Minneapolis is the largest city in the state of Minnesota with an estimated population of 390,000. In association with St. Paul, Minneapolis is ranked as the 13th largest urban area in the United States. With a great arts scene featuring music, theater, visual arts, dance and literature, Minneapolis has been lauded as the “most literate city in America.” While many neighborhoods compromise Minneapolis, today we’re examining housing figures from December 2008 to December 2009 and looking at year-to-date information for Minneapolis as a whole.

In December 2008 Minneapolis had 1,901 homes on market, 555 were new listings. A year later there were 27.4% fewer homes being listed with only 1,380 properties and 446 were new listings, down 19.6% from the previous year. Townhouse and condo units also saw a 20.8% slip between December 2008’s 1,065 units and December 2009’s 844 units. This change for new market listings follows the year-to-date trend: 11,052 in 2008 down to 9,785 in 2009.

Closed sales for properties in December 2009 were also down, but the number of closing for the year-to-date did see an increase. In December ‘08 and year-end of 2008, the numbers of closed sales were 398 and 5,293 respectively. Closed sales for December ‘09 fell 24.9% to 299 with the year-to-date at 5,886 closings, a positive 11.2% change over the previous year.

The average sales price of a home for December 2008 to December 2009 increased from $157,425 in 2008 to $177,515. The average sales price for the year-to-date decreased 12.7% from $209,824 to $183,265 in 2008 and 2009 respectively. While looking at the median sales price for December 2009 ($134,900) and the year-to-date ($150,000), its apparent that homes with a lower sales price are comprising a greater percent of the sales for Minneapolis.

The average number of days a home was on the market fell 12.5% from 127 days in December 2008 to 111 days in December 2009, which mimicked the year-to-date change, 12.6% to 112 days in 2009. The percent of sellers receiving the original list price increased 6.6% from December 2008’s 89.8% to 95.6% in 2009. For the year-to-date in 2009, 94.7% percent of sellers in Minneapolis received the original listing price (not accounting for previous listing prices), which rose by nearly four-percent.

The city of Minneapolis has a neighborhood for every price range and life you’d like to live. If you’re not sure where to look, let the Minnesota Real Estate Team help guide your journey as a buyer, seller, or both! If you’re looking to purchase a home and don’t know where to start, The Minnesota Real Estate Team can help you with all types of searching from properties, some of which are part of the mls mn. Those only licensed real estate agents have access to the actual MLS, our team is happy to help you with all of your buying and selling needs here in Minneapolis, MN.

Related Posts

• MLS # 3629785 – 910 Sheridan Ave North

Have you heard the good news?

The First-Time Homebuyer Credit was extended! The credit remains at $8,000 for a first-time homebuyer.

The new law went into effect November 2009 and extends the deadline for qualifying home purchases until April 30, 2010.  If a buyer enters into a purchase agreement by April 30, 2010, the buyer has until June 30, 2010, to close on the property.  Buyers have the option of claiming the credit on either their 2009 or 2010 tax returns.

That’s not the only bit of good news!

Income limits have gone up too!  The full credit will be available to buyers with adjusted gross incomes up to $125,000 or $225,000 (joint filers).  First-time homebuyers with adjusted gross incomes between $125,000 and $145,000, or $225,000 and $245,000 (joint filers) are eligible for a reduced credit.  However, buyers with higher incomes do not qualify.

First-time homebuyers aren’t the only ones being rewarded in 2010!

The new credit also provides a “long-time resident” credit of up to $6,500 to homebuyers who do not qualify as “first-time buyers.”  To be eligible, a buyer must have owned and used the same home as a principal / primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

You should know, however, that with the new tax credit comes three new requirements.  First, your dependents are not eligible to claim the credit.  Second, no credit is available if the purchase price of a home is more than $800,000.  Lastly, a buyer must be at least 18 years of age on the date of purchase.

If you’re a first time homebuyer and want to take advantage of the tax credit, you likely have a number of questions.  The Minnesota Real Estate Team offers free classes for  first time home buyers in Minnesota to prepare you for the next step in your adult life.

To answer any of your real estate questions, call The Minnesota Real Estate Team at 952-223-1150.  Or if you’re in listening in the Minnesota area, tune into The Minnesota Real Estate Show on Saturday’s from 11AM to NOON on KTLK, 100.3 FM.

Related Posts

• Minnesota first time home buyer programs
• Minnesota First Time Home Buyer Tips
• Minnesota First Time Home Buyer Class
• $8000 tax credit – MN First Time Home Buyers

If you are a prospective first time home buyer, realize that there are so many outstanding programs available to help you get the property financed. Not only on the federal level, but the state, county, and often times city level as well.

Every month, our team puts on a monthly first time home buyer seminar here in the Minneapolis area. We discuss many different items: down payment assistance for first time buyers, grants available, the $8000 tax credit, and really any and all details regarding the first time home buyer programs available for buyers here in Minnesota.

Stop on out to our next free class on August 13th, 6:30-8 PM. We provide the information to all attendees in a low pressure yet informative setting.

The Minnesota Real Estate Team of REMAX Advantage Plus takes great pride in providing our first time home buyer clients as much information as we can. We have been the #1 RE/MAX Team in Minnesota from 2006 through 2009. Our team is here to help you however we can.

For more info on this event, email Request@MnRealEstateTeam.com or call 952-223-1150.

Related Posts

• 2010 First-Time Homebuyer Credit
• Minnesota First Time Home Buyer Tips
• Minnesota First Time Home Buyer Class
• $8000 tax credit – MN First Time Home Buyers

1.  Be sure to talk to a top loan offer and know what you are preapproved for before you start looking for various properties. As a first time buyer, this will save you time and allow you to know exactly what price of home you can afford.

2. Attend a first time home buyer seminar and get as much information about the buying process as you can. With our team, we strongly believe in offering free montly first time buyer classses here in MN.  Each month, the seminar is down in Burnsville. It gives buyers the chance to ask all type of questions regarding the first time home buying process.

3. Plug in with a loan officer and a real estate agent that you like and you trust.  In today’s market, there are a number of various programs that offer down payment assistance. With our team, we work with Carrie Guarrero of The Minnesota Home Loan Partners. She focuses specifically on first time home buyers and all of the various programs, grants, and down payment assistance that are available.

4. Know your credit score! Find out what your score is and what you can do to concretely improve it! Credit scores are king in this market.

5. Get to understand the $8000 tax credit! Remember that this expires as of the end of November 30th.

These are just a few tips to share with you. Don’t hesitate to contact us if you would like to attend our free First Time Homebuyer Seminar here in MN.  Our forum is very laid back, and we give you a chance to air all of your questions.

For more info on this event in Burnsville, email Request@MnRealEstateTeam.com or call 952-223-1150.

Here’s to you during this exciting time of looking for your first home!

Related Posts

• 2010 First-Time Homebuyer Credit
• Minnesota first time home buyer programs
• Minnesota First Time Home Buyer Class
• $8000 tax credit – MN First Time Home Buyers