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Tuesday, November 11, 2008Southwest Minneapolis Homes
Today I wanted to take a quick look at real estate activity in the outstanding Southwest part of Minneapolis. Southwest has many wonderful homes, condos, and townhomes for sale. And over time, it has really come to be known as a hotspot in the Minneapolis real estate market.
First of all, comparing October 2008 to October of 2007, there were 7.7% less homes put up for sale on the MLS this October. Closed sales also dropped by 6.6%, with 57 properties in southwest Minneapolis closing in October of 2008. The average sales price of a property in Southwest dropped 8.4%, from $394,319 to $361,388. The percent of original list price received at the time of sale stayed consistent, dropping by 0.1% from 93.3% to 93.2%. Average days on market for a home in Southwest Minneapolis increased by 16.3%, going from 104 to 121 days. The single family home inventory level decreased by 10.4%, with 276 homes on the market in October of 2008. The townhome and condo market inventory levels remained flat year over year.
When taking a look at January through October of 2007 compared to January through October of 2008, Southwest Minneapolis has seen 15.7% less listings put up for sale on the MLS this year. Closed sales are down 18.1% this year, with 606 properties closing here in 2008. The average sales price is down 6.8%, going from $363,436 to $338,723. Average days on market increased from 101 to 117 days here in 2008.
Overall, these numbers are really not too bad at all for this part of Minneapolis. New listings are down here in 2008, and the average sales price has declined, but not as steeply as other parts of Minneapolis. Outside of the Uptown-Lakes area of Minneapolis, Southwest still has the highest average sales price compared to any other neighborhoods in Minneapolis.
