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Friday, November 07, 2008Northeast Minneapolis Homes for Sale
Northeast Minneapolis is a fun, unique area with much to offer its residents. We’re going to compare September of 2008 to the month of September in 2007, and check out the real estate trends in this neighborhood. There have been 21% fewer listings put onto the market, with 64 going onto the MLS this September. Only 37 properties closed, but that is an increase of 54.2% over last September! Of the closed sales, sellers received an average of 91.2% of their asking price. The average sales price this September was down 15.5%, coming in at $156,348. Average days on the market were 166 days, almost double the number from 2007! For single family detached listings on the market, there was a decrease of 23%, with 191 listings on the MLS this September. There were only 33 townhomes or condos on the market this September, a 45.9% decrease from 61 the previous year.
The numbers comparing January through September of 2008 to January through September of 2007 show about the same facts. New listings are down 20.7%, with 661 listings put onto the market this year. Closed sales did in fact decrease by 16.2%, with 269 properties closing in 2008. The average sales price in Northeast Minneapolis through September decreased by 14.2%, and is $171,885. The average days on the market until sale were 148 days, an increase of 52.1%. The percent of original list price received at the time of sale dropped only 4%, from 95.3% to 91.5% in 2008.
The number of closings seems to be increasing a bit. By the end of 2008, we might see a more constant number of closings year over year. It seems also the percent of original list price in this area is good, being over 90% where other areas of Minneapolis are under 90%. It
could still be a while however before we see real improvement in these numbers.