Downtown Minneapolis Real Estate – December market update


Today we’re going to look at the real estate trends of the downtown area of Minneapolis. Comparing November of 2008 to the month of November in 2007, there have been 9.3% fewer new listings put onto the market, with 88 going active this November. Closed sales are down 52.5%, from 61 to 29 closings. Of the closed sales, sellers received an average of 93.9% of their asking price. The average sales price this November was $337,787, up 1.4% from $333,244 in 2007. Average days on the market were 85 days, compared to 92 days in 2007, a decrease of 6.7%. For single family detached listings on the market, there was a decrease of 83.3%, going from 6 to just 1 in December 2008 in the Downtown area. There were 445 townhomes or condos on the market this November, down from 530 the previous year.


Now we’ll compare January through November of 2008 to January through November of 2007. New listings are down 25.5%, with 1,293 listings put onto the market this year. Closed sales decreased 3.6%, from 615 closings in 2007 to 593 properties closing in 2008. The average sales price downtown is up 5.8%, going from $314,810 in 2007 to $333,140 in 2008. Average days on the market increased 24.9%, with homes staying on the market 107 days on average in 2008. The percent of original list price received at the time of sale dropped .9%, from 96.7% to 95.7% in 2008.


Wow!  That is certainly a great percent of original list price to be getting for a listing in downtown Minneapolis.  If you’re looking to sell there, it might be better than most areas.  And the average days on the market are at about 107 days. Things look promising for the downtown area.  The average sales price there is also rising, where most areas are still dropping slightly.  Actually, Uptown is the only other area in Minneapolis that showed a positive change in average sales price.  These two areas are at the heart of Minneapolis and are most popular to live being they are walking distance to many places.  Will be exciting to see more positive changes for our local real estate market in the future!


The Minnesota Real Estate Team is here to help you with any and all of your real estate needs. Looking to sell, buy, invest in real estate? Contact us today at 952-223-1150 or send us email!

Leave a Reply

To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Anti-spam image