Southwest Minneapolis real estate

Today let’s take a look at the most recent update for the Southwest portion of the Minneapolis real estate market.

When comparing November of 2007 to November of 2008, there was a drop of 5.6% in new MLS listings that were put onto the market. Closed home sales in this part of Minneapolis also did drop from 56 closings in November of 2007 to 26 closings here in November of 2008.  The average sales price for a home in Southwest Minneapolis dropped from $395,136 to $321,836. This is a 18.6% year over year decrease.  The percent of original list price received at the time of sale dropped from 92.7% to 90.8%.

Average days on market for a property in this part of Minneapolis rose from 96 days to 131 days. This is a 36.6% increase. In November of 2008, there were 245 active single family homes for sale on the MLS in Southwest Minneapolis.  Lastly, there were 42 condos and townhomes for sale. This was a 44% increase from the active condo and townhome listings for sale in November of 2007.

Now let’s take a quick look at January through November of 2007 compared to January through November of 2008.  New listings of homes, condos, and townhomes for sale on the MLS in this part of Minneapolis have been down 15.3% here this year.  Closed sales are down 20.5% this year, with 633 properties closing thus far. The average sales price is down 7.6% this year at $337,774. Average days on market is up from 101 to 118 days this year. This is a 16.5% year over year increase.

In conclusion, southwest Minneapolis certainly has not been immune to the overall real estate conditions here in the Twin Cities. Thankfully, new listings have been down this year, and the average sales price, though it has dropped, is not down nearly as much as other sections of Minneapolis.

Southwest continues to offer a number of awesome homes for sale.  And of course some great condos, lofts, and townhomes as well. If you are a buyer, there certainly has not been a better time to be looking in recent history.

Our team, The Minnesota Real Estate Team, has a couple agents on the team that do alot of work in this area of Minneapolis.  Let us know how we can help you with your real estate needs!

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