Uptown-Lakes Real Estate in Minneapolis

December 29th, 2008

Uptown-Lakes Minneapolis Real Estate Market Update – December, 2008

Uptown is a unique and wonderful section of Minneapolis full of things to do and places to go!  Let’s look at real estate numbers here and see if they are just as wonderful!  First we’ll compare November of 2007 to November of this year.  There were 34.3% fewer new listings put onto the MLS, with 65 new property listings this November.  Closed sales are also down by 57.1% with 42 properties closing November of 2007 compared to only 18 properties closing November of 2008.  The average sales price in the Uptown-Lakes area went from $421,875 to $285,561 and is down 32.3%.  The percent of original list price received at the time of sale is 87.6%, which is down from 95% in November of 2007.  Average days on the market until sale are up 59.7% from last November and are currently 123 days.  There were 134 single family detached homes on the market this year, and 238 townhomes, which are up 42.6% and down 27.2% respectively.

When comparing January through November of 2007 to January through November of 2008, new listings for this part of Minneapolis did drop 27.3%.  Closed sales are down 28.8%.  The average sales price in the Uptown-Lakes area actually stayed pretty level at $379,105, an increase of 1.3%!  Average days on the market are up 34.9%, going from 92 to 124 days.  The percent of original list price received at the time of sale decreased 4%, going from 96.4% in 2007 compared to 92.5% in 2008.

Uptown is a highly sought after place to live, or even to hang out!  Looking at these statistics, it seems more people are currently staying put which is odd considering the average sales price actually increased over last year!  However, the average days on market going up and closed sales going down could be discouraging.  If you’re looking to buy a home in the Uptown area, now is the time! We have a number of agents on our team who know this part of the Minneapolis real estate market well!

I hope everyone is having an outstanding Holiday Season!

Southwest Minneapolis real estate

December 27th, 2008

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!

Minneapolis Lofts

December 22nd, 2008

We are extremely excited to have put together a top, top collection of all of the various minneapolis lofts for sale here in our market. With the vast number of properties that are still available for sale, buyers are being afforded some just all around outstanding choices.

And of course with sellers being so motivated in this “buyer’s market,” buyers are finding prices at almost historical lows.

With any type of condo or loft purchase however, it is crucial to have your real estate agent take a close look with you at the association documents. With each purchase, you as the buyer are given time to review all of these documents as well as the financials of the association. Please be sure to take time to look closely through the numbers to ensure that you are not buying a condo or loft in an association with financial problems.

With that being said, our minneapolis real estate market is one that is creating so many outstanding buying opportunities. Of course sellers are still able to sell, however, many sellers are forced to compete with the vast number of bank owned and short sale listings that are on the MLS as well. And many of these properties are at very, very low price points.

With each week that passes, we are seeing more and more homes go pending, that is, accept an offer. And there have been fewer properties coming onto the market. This certainly bodes well for our market indeed. By no means are we back to balanced market, however, we are definitely heading in the right direction.

If you have interest in learning more about our real estate market here in Minnesota, check out our weekly radio show, The Minnesota Real Estate Show, Saturdays, 3-5 PM on 100.3 KTLK, FM.

We enjoy bringing any and all types of real estate and mortgage information to all of the listeners here in our real estate market!

North Minneapolis Investment Property

December 19th, 2008

North Minneapolis has become a hot investor market with all of the foreclosures in this area. Let’s look at real estate numbers for that neighborhood of Minneapolis. Comparing November of 2008 to November of 2007, there have been 26.7% less homes put onto the market. Closed sales this November are up 229.4% with 56 properties closing. The average sales price is down 37.8%, going from $83,993 to $52,265. The average days on market in North Minneapolis are down 25.6%, from 186 days last November to 138 days this November. There were 284 active single family homes for sale in November of 2008, compared to 434 actives in November of 2007.

When comparing January through November 2007 to January through November 2009, closed sales are up by 100.9%, from 343 sales in 2007 to 689 closings in 2008. The average sales price declined by 40.2%, going from $102,885 in 2007 all the way down to $61,541 in 2008. Average days on the market are down 13.%, from 171  days to 148 days this year. The percent of original list price received at the time of sale remains constant at 85.4% this year (was 84.8% last year so certainly getting a bit better!).

North Minneapolis in the past has not had the best reputation. However, investors are buying a ton of foreclosures in the area, rehabbing them, and renting or reselling them. As a result, the closed sales numbers are so much higher this year. Also, the fact that sales prices are way down means that the investor buyer is really having a “hey day” right now.  Many of the homes require so much work that the average buyer is moving on to other neighborhoods and other homes in Minneapolis. One last thought: with fewer homes coming onto the market, that could mean that there are fewer foreclosures as time goes on. This all certainly bodes well for North Minneapolis

As investors, be sure to check out our monthly investment property seminars offered. All of our seminars are free of charge, and we explore really any and all sorts of investment property topics.

 

Downtown Minneapolis Real Estate – December market update

December 12th, 2008

 

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!

Homes in Minneapolis – A Market Update

December 5th, 2008

The Minneapolis real estate market surely is seeing some positive signs here in the last few months. Less and less homes have been coming onto the market, more properties are going pending, and the overall inventory of homes for sale has been declining.

