Barker and Hedges Real Estate BlogRecently posted or modified blog posts by tag - Near Northhttps://www.barkerhedges.com/blog/Copyright BarkerHedges.com2013-07-10T10:34:46-07:00tag:barkerhedges.com,2012-09-20:2350Two Limited Time Home Assistance Programs in MinneapolisThere are two new assistance programs available in Minneapolis for home
buyers and home owners, but act fast because they are limited in
availability and funds.First, Neighborhood Housing Services of Minneapolis is offering home
buyers in North Minneapolis a $5,000 forgivable loan towards the down payment of a home if a purchase agreement is signed by May 31 and the
sale is closed by August 15. If the new owner lives in the home for 5
years, the interest-free loan will be forgiven. There are no income
restrictions for qualifying. Loan funds for this program are limited to
$100,000, so when it's gone, it's gone!Second, homeowners and buyers in foreclosure-impacted <a href="/minneapolis-real-estate/">neighborhoods
of Minneapolis</a> can apply to the City’s Rehab Support Program. It has a fund of $750,000 with which to finance to complete improvements, potentially increasing the home’s market value. The pilot program offers loans of up to $20,000 at zero-percent interest. Funding the City
received from the Minnesota Housing Finance Agency will be matched
dollar for dollar by the homeowner from any other source they choose.
Approximately 50 loans will be available through this program. The
program is available to qualified homeowners and buyers in neighborhoods
where 10 percent of the housing stock is in foreclosure. Eligible
neighborhoods are: Shingle Creek, Lind-Bohanon, Webber-Camden,
Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison
and Near North on the city’s Northside and Central and Bryant
neighborhoods on the Southside. Check out the City of Minneapolis
website to view further restrictions.If you're a home owner or home buyer that fits these qualifications
in Minneapolis, it could be worth looking into these programs.2011-05-09T16:25:00-07:002013-07-03T01:51:45-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2135Minneapolis Real Estate Market Analysis March 2009 According to the Minneapolis Area Association of Realtors' <a href="http://www.mplsrealtor.com/the100.aspx">Market Update for 100 Twin Cities Communities</a>, the number of new listings in Minneapolis posted in March 2009 decreased compared to 2008's statistics. There were 963 new listings within Minneapolis, while there were 990 in 2008, a decrease of just -2.7%. The University community saw a big increase in new listings while most other communities saw their new listings fall. Here is an inventory of March 2009 new listings in Minneapolis by community:
NEIGHBORHOOD
NEW LISTINGS
CHANGE
Camden
133
- 7.0%
Downtown Minneapolis
142
+ 13.6%
Longfellow
56
+ 5.7%
Nokomis
109
- 2.7%
North
82
- 29.9%
Northeast
82
+ 30.2%
Phillips
18
- 0.0%
Powderhorn
82
- 10.9%
Southwest
122
- 12.2%
University Area
25
+ 127.3%
Uptown-Lakes
113
- 5.0%
For the year to date, there have been 2,546 homes listed for sale in Minneapolis, down -12.9% from the 2,924 homes listed during the same time period of 2008. With the exception of the University Area, all communities in Minneapolis have experienced decreases in new listings so far this year.
But there is good news on the closed sales front. During March there were 392 closed sales in Minneapolis. That's a +10.1% increase compared to the 356 sold during the same month of 2008. It's easier to point out the neighborhoods which saw decreases in sales: Downtown, Nokomis, Southwest, University, and Uptown-Lakes communities. Here are the closed home sales that occurred within Minneapolis during March, broken down by community and compared to 2008:
NEIGHBORHOODS
HOMES SOLD
CHANGE
Camden
77
+ 87.8%
Downtown Minneapolis
43
- 12.2%
Longfellow
30
+ 50.0%
Nokomis
39
- 23.5%
North
51
+ 6.3%
Northeast
39
+ 34.5%
Phillips
12
+ 200.0%
Powderhorn
29
+ 70.6%
Southwest
47
- 4.1%
University Area
8
- 33.3%
Uptown-Lakes
17
- 51.4%
For the year to date, closed sales within Minneapolis are up, too. There have been 1,029 sales within the city, a +10.1% increase from the 935 in March of 2008. The Phillips community has now seen an amazing +240% increase in closed home sales for the year-to-date. The biggest decrease has been seen in Downtown Minneapolis with a downturn in sales of -43.1%.
