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.