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Sunday, November 02, 2008Minneapolis Real Estate
It's that time again! Let's take a look at what is going on in our local Minneapolis real estate market. How many homes are currently for sale here in the Twin Cities? How many condos, townhomes, and houses sold in the past week? Is our local real estate market improving at all for sellers? Or does it remain a very heavy buyers market here in Minneapolis?
For the week ending October 18th, there were 1,468 new homes that went on the market in the Twin Cities metro area. This is a 18.1% drop compared to last year at this exact same time. 618 homes for sale went pending, and this is a 9.6% increase compared to last year at this time. The overall inventory of homes for sale on the MLS in the Twin Cities metro area is at 30,343. This is a 9.2% drop compared to this exact same time in 2007.
These numbers continue to show that the market is slowly rebounding here in Minneapolis. Real estate values have certainly dropped over the past few years, but with the increase in pending sales each week over the last few months, we are moving more towards a balanced marketplace.
It is interesting looking at the various pocket of the Minneapolis real estate market and examining the activity in those areas. We have two realtors on our team, Scott Ficek and Kevin Curtis, who have helped numerous real estate investors buy various homes for sale in North Minneapolis. And Mary Alice Short, Jesse Grumdahl, and Rob Reinke (also agents on our team), have helped a number of clients who have their home for sale in Minneapolis short sell them. Again, a short sale takes place when the bank is willing to take less than what is owed on the property.
Ross Lumley on our team has lived and worked in Northeast Minneapolis. He has had many homes for sale in this area, as well as other parts of Minneapolis.
The condo market for downtown Minneapolis is slowly improving as well. The average sales price for a property in downtown Minneapolis is up 5.9% in 2008 (compared to 2007.) Closed sales for Minneapolis condos are also up this year as well. There have been 460 closings this year (compared to 450 last year through the end of September.) There have also been 23.8% less condos go on the market in Minneapolis this year as well!
Overall, the Minneapolis real estate market has pockets that are surely rebounding!
Posted By: Ryan O'Neill @ 3:30:43 PM
