes sold in 2007. We also were humbled to learn that we were the only real estate team from Minnesota from any company that made this list!

Though our real estate market here in Minneapolis certainly has shifted over the last couple of years, there is still a very high number of closings taking place all across the state. The retail listing market certainly is slower, but inventory levels still fairly high on the MLS, and buyers are getting a great chance to find outstanding “buys.”

The moral of the story: it is not all doom and gloom here in the Minneapolis real estate market. Our team is just a very, very small piece of the “real estate pie” here in Minnesota. But this recent honor received does in fact show, there is alot of great real estate activity happening in Minneapolis and the state as a whole.

If you are a real estate investor, check out our free monthly investment property seminars. And if you enjoy real estate radio, take a listen to our weekly FM radio show, The Minnesota Real Estate Show.

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!