What comes next could be good or bad news, depending on your perspective. If you're a first time home buyer, then good news! The prices of homes sold in Minneapolis have continued to fall. If you're trying to sell a home and you bought when the market was high, then bad news: The prices of homes sold in Minneapolis have continued to fall. The median home price was $150,320 in January, $112,500 in February, and is now $126,850 in March, but that's still a full -36.4% less than the $199,450 they fetched in March 2008. The median sales price of homes sold in the Phillips community was the only statistic to rise even slightly. Otherwise, the rest of the Minneapolis communities saw decreases in median home values.
But I see there is a new figure on MAAR's statistical breakdown, and that is average sales price. The average sales price of homes sold in Minneapolis during March of 2009 was $172,569. A year ago, that price was $216,239. Having the two statistics to compare shows us that many of the homes that are selling right now are priced in the low- to mid-range. The percentage of homes which sold at their original listing price was 90.0% in March 2009, a slight decrease from the 91.3% in 2008.
Median prices of homes sold in Minneapolis by community during March 2009:
NEIGHBORHOODS
SALE PRICE
CHANGE
Camden
$37,500
- 45.1%
Downtown Minneapolis
$245,500
- 16.2%
Longfellow
$154,500
- 14.2%
Nokomis
$185,000
- 15.9%
North
$45,000
- 13.5%
Northeast
$145,000
- 17.1%
Phillips
$77,700
+ 3.8%
Powderhorn
$83,500
- 49.4%
Southwest
$277,500
- 0.4%
University Area
$188,750
- 7.2%
Uptown-Lakes
$229,900
- 1.3%
The year to date median sale price of homes in Minneapolis is a little better compared to February but worse compared to March of 2009. So far, the median home price is $110,000, down from $193,694. Though over the year that's a -43.2% decrease, it's better than the $104,000 of February 2009.
Lastly, homes for sale in Minneapolis were on the market for an average of 132 day before selling in March. In the same month of 2008, Minneapolis homes were on the market for an average of 137 days. The statistics vary based on neighborhood and the types of housing on the market. Homes sold in Downtown and Longfellow were on the market for just over three months while those in Uptown and Phillips are spending about 6 months on the market. Condos and town homes are selling more quickly, while single family homes tend to stay on the market longer.
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. You can also read about <a href="https://www.barkerhedges.com/blog/minneapolis-real-estate-market-analysis-february-2009/">February 2009 Minneapolis real estate statistics</a>.
Browse homes for sale by Minneapolis community:
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2009-04-15T10:00:00-07:002013-07-09T08:10:49-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2128New Home Buyer ProgramsA new round of <a href="https://www.barkerhedges.com/buying/">home buyer</a> programs have started or will be starting soon in the Twin Cities.
<br /><br />
First, the Minneapolis Advantage program will help at least 200 people buy of foreclosed or vacant houses in targeted areas of the city. It offers as much as $10,000 in forgivable loans toward a down payment, closing costs or repairs for vacant or foreclosed single-family houses or duplexes.
Applicants who earn less than 80 percent of area median income ($64,720 for a four-person family) are eligible if they buy a foreclosed house or one vacant more than 30 days in these neighborhoods: Bryant, Sheridan, Lind-Bohanon, Venture Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips or Beltrami.
<br /><br />
People earning less than 120 percent of area median income ($97,080 for four people) are eligible for help with purchases of such houses in the above neighborhoods plus the Corcoran, Bottineau, Regina and Victory neighborhoods. Some neighborhoods are adding to the city's incentives.
Please visit the Minneapolis Advantage program website to learn more.
<br /><br />
Next, there are two new programs to buy <a href="https://www.barkerhedges.com/saint-paul-real-estate/">homes in Saint Paul</a> that will begin soon.
<br /><br />
The first is the federal Take Credit program. Take Credit has a fund of $8 million worth of tax credits for qualified first-time homebuyers who purchase homes in St. Paul. It is meant to help up to 130 first-time homebuyers who meet certain limits on income and the price of the home being purchased. (I think this program applied to homes in Minneapolis, too, but the specific details for the city weren't provided - it is the Pioneer Press, after-all).
<br /><br />
The second program is specifically for St. Paul though, and that is what is being dubbed as the Heroes program. The Heroes that qualify for this loan program include veterans, members of the U.S. armed forces, firefighters, emergency medical technicians, paramedics, health care workers and certain public sector employees. The city will spend $500,000 to provide $15,000 loans to about 33 people in the heroes program
<br /><br />
Finally, there is a new program offered for people who want to buy <a href="https://www.barkerhedges.com/st-louis-park-real-estate/">homes in St. Louis Park</a>. To attract new homeowners, people who work in the city can get a $2,500 grant to buy a home there through the Live Where You Work program. For the purchase of a foreclosed house, Saint Louis Park will chip in another $1,000. The only prerequisites are that one of the owners must work in the city and that they meet the income caps. Grants do not have to be paid back, either so it's basically free money to buy a home as long as you also work in Saint Louis Park.
