Downtown Minneapolis real estate market
Let’s take a look at the activity we are seeing in and around the downtown Minneapolis real estate market. As we know, the Twin Cities as a whole remains a very strong buyer’s market. In downtown Minneapolis, there continues to be a great number of condos and lofts for sale.
Comparing October of 2007 to October of 2008. there has been a drop of 40.6% in new listings that have gone onto the MLS. Year to date, downtown has seen 25.1% less new listings for sale. As far as closed sales, October of 2008 saw 15% less activity, with the year to date numbers actually increasing by 3.1%. The average sales price for a property in downtown Minneapolis increased by 2.8% comparing October of 2008 to October of 2007. The average sales price of a property year to date rose from $312,773 to $330,163. This is a 5.6% year over year increase. The percent of original list price received at the time of sale is down only 1% year to date.
When looking at average market time for a property, it has increased 27.8% year to date, to 108 days. The total number of townhomes and condos/lofts for sale is down 28.1% (comparing October of 2007 to October of 2008.) This is certainly good news indeed for this part of our market.
In general, if you are buyer looking for a condo or a loft in downtown Minneapolis, the buying market still remains very strong. You will find that supply of properties for sale on the MLS still remains high, however buyers are being afforded some outstanding choices.
Within our team, The Minnesota Real Estate Team, we have a couple agents who specialize in the downtown market. If you are looking for that special loft of condo, please don’t hesitate to let us know.
If you are a seller needing to sell, please let us know. Our team is here to help you market your property effectively in this market.
