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Friday, April 24, 2009Minnneapolis University Area Real Estate
Minneapolis, University area - Market Update - April, 2009
Let's take a look at what is happening for real estate buying and selling near the University of Minnesota in Minneapolis. Comparing March of 2008 to March of 2009, there was an increase of 127.3% in new listings put on the market (11 last March vs. 25 this March). Closed sales are down 33.3%, with 8 listings closing this March. The median sales price is down 7.2%, from $203,500 to $188,750. Average days on the market in the University area are up 115%, from 79 days last March to 170 days in March of 2009. As far as single family homes that are on the market, there were 27 actives in March of 2008 compared to 30 actives in March of 2009, which is an 11.1% increase. Townhome and condo inventory is also up by 50%, from 36 to 54 active listings.
When looking at January through March, comparing 2008 to 2009, closed sales are down 10%, with 18 closings so far in 2009. The median sales price went from $238,000 in 2008 to $198,750 in 2009. Average days on the market are up 96%, from 88 days last year to 173 days in 2009! The percent of original list price received at the time of sale decreased 5.7% going from 91.2% to only 86% this year.
Some of these numbers are quite drastic for the Minneapolis University Neighborhood. Sale prices are still dropping as more homes continue to go on the market and market time increases. Closed sales continue to dwindle. It still is a great time to buy in the University neighborhood. And these numbers certainly mean great things for students looking for housing in the area or investors looking to buy and rent to students.
