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.