<br /><br />
So, there you have information on some of the most recent housing program to go into effect or are about to take effect. All this is on top of existing home buyer programs in the Twin Cities and an $8,000 federal tax credit for first time home buyers that make their purchase before December 1. If you've been on the fence about buying a house, it really may be time for you to take the plunge.2009-04-09T21:45:00-07:002013-07-09T15:59:35-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2112Minneapolis Real Estate Market Analysis February 2009According to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities, the number of February 2009 new listings in Minneapolis dropped compared to 2008’s figures. There were 764 new listings in the city, while in 2008 there were 952, a decrease of -19.7%. The Longfellow and University communities of Minneapolis saw slight increases in new listings, while the rest of the communities saw their new listings decrease. Here is an inventory of February 2009 new listings in Minneapolis by community and the percentage of change from 2008.
<br /><br />
Camden 98 (-27.9%)<br />
Downtown Minneapolis 97 (-26.5%)<br />
Longfellow 43 (+4.9%)<br />
Nokomis 94 (-8.7%)<br />
North 115 80 (-30.4%)<br />
Northeast 55 (-15.4%)<br />
Phillips 17 (-65.3%)<br />
Powderhorn 51 (-30.1%)<br />
Southwest 117 (-3.3%)<br />
University Area 14 (+7.7%)<br />
Uptown-Lakes 97 (-4.0%)<br />
<br /><br />
For the year to date, there have been 1,583 homes listed for sale in Minneapolis, down -18.1% from the 1,934 homes listed during the same time period of 2008. Cumulatively for the year, all communities in Minneapolis have experienced decreases in new listings.
<br /><br />
Closed sales within Minneapolis during February were down a little compared to 2008, but weren’t that far off considering recent real estate market performance. There were 296 properties sold in the month of February, down -5.1% from the 312 properties sold in February last year and just a little below the 303 properties sold this January. Lots of homes sold in Camden, Northeast, Phillips, and Powderhorn communities, while sales are way down in both Uptown and Downtown. Here are the closed home sales that occurred within Minneapolis during February, broken down by community and compared to 2008:
<br /><br />
Camden 53 (+55.9%)<br />
Downtown Minneapolis 31 (-54.4%)<br />
Longfellow 10 (-28.6%)<br />
Nokomis 34 (-29.2%)<br />
North 53 (+1.9%)<br />
Northeast 23 (+76.9%)<br />
Phillips 10 (+400.0%)<br />
Powderhorn 29 (+93.3%)<br />
Southwest 27 (-0.0%)<br />
University Area 6 (+20.0%)<br />
Uptown-Lakes 20 (-41.2%)<br />
<br /><br />
For the year to date, however, closed sales within Minneapolis are actually up +5.2%, from the 579 in January and February of 2008 to the 609 sold during the same months of 2009.
<br /><br />
The median prices of homes sold in Minneapolis have continued to fall. The median home price of $150,320 in January fell to $112,500 in February, a full -40.2% less than the $188,000 they fetched in 2008. Though there were fewer sales in Uptown and Downtown, the sales prices of homes sold in those communities did rise slightly. Otherwise, the rest of the Minneapolis communities saw decreases in their home values. The percentage of homes which sold at their original listing price was 90.2% in February 2009, a slight decrease from the 90.9% in 2008. Average prices of homes sold in Minneapolis by community during February 2009:
<br /><br />
Camden $38,000 (-41.5%)<br />
Downtown Minneapolis $250,000 (-0.9%)<br />
Longfellow $191,580 (+6.6%)<br />
Nokomis $184,350 (-4.0%)<br />
North $26,100 (-55.0%)<br />
Northeast $151,750 (-15.7%)<br />
Phillips $85,000 (+87.0%)<br />
Powderhorn $85,000 (-22.7%)<br />
Southwest $250,000 (-16.4%)<br />
University Area $199,000 (-28.6%)<br />
Uptown-Lakes $171,735 (-20.7%)<br />
<br /><br />
For the year to date median sale price of homes in Minneapolis, the outlook is a little worse. For January and February so far, the median home price is $104,000. That’s -44.4% less than the $187,000 for the same time period of 2008.
<br /><br />
Lastly, homes for sale in Minneapolis were on the market for an average of 133 day before selling in February. In the same month of 2008, Minneapolis homes were on the market for an average of 130 days. The statistics vary based on neighborhood and the types of housing on the market. Homes sold in Camden and Nokomis were on the market for just about three months while those in Phillips, Powderhorn, and University are spending just less than 6 months on the market. Condos and town homes are selling more quickly, while single family homes tend to stay on the market longer.