 

Over the last few months, trends show that new listings coming onto the market here in the Twin Cities have continually decreased. The increase in pending sales and decline in overall listing inventory has also been steadier compared to last year. In the previous year, new listings coming onto the market had varied significantly, from 1700 to 2100 and down to 1600 all in one month’s time!  Typically, the winter months are slower with a smaller number of homes for sale and pending sales, and each year the real estate market peaks in the summer months.  Here in our market, pending sales are also on a decline for the last few months. However, they have certainly increased over last year’s numbers. Last week, pending sales were up 74.5% over Thanksgiving week from 2007, and almost every week for the last 3 months, with an exception of one, we had an increase over last year. Current inventory of homes for sale in the Minneapolis and St Paul metro area is 27,733.  Looking at overall trends of inventory is quite interesting. This year and last have almost the exact same “slope” throughout the year; however this year’s inventory is consistently 10% lower than last.  Looking at 2004 through 2008, each year, the inventory of total homes for sale gets progressively higher going from an average of around 17,000 in 2004, all the way to an average of around 30,000 in 2008.

 

Other interesting trends: the days on market until sale have started to decline, being the highest at the start of 2008 at about 165 days, and now at the close of 2008, the average days on market are down to 140. Still high but promising to see that trend occurring.  In addition, the current supply of homes is 12.06 houses per buyer.

 

If you are a buyer here in the Minneapolis area, there has almost never been a better time.  Sellers, remember price and condition remain paramount in our real estate marketplace.

Minneapolis Loft and Condo Living

November 25th, 2008

Have you ever considered the idea of living in a condo or a loft in downtown Minneapolis? I know often times my wife and I have mentioned how much we would like living downtown. It may seem obvious to some, but in today’s blog post, I wanted to take a look at some of the positives and negatives that may be associated with downtown loft and condo living.

 

On a positive side, most of the lofts and condos in Minneapolis are certainly updated and trendy. We’re talking new fixtures, top of the line appliances, newer countertops. Really overall, you are looking a property with a lot of “new” and trendy. Compared to that 1950s rambler in Golden Valley you are living in, you are probably dealing with less maintenance with your loft.  In addition, there is the night life aspect. Perhaps you and your significant other enjoy heading downtown to listen to the Minnesota Orchestra? Maybe you like going over to the Fine Line Café to listen to the latest band here in the Twin Cities? Imagine how convenient it would be to have short five minute drive over to that entertainment or sporting event.

 

Within each of these outstanding buildings, you will find various amenities. The joys of having your own workout room or club right in your building! No more bundling up and driving a few miles over to the health club!!

 

On the other hand, parking may be an issue. Most of the various buildings in and around the city have parking within, but be sure to know how many parking spaces are offered with the property you may be looking to purchase. More often than not, it does clearly list how many spaces are included on the MLS.  In addition, forget taking your pooch right outside into your backyard at your nice rambler out in Bloomington.  Many buildings do in fact accept pets, however realize it could be a hike just to take Spot outside.

 

And of course there are the association fees with a condo. As a real estate buyer in today’s market, be sure you know what your association fee includes and what it does not include.

 

In conclusion, there is certainly no “one size fits all” when it comes to this type of decision. But right now, if you like what this lifestyle does in fact offer, there are a number of outstanding lofts, condos for sale in Minneapolis for buyers to choose from!

Minneapolis Real Estate Update

November 24th, 2008

We are slowly but surely starting to get more good news for the Minneapolis and St Paul real estate markets! This week’s “weekly market activity report” just came out and it does indeed have good news. When looking at the last 20 weeks alone, pending sales in 2008 have been higher than the same week in 2007. Common sense tells us, more pending sales is surely a great sign indeed for our local real estate market.

There were 1,315 new listings that went onto the MLS here last week. This was a 9% decline compared to last year at this exact same time.  Pending sales did in fact rise significantly, with 649 properties receiving an accepted purchase agreement this week. This is an increase of 19.1% compared to last year at this exact same time. The overall inventory of homes for sale here in the Minneapolis real estate market is down 9%, with 29,365 properties currently for sale on MLS.

The average market time for a property here in the Twin Cities is at 141 days, and the percent of original list price received at the time of sale is down to 91.3%. This is down 1.9% compared to 2007 at the exact same time.

Lastly, there are currently 10.72 houses on the market per one buyer. This too is down 13.9% compared to last year.

Overall, if you are a home buyer here in the Minneapolis and St Paul markets, realize that the supply of homes for sale is surely decreasing. It is still a very strong buyer’s market here, but these numbers are in fact showing that we may have “hit the bottom.”  With more pending sales each week, the overall supply of homes shrinking, and less new listings coming onto the market, we are moving back in the direction of a balanced marketplace.

Downtown Minneapolis real estate market

November 21st, 2008

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.

Minnesota Real Estate Update

November 10th, 2008

It’s that time again!  Let’s take a look at some market statistics here for real estate activity here in Minneapolis.

For the week ending October 25th, there were 1,558 new listings put onto the MLS. This is down 2% compared to last year at the exact same time.  There were 602 pendings, or properties that received accepted offers. This is up 17.1% compared to last year. And overall inventory levels are at 30,343. This is down 9.2% compared to last year at this time.

Overall, these are certainly good numbers for our local real estate market. With less homes coming on the market each week, and more homes moving towards a pending status, things are balancing out.  We are still in a very strong buyer’s market with over 30,000 homes on the MLS here in the Twin Cities, but it is slowly but surely improving.

On a quick sidenote, our team was very excited to learn we made the Wall Street Journals Top 200 Real Estate Professionals for 2007. We were the only team from any company in Minnesota to make this list.  What the WSJ does, is rank the Top 50 teams and inviduals by total volume as well as total number of closed transactions. We made the Top 50 for number of transactions closed.

As always, please feel free to email or call us at 952-223-1150. The Minnesota Real Estate Team is here to help with all of your real estate needs!