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!