<br /><br />
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. You can also read about January 2009 Minneapolis real estate statistics.
<br /><br />
Browse homes for sale by Minneapolis community:
<br /><br /><a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2009-03-16T14:43:00-07:002013-07-07T10:04:55-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2099Minneapolis Real Estate Market Analysis January 2009It’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.<br />
<br />
Camden 107 (-24.6%)<br />
Downtown Minneapolis 149 (+12.9%)<br />
Longfellow 46 (-14.8%)<br />
Nokomis 90 (-4.3%)<br />
North 81 (-48.7%)<br />
Northeast 64 (-16.9%)<br />
Phillips 26 (-7.1%)<br />
Powderhorn 70 (-16.7%)<br />
Southwest 76 (-12.6%)<br />
University Area 19 (-32.1%)<br />
Uptown-Lakes 91 (-6.2%)<br />
<br />
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:<br />
<br />
Camden 71 (+108.8%)<br />
Downtown Minneapolis 21 (-58.0%)<br />
Longfellow 16 (-0.0%)<br />
Nokomis 31 (-8.8%)<br />
North 51 (+54.5%)<br />
Northeast 26 (+73.3%)<br />
Phillips 9 (+125.0%)<br />
Powderhorn 25 (+31.6%)<br />
Southwest 25 (-28.6%)<br />
University Area 3 (-0.0%)<br />
Uptown-Lakes 20 (-16.7%)<br />
<br />
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:<br />
<br />
Camden $46,881 (-42.7%)<br />
Downtown Minneapolis $433,341 (+43.4%)<br />
Longfellow $153,531 (-12.8%)<br />
Nokomis $169,439 (-19.8%)<br />
North $45,462 (-40.5%)<br />
Northeast $149,204 (-32.1%)<br />
Phillips $88,083 (-7.8%)<br />
Powderhorn $104,977 (-21.7%)<br />
Southwest $299,615 (-20.9%)<br />
University Area $241,217 (-23.2%)<br />
Uptown-Lakes $286,521 (-34.1%)<br />
<br />
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.<br />
<br />
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. <a href="https://www.barkerhedges.com/blog/minneapolis-real-estate-market-analysis-december-2008/">Please see this post for December and 2008 year-to-date statistics</a>.
<br /><br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2009-02-16T13:26:00-07:002013-07-09T17:42:40-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2089Minneapolis Near North Community HighlightsThe <a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Community</a> can be found on the north and west side of Minneapolis. It is bordered to the south by Bassett’s creek, to the west by Penn Avenue, to the north by Lowry Avenue North, and to the east by I-94, Lyndale Avenue North and the Mississippi River. Contained within it are six smaller neighborhoods.
<a href="https://www.barkerhedges.com/minneapolis-hawthorne/">Hawthorne</a> - The Hawthorne neighborhood is in the northeast corner of the Near North community in Minneapolis. The neighborhood is bounded by the Mississippi River on the east and Emerson Avenue on the west; Broadway Avenue is the southern extent and Lowry Avenue is the neighborhood’s northern boundary. The Hawthorne neighborhood is named after the American writer Nathaniel Hawthorne, born in 1804.
The Hawthorne neighborhood is also the home of Farview Park, the oldest park of Minneapolis, the Nellie Stone Johnson School, and the Orvin Olson Park near the Mississippi River.
Home to nearly 6,000 residents, Hawthorne is nearly twice the size of most other Minneapolis neighborhoods. Hawthorne is mostly residential, with many single-family houses. There are some multi-family dwellings available.
<a href="https://www.barkerhedges.com/minneapolis-jordan/">Jordan</a> – West of Hawthorne is where one can find the Jordan neighborhood. Jordan is bound on the north by Lowry Avenue North, on the east by Emerson Avenue North, on the south and west by West Broadway Avenue. It gets its name from a neighborhood junior high school, which was built in 1922 and named after Minneapolis Public Schools Superintendent Emeritus Charles Morison Jordan.
Jordan is mainly a residential neighborhood. Home prices in the Jordan area are well below the Minneapolis median price for single and multi family homes. Jordan homes are about evenly divided between rental and owner occupied housing. With a population of nearly 10,000, Jordan is one of the city's largest active neighborhoods and is represented by the Jordan Area Community Council.
