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Tuesday, November 18, 2008Minneapolis Real Estate - Phillips Neighborhood
The Phillips area of Minneapolis is not moving a lot of homes right now, but it’s a great time to buy here! Comparing October of 2008 to the month of October in 2007, there were 14.3% more listings put onto the market, with 24 properties going onto the MLS this October. There were 10 closings, an increase of 66.7% over last October. Of the closed sales, home sellers received an average of 82.2% of their asking price. The average sales price this October decreased 54.2%, from $126,024 to $57,700. Average days on the market for homes were up 140%, with an average of 83 days on the market this October. For single family detached listings on the market, there were 43 listings on the MLS this October, an increase of 7.5% compared to the 40 last October. There were 52 townhomes or condos on the market this October, down from 59 the previous year.
Now let’s look at the real estate numbers comparing January through October of 2008 to January through October of 2007. New listings are up 12.9%, with 281 listings put onto the market this year. Closed sales dropped 18.7% with 61 properties closing in 2008. The average sales price for a property in the Phillips neighborhood of Minneapolis is down 36.5% from last year, going from $167,507 to $106,354. The average days on the market until sale increased by 35.4%, equalling 136 days in 2008. The percent of original list price received at the time of sale dropped 7.8%, from 94.7% to 87.4% in 2008.
One huge advantage for the Phillips area is the average days on the market, which was only an average of 83 days in October, and 136 average for the year. Wow! Those numbers are low compared to most areas. September and October were also really great months for the Phillips area! We last looked at Phillips’ August numbers and closed sales for the year were way down from the previous year. Now, just two months later, the sales have increased to a not-so-dramatic decrease in closed sales over last year. In conclusion, this part of the Minneapolis real estate market is surely a strong area for buyers to look to purchase in.
Posted By: Ryan O'Neill @ 4:51:09 PM