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.