<a href="https://www.barkerhedges.com/minneapolis-willard-hay/">Willard - Hay</a> – West of Jordan and all along most of the western edge of the Near North community is Willard-Hay. The Willard-Hay neighborhood is south of West Broadway Avenue and stretches from Penn Avenue to Xerxes Avenue. It gets its name from two elementary schools within its borders: Francis Willard, which was named after an American educator, author and reformer born in 1859, and John Hay, named after an American diplomat and author born in 1839.
This neighborhood is mainly a residential area and includes Willard-Homewood, which was built in the first quarter of the 20th century and is one of Minneapolis' first planned developments.
<a href="https://www.barkerhedges.com/minneapolis-harrison/">Harrison</a> – At the far south and along the southern border of the Near North community is the Harrison neighborhood. It is bound on the north by Highway 55 (Olson Memorial Highway), on the east by Interstate 94 and Lyndale Avenue North, on the south by Bassett’s Creek and on the west by Theodore Wirth Park. It is named for Harrison Elementary School, which in turn was named after William Henry Harrison – the ninth president of the United States.
Parcels of industrial land occupy the neighborhood east of Cedar Lake Road, while the western part is mainly residential. Housing in the Harrison neighborhood is affordable for both renters and owners. The neighborhood is home to Bassett's Creek Park and Theodore Wirth Park, both of which offer many recreational activities and opportunities.
<a href="https://www.barkerhedges.com/minneapolis-near-north/">Near - North</a> – Taking up most of the center of this community is the Near North neighborhood of Minneapolis. It stretches from the Mississippi River on the east to Penn, Knox, James and Irving avenues on the west, and from West Broadway Avenue on the north to Olson Memorial Highway and 11th Avenue North on the south. The Near North neighborhood is located in the northwest portion of the City of Minneapolis and north of downtown, hence its name.
With approximately six thousand residents, Near North is a neighborhood which is home to proportionately more families than most other Minneapolis neighborhoods.
Near North is home to several historical landmarks, including the Sumner Community Library, which opened in 1915. The library is built in the Tudor Revival style and is named for U.S. Senator Charles Sumner. It is on the National Register of Historic Places and registered with the Minneapolis Heritage Preservation Commission. The library celebrated a grand reopening in January 2005 after a two-year renovation project.
Most of the Near North area was developed in the late nineteenth century. The architecture in the neighborhood reflects the styles of the late 19th and early 20th centuries. There are also several industries located along the banks of the river.
Sumner-Glenwood - Sumner-Glenwood is tiny sixth neighborhood in the Near North community of Minneapolis. It is roughly contained by 15 city blocks bordered to the north by 11th Avenue N., to the south by Glenwood Avenue, to the east by I-94, and to the west by both Girard Terrace and Emerson Avenue N.
The Sumner Field Homes, constructed in 1938, were the first federally subsidized homes in Minnesota. The homes were demolished in 1998. Plans are in place to rebuild the area, re-incorporating it into surrounding street grids. Buildings following the "New Urbanism" style will mix of affordable and market rate units, and will replace the old project housing. The new development is named Heritage Park, and it is possible the name of Sumner-Glenwood will be replaced by that name.
Browse other communities for <a href="https://www.barkerhedges.com/minneapolis-real-estate/">homes in Minneapolis</a>.2009-01-24T17:00:00-07:002013-07-06T12:00:40-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2082Minneapolis Real Estate Market Analysis: December 2008It’s that last real estate market analysis for Minneapolis for the year of December 2008! Let’s get to it! The number of new listings in Minneapolis has declined compared to 2007 again during the month of December, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. There were 555 new listings last month, while in December 2007, there were 567 new listings, a decrease of just -2.1%. The Northeast, Powderhorn, and University Area communities saw increases in new listings while the rest of the Minneapolis areas saw decreases in new listings. Here is an inventory of December 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to December 2007 (Previous Barker & Hedges article about <a href="https://www.barkerhedges.com/blog/minneapolis-real-estate-market-analysis-november-2008/">November 2008 Minneapolis Real Estate Market Activity</a>.)<br />
