Uptown-Lakes Minneapolis Real Estate Monthly Update – June, 2008

Over the years, “Uptown” in Minneapolis has always seemed to be a very desirable location for prospective real estate purchasers. In today’s entry, we wanted to offer some market statistics for this part of Minneapolis.

When comparing the month of June in 2007 to June in 2008, there was a drop in new listings put onto the MLS by 8.3%. Closed sales however increased 17%, with 55 properties closing this June. The average sales price had a substantial year over year drop, going from $456,266 in June of 2007 to $315,668 in June of 2008. The percent of original list price received at the time of sale also dropped from 97.1% to 94%. When comparing average days on market until sale, June of 2008 saw a decrease of 17.4% (128 days.) And lastly, the townhome and condo listing inventory is down 26.6% this June.

When comparing January through June of 2007 to January through June of 2008, there have been 26.5% less listings put onto the market (700 total this year.) Closed sales are down as well, going from 268 last year to 203 this year. The average sales price dipped as well this year, going from $371,244 last year to $352,783. Average days on market actually increased slightly, moving from 148 days last year to 154 days this year.

Overall, these numbers seem to be in line with other parts of Minneapolis. Thankfully new listings are down this year, and the average sales price has not dropped that significantly.