Minneapolis Market Analysis: March 2008
There was a decrease in new listings in Minneapolis, Minnesota, during the month of March, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During March of 2008, there were 987 new listings. In March 2007, there were 1,245 new listings. That is a drop of about 20%. The University community experienced the greatest decline in new listings at 54.2%. Conversely, Powderhorn and North communities bucked the downward trend and have experienced an increase in listings compared to last year. Here is a list of March 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to March 2007. As you can see, there have been some pretty big changes.
Camden: 142 (-17.4%)
Downtown: 127 (-26.2%)
Longfellow: 53 (-18.5%)
Nokomis: 115 (-25.8%)
North: 118 (+0.9%)
Northeast: 63 (-45.7%)
Phillips: 16 (-33.3%)
Powderhorn: 88 (+29.4%)
Southwest: 136 (-16.0%)
University Area: 11 (-54.2%)
Uptown-Lakes: 121 (-29.7%)
Taking a step back to look at Minneapolis’ posted new listing for the 2008 year-to-date shows a slightly different picture. From January through March of 2008, there were 2,921 new listings, compared to 3,353 during the same time period of 2007. That is a decrease of about -12.9%. The most dramatic adjustments happened in the Uptown-Lakes area, which experienced a drop in new listings of about 35% while the Phillips community had an increase in new listings of about 29%. Here is a list of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:
Camden: 416 (-3.7%)
Downtown: 388 (-21.3%)
Longfellow: 150 (-6.3%)
Nokomis: 328 (-19.0%)
North: 392 (+10.1%)
Northeast: 207 (-25.3%)
Phillips: 93 (+29.2%)
Powderhorn: 225 (+16.6%)
Southwest: 345 (-12.7%)
University Area: 52 (-31.6%)
Uptown-Lakes: 325 (-34.9%)
As shown here, when the year-to-date picture is taken into account, we can see that though Phillips also experienced a drop in listings for March, the community is still ahead compared to last year at this same time.
Minneapolis closed sales continue to slow as expected. During the month of March, there were over 10% fewer closed sales at 305, compared to 342 in March of 2007. For the 2008 year to date, there has been a decrease in sales of 6.3%. 817 home sales were closed in the City of Minneapolis compared to 872 during the same time period last year.
And now to the part for which you’ve probably been waiting: What about price? Well, unfortunately the downward trend continues. The average sales price of a home in the City of Minneapolis was $209,597 in March 2008 compared to $245,099 in 2007, a decrease of a whopping 14.5%. The average sales price year-to-date in the City of Minneapolis paints an even grimmer picture. From January through March of 2007, the average sales price of a home was $251,835, which dropped 15.7% to $212,174 for the same time period of 2008. The percentage of Minneapolis homes which sold at their original list price has also decreased to 90.5% during the month of March, down from 94.9% in 2007.
Average prices of homes sold in Minneapolis by community:
Camden: $105,752 (-29.7%)
Downtown: $307,613 (-9.0%)
Longfellow: $178,850 (-27.3%)
Nokomis: $228,254 (-2.7%)
North: $57,037 (-32.6%)
Northeast: $166,427 (-12.4%)
Phillips: $59,000 (-58.2%)
Powderhorn: $163,116 (-1.5%)
Southwest: $326,498 (+3.7%)
University Area: $247,391 (+16.6%)
Uptown-Lakes: $273,401 (-6.7%)
It is easy to see here that the drop has not been uniform across the board. In fact, the average price of homes in the Southwest and University communities has increased! For University, the number of new listings has dropped so dramatically that prices are starting to creep back up.
Finally, homes for sale in Minneapolis are staying on the market longer than they did last year. Last year in March, a Minneapolis home was on the market for an average of 133 days before selling. During March of 2008, a home was on the market for an average of 151 days when it finally sold. Of course, like the statistics we’ve seen already, its not uniform across the board. Here is the average number of days a home is on the market at the time of sale by community for March of 2008. Notice that in some neighborhoods, homes are actually spending significantly less time on the market than they were last year.
Camden: 190 (+35.5%)
Downtown: 223 (+34.5%)
Longfellow: 122 (+5.4%)
Nokomis: 134 (+1.8%)
North: 151 (-20.7%)
Northeast: 136 (-10.1%)
Phillips: 47 (+4.0%)
Powderhorn: 138 (+41.9%)
Southwest: 147 (+19.0%)
University Area: 104 (-53.6%)
Uptown-Lakes: 183 (+76.0%)
This is a brief analysis of the Minneapolis real estate market based on calculations by the Minneapolis Realtors Association. These statistics do not reflect each individual situation of course. Though much of this information seems disappointing at first glance, the decrease in new listings may help to ease the glut of homes available for sale. If the market is less flooded, it could help to slow or stabilize property values.