<br />
Camden 102 (+ 4.1%)<br />
Downtown Minneapolis 58 (-1.7%)<br />
Longfellow 27 (-15.6%)<br />
Nokomis 55 (-6.8%)<br />
North 88 (-24.1%)<br />
Northeast 44 (+18.9%)<br />
Phillips 14 (-0.0%)<br />
Powderhorn 54 (+35.0%)<br />
Southwest 51 (+4.1%)<br />
University Area 12 (+50.0%)<br />
Uptown-Lakes 52 (-7.1%)<br />
<br />
Minneapolis’ posted new listing for the whole of 2008 end well behind 2007’s statistics. From January through December of 2008, there were 11,047 new listings, compared to the 12,633 homes put on the market throughout the year of 2007, a decrease of about -12.6%. The greatest declines in new listings happened in the Uptown-Lakes, Downtown, and Nokomis communities. The North, Phillips, and Powderhorn communities saw increases in posted new listings for homes over the year. Here is a demonstration of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 1,626 (-1.4%)<br />
Downtown Minneapolis 1,352 (-24.6%)<br />
Longfellow 615 (-8.3%)<br />
Nokomis 1,197 (-25.1%)<br />
North 1,387 (+1.1%)<br />
Northeast 834 (-16.6%)<br />
Phillips 319 (+13.9%)<br />
Powderhorn 938 (+20.1%)<br />
Southwest 1,334 (-14.7%)<br />
University Area 237 (-14.4%)<br />
Uptown-Lakes 1,200 (-26.7%)<br />
<br />
Closed sales within Minneapolis jumped compared to 2007 in December. There were 367 properties sold, a whole +26.1% more than the 291 houses sold during December in 2007. For the 2008, Minneapolis ends the year with more closed sales above the level of the previous year. In 2007, there were 4,978 homes sold, while in 2008, 5,252 homes were sold. That is a +5.5% increase! Homes have been selling like crazy in Camden, North, and Powderhorn communities. Here are the closed home sales that occurred with Minneapolis in December, broken down by community:<br />
<br />
Camden 77 (+208.0%)<br />
Downtown Minneapolis 30 (-47.4%)<br />
Longfellow 22 (+69.2%)<br />
Nokomis 45 (+2.3%)<br />
North 46 (+91.7%)<br />
Northeast 32 (+18.5%)<br />
Phillips 10 (+150.0%)<br />
Powderhorn 33 (+120.0%)<br />
Southwest 42 (-6.7%)<br />
University Area 5 (-16.7%)<br />
Uptown-Lakes 26 (-13.3%)<br />
<br />
The average prices of homes sold in Minneapolis have continued to fall. Last month, the average price of a home sold within Minneapolis was $161,374, compared to the $273,128 homes were selling for in December 2007. That is a decrease in price of -40.9%. The sales prices of homes sold in Downtown and Lonfellow Minneapolis communities have risen slightly. The average sales price of homes sold in Minneapolis throughout 2008 was $210,617. From January to December of 2007, that number was $261,565. The percentage of Minneapolis homes which sold at their original list price was 89.9% during the month of December, down from 91.4% in 2007. Average prices of homes sold in Minneapolis by community during December 2008:<br />
<br />
Camden $58,146 (-20.5%)<br />
Downtown Minneapolis $422,461 (+7.4%)<br />
Longfellow $174,913 (+0.5%)<br />
Nokomis $185,768 (-12.0%)<br />
North $51,619 (-45.8%)<br />
Northeast $137,642 (-21.7%)<br />
Phillips $80,539 (-52.5%)<br />
Powderhorn $79,514 (-39.8%)<br />
Southwest $231,976 (-40.1%)<br />
University Area $223,941 (-9.0%)<br />
Uptown-Lakes $286,519 (-33.4%)<br />
<br />
Finally, homes for sale in Minneapolis were on the market for an average of 127 day before they sold in December. In 2007 during December, Minneapolis homes were on the market for an average of 113 days before they were sold. 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.<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2009-01-16T21:32:00-07:002013-07-08T10:30:20-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2063Minneapolis Real Estate Market Analysis: November 2008The number of new listings in Minneapolis has declined compared to last year again during the month of November, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. There were 634 new listings, while in November 2007, there were 711 new listings. That adds up to a decrease of -10.8%. During November, several communities did experience increases in new listings. The Nokomis and Uptown-Lakes communities saw decreases in new listings. Here is an inventory of November 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to November 2007 (Previous Barker & Hedges article about October 2008 Minneapolis Real Estate Market Activity.)<br />
<br />
Camden 107 (+11.5%)<br />
Downtown Minneapolis 88 (-9.3%)<br />
Longfellow 38 (+5.6%)<br />
Nokomis 50 (-40.5%)<br />
North 77 (-26.7%)<br />
Northeast 55 (+12.2%)<br />
Phillips 20 (+17.6%)<br />
Powderhorn 48 (-4.0%)<br />
Southwest 67 (-5.6%)<br />
University Area 15 (+200.0%)<br />
Uptown-Lakes 65 (-34.3%)<br />
