Minneapolis Housing Outlook October 2009

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

• Home sales overall at 44,761 for the last 12 months, that's up 14.6% from the previous 12 months.
• Previously owned home sales also up 18.4% the last 12 months compared to the previous 12 months.
• New construction home sales down 18.8% from previous 12 months.
• The average sale price vs asking price is about the same at -0.4% from previous 12 months.

Current Price Range Supply

• Under $120,000 3,034 units
• $120,001 - $150,000 2,617 units
• $150,001 - $190,000 4,060 units
• $190,001 - $250,000 4,752 units
• $250,001 - $350,000 4,060 units
• $350,001 - $500,000 2,879 units
• $500,001 - $1,000,000 2,471 units
• $1,000,001 and above 814 units

Month's Of Supply By Price Range

• Under $120,000 2.9 Months
• $120,001 - $150,000 4.8 Months
• $150,001 - $190,000 6.3 Months
• $190,001 - $250,000 7.2 Months
• $250,001 - $350,000 8.8 Months
• $350,001 - $500,000 11.9 Months
• $500,001 - $1,000,000 19.7 Months
• $1,000,001 and above 39.1 Months

New Listings Last 3 Months

• 21,823 (one year ago same time it was 23,204)

Pending Sales Last 3 Months

• 13,125 (one year ago same time it was 10,479 - sales are up)

Foreclosures & Short Sales

• 25.2% of the current market is lender mediated
• 60.8% of the current inventory under $120,000 is Lender mediated
• Only 3.3% of the current inventory over $1,000,000 is lender mediated

If you have any questions at all about this blog or market conditions in a "specific" area please contact us here or feel free to call or text 612-282-7653.