Minneapolis Real Estate Market Analysis January 2009

It’s this first real estate market analysis for Minneapolis in 2009!  The number of January 2009 new listings in Minneapolis has declined compared to 2008, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities.  But they’ve increased compared to last month!  There were 820 new listings, while in January 2008, there were 982, a decrease of -16.5%. Downtown Minneapolis saw an increase in new listings, while the rest of the communities saw decreases in new listings.  Here is an inventory of January 2009 new listings in Minneapolis by community and the percentage of change that has occurred compared to January 2008.

Camden 107 (-24.6%)
Downtown Minneapolis 149 (+12.9%)
Longfellow 46 (-14.8%)
Nokomis 90 (-4.3%)
North 81 (-48.7%)
Northeast 64 (-16.9%)
Phillips 26 (-7.1%)
Powderhorn 70 (-16.7%)
Southwest 76 (-12.6%)
University Area 19 (-32.1%)
Uptown-Lakes 91 (-6.2%)

Closed sales within Minneapolis during January jumped compared to 2008.  There were 303 properties sold last month, a +13.5% more than the 267 houses sold in January 2008. Lots of homes in Camden, North, and Powderhorn communities still, and there were also increases in closed sales in Northeast and Phillips. Here are the closed home sales that occurred within Minneapolis during January, broken down by community and compared to 2008:

Camden 71 (+108.8%)
Downtown Minneapolis 21 (-58.0%)
Longfellow 16 (-0.0%)
Nokomis 31 (-8.8%)
North 51 (+54.5%)
Northeast 26 (+73.3%)
Phillips 9 (+125.0%)
Powderhorn 25 (+31.6%)
Southwest 25 (-28.6%)
University Area 3 (-0.0%)
Uptown-Lakes 20 (-16.7%)

The average prices of homes sold in Minneapolis have continued to fall.  Last month, the average price of a home sold within Minneapolis was $150,320, compared to the $237,379 homes were selling for in January 2008.  That is a decrease of -36.7%. The sales prices of homes sold in Downtown rose pretty substantially from $302,248 in January 2008 to $433,341 in 2009, but it the rest of the communities home prices are down. The percentage of homes which sold at their original listing price was 91.5% in January 2009, a slight rise from 91.2% in 2008. Average prices of homes sold in Minneapolis by community during January 2009:

Camden $46,881 (-42.7%)
Downtown Minneapolis $433,341 (+43.4%)
Longfellow $153,531 (-12.8%)
Nokomis $169,439 (-19.8%)
North $45,462 (-40.5%)
Northeast $149,204 (-32.1%)
Phillips $88,083 (-7.8%)
Powderhorn $104,977 (-21.7%)
Southwest $299,615 (-20.9%)
University Area $241,217 (-23.2%)
Uptown-Lakes $286,521 (-34.1%)

Finally, homes for sale in Minneapolis were on the market for an average of 116 day before selling in January. In 2008 in the same month, Minneapolis homes were on the market for an average of 119 days.   The statistics vary based on neighborhood and the types of housing on the market. Condos and town homes are selling much more quickly, while single family homes will stay on the market for much longer.

There are no year-to-date postings yet, because January is the only month for 2009 that there are statistics available.  Besides, February isn’t over yet. Please see this post for December and 2008 year-to-date statistics.

This is a brief analysis of the Minneapolis real estate market based on calculations by the Minneapolis Area Association of Realtors. These statistics do not reflect each individual situation of course.

Browse homes for sale by Minneapolis community:

Calhoun Isle Real Estate
Camden Real Estate
Central Minneapolis 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