<br />
Minneapolis’ posted new listing for the 2008 year-to-date is still well behind last year’s figures. From January through November of 2008, there were 10,492 new listings, compared to the 12,066 homes put on the market throughout the same time period of 2007, a decrease of about -10.8%. The greatest declines in new listings for the year-to-date have happened in the Uptown-Lakes, Downtown, and Nokomis communities. The North, Phillips, and Powderhorn communities have seen increases in posted new listings for homes over last year. Here is a demonstration of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 1,524 (-1.7%)<br />
Downtown Minneapolis 1,293 (-25.5%)<br />
Longfellow 587 (-8.1%)<br />
Nokomis 1,143 (-25.8%)<br />
North 1,299 (+3.4%)<br />
Northeast 789 (-18.1%)<br />
Phillips 305 (+14.7%)<br />
Powderhorn 883 (+19.2%)<br />
Southwest 1,283 (-15.3%)<br />
University Area 225 (-16.4%)<br />
Uptown-Lakes 1,150 (-27.3%)<br />
<br />
Closed sales within the City of Minneapolis dipped compared to last year in November. There were just 300 properties sold. That is less than the 325 of November in 2007 and is unfortunately much lower than last month’s 429 homes that sold. For the 2008 year to date, the Minneapolis closed sales are above the level of last year. During January to November of 2007, there were 4,687 homes sold. Last month in November, 4,840 homes sold, a +3.3% boost! Of course, properties in some communities are selling better than others. The Phillips and North communities, there was an increase in sales of over 200% during November. North will likely end the year with a 100% increase in home sales over 2007. Here are the closed home sales in November broken down by community:<br />
<br />
Camden 52 (+36.8%)<br />
Downtown Minneapolis 29 (-52.5%)<br />
Longfellow 21 (-0.0%)<br />
Nokomis 32 (-31.9%)<br />
North 56 (+229.4%)<br />
Northeast 23 (+21.1%)<br />
Phillips 9 (+200.0%)<br />
Powderhorn 29 (+141.7%)<br />
Southwest 26 (-53.6%)<br />
University Area 4 (-50.0%)<br />
Uptown-Lakes 18 (-57.1%)<br />
<br />
The average prices of homes sold in Minneapolis are still falling. Last month, the average price of a home sold within Minneapolis was $170,149, compared to the $274,983 homes were fetching in November 2007. That is a decrease in price of -38.1%. The sales prices of homes sold in Downtown Minneapolis have risen slightly and was the only communities to experience any increase in sales price. The average sales price of homes sold within the City of Minneapolis for the year-to-date in is now $214,239. From January to November of 2007, that number was $260,962. The percentage of Minneapolis homes which sold at their original list price was 89.8% during the month of November, down from 92.2% in 2007. Average prices of homes sold in Minneapolis by community during November 2008:<br />
<br />
Camden $73,819 (-31.5%)<br />
Downtown Minneapolis $337,787 (+1.4%)<br />
Longfellow $195,102 (-13.7%)<br />
Nokomis $211,852 (-1.0%)<br />
North $52,265 (-37.8%)<br />
Northeast $152,985 (-26.0%)<br />
Phillips $68,557 (-56.7%)<br />
Powderhorn $96,926 (-17.5%)<br />
Southwest $321,836 (-18.6%)<br />
University Area $211,250 (-5.8%)<br />
Uptown-Lakes $285,561 (-32.3%)<br />
<br />
Finally, homes for sale in Minneapolis were on the market for an average of 128 day before they sold in November, not far off of October’s 124 days. Last year during November, Minneapolis homes were on the market for an average of 102 days before they were sold. 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.<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br /><a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-12-11T21:48:00-07:002013-07-06T06:57:14-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2051Minneapolis Real Estate Market Analysis: October 2008The number of new listings in Minneapolis once against declined during the month of October compared to last year, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. There were 877 new listings, whereas in October 2007, there were 1,012 new listings. That adds up to a drop of -13.3%. During October, the University and Downtown communities experienced the greatest decrease in new listings. Conversely, the Camden, Phillips, and Powderhorn communities saw increases in new listings. Here is an inventory of October 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to October 2007 (Previous Barker & Hedges article about September 2008 Minneapolis Real Estate Market Activity.)<br />
<br />
Camden 151 (+11.9%)<br />
Downtown Minneapolis 85 (-40.6%)<br />
Longfellow 42 (-28.8%)<br />
Nokomis 121 (-11.0%)<br />
North 98 (-14.0%)<br />
Northeast 73 (-6.4%)<br />
Phillips 24 (+14.3%)<br />
Powderhorn 76 (+16.9%)<br />
