Let’s take a look at what is happening for real estate buying and selling near the University of Minnesota. Comparing August of 2008 to August of 2007, there was a decrease of 37% in new listings put on the market (27 last August vs. 17 this August). Closed sales are down 19% this August with 17 listings closing. The average sales price is down 12%, from $224,841 to $197,900. Average days on the market in the University area are up 52.3%, from 60 days last August to 92 days in August of 2008. As far as single family homes that are on the market, there were 30 actives in August of 2008 compared to 38 actives in August of 2007, which is a 21.1% decrease.

When looking at January through August, comparing 2007 to 2008, closed sales are down 29.9%, from 97 sales in 2007 to 68 closings in 2008. The average sales price went from $267,699 in 2007 to $222,316 in 2008. Average days on the market are up 28.4%, from 106 days last year to 136 days in 2008. The percent of original list price received at the time of sale stayed about the same (1.9% decrease), with it being 93.4% of original list price in 2008.

With the University of Minnesota located here, and its 66,000 students and 4,000 full time faculty, the demand for this part of Minneapolis real estate remains high. With the Mississippi River running directly through campus, it is quite beautiful. Because the area is always full of students, there is always plenty of things to do here. The biggest changes in the area as far as real estate, are the days on market going up quite a bit and the number of new listings are down significantly as well. This is the trend in most areas of Minneapolis currently however!