Minneapolis Real Estate Market – January 2010


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.

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