Longfellow area – Minneapolis real estate

It’s time for us to revisit the Longfellow neighborhood of Minneapolis, comparing November of 2007 to November of this year. There have been 5.6% more listings this November, going from 36 to 38 new listings. Closed sales stayed exactly the same at 21 closings. The average sales price is down 13.7% from $226,002 to $195,102. Percent of original list price received at the time of sale is up 2.6% to 92.3%. The average days on market in the Longfellow neighborhood of Minneapolis is currently at 87 days, up 33.5% from last November. There were 107 active single family homes for sale, compared to 111 actives in November of 2008. The townhome and condo inventory levels also decreased significantly, going from 22 to only eight active townhomes or condos for sale this past November.

Now, let’s take a look at January through November of 2007 and compare that to January through November of 2008.  There were 639 new listings put onto the MLS in 2007, and 587 in 2008. This is a decrease of 8.1%. Closed sales are down 2.7% from 336 to 327 this year. The average sales price for a property went down 12.9% from $223,542 in 2007 to $194,599 this year. Average days on the market are up 26.3%, from 73 days last year to 93 days this year. The percent of original list price received at the time of sale went from 94.8% last year to 93% this year, a decrease of 1.9%.

We were hoping for a higher number of closed sales in the Longfellow neighborhood stats for this year, and unfortunately that did not take place.  However, the percent of original list price increased this November over last (as well as the number of new listings put up for sale on the RMLS.)

Look for our next update which will include December’s statistics for Longfellow as well as the entire year in review for this part of Minneapolis!

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