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.
When you think of real estate for sale in Minneapolis many think of specific neighborhoods such as Downtown or Camden. What I wanted to provide today was a factual as well as current market update for these areas and more. Yes, prices are down – no-one can argue that but there is more to look at. What about days on market or sale price v.s. asking price and so on, these all play a role in determining the true status of a market.
First let’s take a look at August 09 in Minneapolis:
New listings to hit the market are down by 11.8% compared to August 2008
Average sale price is down 3.2% compared to August 2008
The sale price v.s asking price however is up from August 2008 by 4.9%
The average days to sell a home is also down from 120 days to 106
Specific Areas Of Minneapolis And What The Median Sale Price Is Doing:
Camden +24.6% (Aug 08 Compared to Aug 09)
Northeast +2.5% (Aug 08 Compared to Aug 09)
Powderhorn +4.2% (Aug 08 Compared to Aug 09)
Southwest +11.3% (Aug 08 Compared to Aug 09)
You can see many areas have increased in value over the last year. The average asking price compared to average sale price is up in nearly every area of Minneapolis from 2% to as high as 12% when looking at YTD numbers which is a strong indicator buyers are willing to pay more and even get in multiple offers on many properties, a good sign for the market.
The Minneapolis real estate market for 2009 is one full of activity for sellers who want to sell and buyers looking to take advantage of the tax breaks and other programs available. Homes may not all have price you may have received 3 years ago but why does that matter, you weren’t selling 3 years ago.
If you have any questions about about properties for sale or you’re looking to sell yourself please contact us and we would be happy to help any way we can.
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