Browse homes for sale by Minneapolis community:
Calhoun Isle Real Estate
Camden Real Estate
Central Real Estate
Longfellow Real Estate
Phillips Real Estate
Powderhorn Real Estate
Near North Real Estate
Nokomis Real Estate
Northeast Real Estate
Southwest Real Estate
University Real Estate
Camden: 142 (-17.4%)
Downtown: 127 (-26.2%)
Longfellow: 53 (-18.5%)
Nokomis: 115 (-25.8%)
North: 118 (+0.9%)
Northeast: 63 (-45.7%)
Phillips: 16 (-33.3%)
Powderhorn: 88 (+29.4%)
Southwest: 136 (-16.0%)
University Area: 11 (-54.2%)
Uptown-Lakes: 121 (-29.7%)
Taking a step back to look at Minneapolis’ posted new listing for the 2008 year-to-date shows a slightly different picture. From January through March of 2008, there were 2,921 new listings, compared to 3,353 during the same time period of 2007. That is a decrease of about -12.9%. The most dramatic adjustments happened in the Uptown-Lakes area, which experienced a drop in new listings of about 35% while the Phillips community had an increase in new listings of about 29%. Here is a list of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:
Camden: 416 (-3.7%)
Downtown: 388 (-21.3%)
Longfellow: 150 (-6.3%)
Nokomis: 328 (-19.0%)
North: 392 (+10.1%)
Northeast: 207 (-25.3%)
Phillips: 93 (+29.2%)
Powderhorn: 225 (+16.6%)
Southwest: 345 (-12.7%)
University Area: 52 (-31.6%)
Uptown-Lakes: 325 (-34.9%)
As shown here, when the year-to-date picture is taken into account, we can see that though Phillips also experienced a drop in listings for March, the community is still ahead compared to last year at this same time.
Minneapolis closed sales continue to slow as expected. During the month of March, there were over 10% fewer closed sales at 305, compared to 342 in March of 2007. For the 2008 year to date, there has been a decrease in sales of 6.3%. 817 home sales were closed in the City of Minneapolis compared to 872 during the same time period last year.
And now to the part for which you’ve probably been waiting: What about price? Well, unfortunately the downward trend continues. The average sales price of a home in the City of Minneapolis was $209,597 in March 2008 compared to $245,099 in 2007, a decrease of a whopping 14.5%. The average sales price year-to-date in the City of Minneapolis paints an even grimmer picture. From January through March of 2007, the average sales price of a home was $251,835, which dropped 15.7% to $212,174 for the same time period of 2008. The percentage of Minneapolis homes which sold at their original list price has also decreased to 90.5% during the month of March, down from 94.9% in 2007.
Average prices of homes sold in Minneapolis by community:
Camden: $105,752 (-29.7%)
Downtown: $307,613 (-9.0%)
Longfellow: $178,850 (-27.3%)
Nokomis: $228,254 (-2.7%)
North: $57,037 (-32.6%)
Northeast: $166,427 (-12.4%)
Phillips: $59,000 (-58.2%)
Powderhorn: $163,116 (-1.5%)
Southwest: $326,498 (+3.7%)
University Area: $247,391 (+16.6%)
Uptown-Lakes: $273,401 (-6.7%)
It is easy to see here that the drop has not been uniform across the board. In fact, the average price of homes in the Southwest and University communities has increased! For University, the number of new listings has dropped so dramatically that prices are starting to creep back up.
Finally, homes for sale in Minneapolis are staying on the market longer than they did last year. Last year in March, a Minneapolis home was on the market for an average of 133 days before selling. During March of 2008, a home was on the market for an average of 151 days when it finally sold. Of course, like the statistics we’ve seen already, its not uniform across the board. Here is the average number of days a home is on the market at the time of sale by community for March of 2008. Notice that in some neighborhoods, homes are actually spending significantly less time on the market than they were last year.
Camden: 190 (+35.5%)
Downtown: 223 (+34.5%)
Longfellow: 122 (+5.4%)
Nokomis: 134 (+1.8%)
North: 151 (-20.7%)
Northeast: 136 (-10.1%)
Phillips: 47 (+4.0%)
Powderhorn: 138 (+41.9%)
Southwest: 147 (+19.0%)
University Area: 104 (-53.6%)
Uptown-Lakes: 183 (+76.0%)
This is a brief analysis of the Minneapolis real estate market based on calculations by the Minneapolis Realtors Association. These statistics do not reflect each individual situation of course. Though much of this information seems disappointing at first glance, the decrease in new listings may help to ease the glut of homes available for sale. If the market is less flooded, it could help to slow or stabilize property values.
Browse homes for sale by Minneapolis community:
Calhoun Isle Real Estate
Camden Real Estate
Central Real Estate
Longfellow Real Estate
Phillips Real Estate
Powderhorn Real Estate
Near North Real Estate
Nokomis Real Estate
Northeast Real Estate
Southwest Real Estate
University Real Estate
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