Minneapolis Downtown Real Estate Condition - June 2008
There have been 31.8% less listings on the market this May, with only 120 properties being put onto the Minneapolis MLS. The average sales price actually has increased, from $320,846 in May of 2007, to $345,526 in May of 2008. Average days on market has stayed consistent. The overall inventory levels for single family properties dropped 28.6%, and the active townhome and condo listings dropped by 14.6%. As far as closed sales, the downtown area saw a 1.9% increase this May, going from 53 sales last year to 54 this year.
When comparing January through May of 2007 to 2008 at the exact same time, downtown Minneapolis saw 20% less listings on the MLS. 2008 has seen 666 new properties come onto the market. Thankfully, there has been a 42% increase in closed transactions, with 250 properties closing so far in 2008. The average sales price stayed pretty level, going from $315,834 to $316,274 this year. The average days on the market has increased by 18.7%, with current market time now at 206 days.
These numbers are actually somewhat refreshing for the downtown condo market. We know the Minneapolis condo market has "taking a beating" over the last couple of years pricewise and inventory wise, but these numbers do seem encouraging for those that own and live in the downtown market.
Southwest Minneapolis Real Estate Conditions - June 2008
The demand for real estate properties in Southwest Minneapolis has always been strong, with its lakes and nice neighborhoods. Comparing May of 2008 to May of 2007, there have been 22.6% less listings, with 147 active listings on the MLS this May. Only 67 properties closed, a drop of 23% compared to last May. The average sales price this May was down 9.8%, coming in at $294,865. Average days on market was 129 days, compared to 104 days in 2007. For single family detached listings on the market, there was an increase of 7.3%, with 324 new listings put onto the MLS this May. There were only 42 townhome or condos on the market this May however, down from 66 the previous year.
The numbers comparing the same 6-month periods of 2007 and 2008 reveal some interesting trends as well. New listings are down 13.1%, with 650 listings on the market this year. Closed sales dropped significantly (31.3%), with 222 properties closing in 2008. The average sales price in Southwest Minneapolis did not drop too much, only by 3.1%.
North Minneapolis Housing Market Condition - June 2008
Comparing May of 2008 to May of 2007, there have been exactly the same number of homes listed on the MN MLS. Closed sales are up 67.6% this May, with 57 properties closing. The average sales price however is down dramatically, from $119,315 to $57,256 (52%.) Average days on market in North Minneapolis is down 40.4%, from 192 days last May to 114 days in May of 2008. As far as new single family homes that are for sale on the market, there were 386 actives in May of 2008, compared to 422 actives in May of 2007.
After so many newspaper front page headlines, we all know North Minneapolis was a victim to a large amount of mortgage fraud by various real estate investors during the past few years. It is encouraging to see so many closings this year however. Even though price has dropped, there is a lot of buying activity taking place in this area. The market seems to have hit bottom and has begun moving upward.
Quoted from Minneapolis Minnesota Real Estate Update
Read more about real estate market conditions in Apple Valley, Shakopee, Edina, Savage and Eden Prairie. The update is written by Ryan O'Neill, co-host of The Minnesota Real Estate Show. Ryan leads the No. 1 REMAX real estate team in Minnesota. His team specializes in real estate buying, selling and investment. Agents on his team cover every corner of the Twin Cities metro and for each unique need you may have, they have a specialist who has the "know-how".