Minneapolis Real Estate

We see it all the time, magazines with the best and worst of 2010 for fashion, food and movies but what about the Minneapolis real estate market for 2010? We all know the real estate market has taken a hit over the past few years but how did 2010 fair? Let's take a look.

As of November 2010 a study was done by Trulia.com where they stated Minneapolis Minnesota ranked #1 in home sale price reductions with 46% of listed homes having at least 1 reduction. Following in a close 2nd was Baltimore with 40% of homes having at least one price reduction.

"The market is flooded with distressed homes that are priced to sell and individual sellers are having a tough time competing," Tara-Nicholle Nelson, Trulia's consumer educator, said in a statement. "These dynamics, along with a shallow pool of active buyers, are leading to increases in price reductions."

Courtesy of the Minneapolis Board of Realtors.

In the Twin Cities metropolitan area, the frost that some of us found on our lawns also kept the housing market in a sort of frozen state. For the week ending September 25, sellers placed 1,382 new homes on the market, which was 19.9 percent fewer than last year at this time. Over the past three months, listing activity has been an average of 9.2 percent under last year's levels.

The Minneapolis real estate market is changing all the time, keep up with it here at DerrickMonroe.com. If you're looking to sell or buy any type of real estate contact an area leader in sales, contact The Derrick Monroe Group of Lakes Area Realty at 612-282-7653.

The perfect housing update for Minneapolis and those of you that simply want the "facts". This blog has all the latest information as of today for the Minneapolis real estate market and promises not to bore you to death with stories, you will just get facts and figures here.
Housing Outlook Supply Oct 2009

The single-family detached homes market segment is rapidly approaching a balance. There are currently 6.3 months of supply available in that segment compared to 8 & 11.7 months in the townhome & condo market respectively.

In the lower price ranges of the single-family detached segment things are actually now extreme seller's markets, with only 2.3 months of supply available under $120,000.

The median sale price in August was $175,000, down 12.5% from a year ago but up once again from July. From March 2009 through August 2009, the median sales price has grown from $154,125 to $175,000. Prices were flat during the same time last year according to the Minneapolis Board of Realtors web site.

Here we are in September 2009 already, winter is just around the corner and I am sure we are all wondering where did our Summer go? Many are also wondering where did the real estate market go or better yet what is it doing now? The fact is homes have never stopped selling in Minneapolis and the market has never left, it corrected itself according to many.

Ok, here is the choice, new SUV or real estate? Wondering why these two for choices, because for the price of a new SUV you can buy a home in Minneapolis.

Many investors and 1st time home buyers are taking advantage of these deals. There are currently 186 Minneapolis homes for sale under $50,000. Some of these properties are tear downs but many are simply "fixer uppers" from roof work to windows, flooring and plumbing but if you're not afraid of some sweat equity you may want to take a closer look at the homes for sale.

So what happened in the Minneapolis real estate market last month? While Minneapolis has a wide variety of properties for sale and spans a large area I wanted to break it down and show you the basic numbers.

In January 2009 the Minneapolis real estate market statistics were as follows: