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Tuesday, November 25, 2008Minneapolis Powderhorn Neighborhood - Real Estate Update
Right now, homes for sale in this part of Minneapolis are priced extremely low. It truly is a great time to buy a property here or invest in one. Comparing October of 2008 to the month of October in 2007, there were 16.9% more listings put onto the market, from 65 to 76 new listings this October. Closed sales are up 26.3%, with 24 closing this October. Of these closed sales, sellers received an average of 92.7% of their asking price. The average sales price this October went down 37%, from $183,506 to $115,565. Average days on the market were up 78.4%, from 95 days to 170 days this October. The single family detached listing inventory was at 180 listings this October, an increase of 7.8% (compared to 167 on the market last October). There were 60 townhomes or condos on the market this October, up 5.3% from the previous year.
Next we’ll take a look at the numbers comparing January through October of 2008 to January through October of 2007. New listings in this part of the Minneapolis real estate market are up 19.2%, with 824 listings put onto the market this year. Closed sales also increased by 26.5% with 329 properties closing in 2008. The average sales price in the Powderhorn neighborhood is down 23.5% from last year, going from $172,789 to $132,212. The average days on the market until sale increased 32%, from 103 days in 2007 to 136 days in 2008. The percent of original list price received at the time of sale dropped 5.5%, from 94.7% to 89.5% in 2008.
Powderhorn is home to many families and great architecture, which makes it a fun place to be! It is also very close to the city, so easy to commute if you work there. Powderhorn is also along the light rail and close to lots of shopping! Some parts of the neighborhood are made up of lots of rentals, especially the NE corner. Based on the previous numbers, it’s still a great time to buy here and closed sales are increasing (which means people are buying here right now getting great deals and built in equity!)