Southwest 108 (-7.7%)<br />
University Area 7 (-68.2%)<br />
Uptown-Lakes 96 (-20.0%)<br />
<br />
Minneapolis’ posted new listing for the 2008 year-to-date is behind about the same as it was last month. From January through October of 2008, there were 9,859 new listings, compared to the 11,355 homes put on the market throughout the same time period of 2007, a change of about -13.3%. The greatest decreases in new listings for the year-to-date have happened in the Uptown-Lakes, Downtown, and Nokomis communities. The North, Phillips, and Powderhorn communities have seen increases in listings over last year. Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 1,414 (-2.8%)<br />
Downtown Minneapolis 1,227 (-25.1%)<br />
Longfellow 548 (-9.1%)<br />
Nokomis 1,094 (-24.9%)<br />
North 1,220 (+6.0%)<br />
Northeast 734 (-19.7%)<br />
Phillips 281 (+12.9%)<br />
Powderhorn 824 (+19.2%)<br />
Southwest 1,216 (-15.7%)<br />
University Area 210 (-20.5%)<br />
Uptown-Lakes 1,084 (-26.9%)<br />
<br />
Home listings may be reduced, but closed sales within the City of Minneapolis increased during October compared to last year. There were 429 properties sold (similar to September’s 432), showing +9.7% more closed sales than the 391 homes sold in October of 2007. For the 2008 year to date, the Minneapolis closed sales are finally at and above the level of last year. During January to October of 2007, there were 4,362 homes sold. Last month in October, 4,496 homes sold, a +3.1% increase! Of course, some communities are a hotter real estate commodity than others. Camden and North have seen increases in sales this year of over 100%. Here are the closed home sales in October broken down by community:<br />
<br />
Camden 63 (+103.2%)<br />
Downtown Minneapolis 51 (-15.0%)<br />
Longfellow 27 (+22.7%)<br />
Nokomis 51 (-1.9%)<br />
North 76 (+105.4%)<br />
Northeast 28 (-24.3%)<br />
Phillips 10 (+66.7%)<br />
Powderhorn 24 (+26.3%)<br />
Southwest 57 (-6.6%)<br />
University Area 3 (-82.4%)<br />
Uptown-Lakes 38 (-20.8%)<br />
<br />
The average prices of homes sold in Minneapolis are still low. Last month, the average price of a home sold within the city was $197,320, compared to the $255,010 homes were fetching in October 2007. For those of you keeping score, that is a decrease in price of -22.6%. The sales prices of homes sold in Downtown Minneapolis have risen once again, and this month real estate prices in the University Area jumped +43.9%. The average sales price of homes sold within the City of Minneapolis for the year-to-date in is now $217,328. From January to October of 2007, that number was $259,928. The percentage of Minneapolis homes which sold at their original list price was 90.8% during the month of October, down from 92.7% in 2007. Average prices of homes sold in Minneapolis by community during October 2008:<br />
<br />
Camden $58,701 (-46.7%)<br />
Downtown Minneapolis $307,434 (+2.8%)<br />
Longfellow $191,583 (-5.7%)<br />
Nokomis $198,141 (-11.8%)<br />
North $52,251 (-31.2%)<br />
Northeast $133,727 (-34.6%)<br />
Phillips $57,700 (-54.2%)<br />
Powderhorn $115,565 (-37.0%)<br />
Southwest $361,388 (-8.4%)<br />
University Area $359,000 (+43.9%)<br />
Uptown-Lakes $361,641 (-3.6%)<br />
<br />
Finally, homes for sale in Minneapolis were on the market for an average of 124 days before they sold in October. Last year during the same month, Minneapolis homes were on the market for an average of 101 days before they were sold. 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.<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-11-13T19:28:00-07:002013-07-03T00:22:51-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2031Minneapolis Real Estate Market Analysis: September 2008The number of new listings in Minneapolis decreased during the month of September compared to last year’s statistics, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. In that month, there were 892 new listings. In September 2007, there were 1,021 new listings, which adds up to a drop of -20.3%. During September, the Nokomis, Downtown, Uptown-Lakes, and Northeast communities experienced the greatest decrease in new listings during September. On the other hand, the Longfellow community saw a 42.5% increase in new listings. Here is an inventory of September 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to September 2007 (Previous Barker & Hedges article about August 2008 Minneapolis Real Estate Market Activity.)<br />
<br />
Camden 115 (-10.2%)<br />
Downtown Minneapolis 122 (-20.3%)<br />
Longfellow 57 (+42.5%)<br />
Nokomis 82 (-35.4%)<br />
North 104 (-1.9%)<br />
Northeast 64 (-21.0%)<br />
Phillips 21 (-12.5%)<br />
Powderhorn 73 (+4.3%)<br />
Southwest 123 (-12.8%)<br />
University Area 17 (-5.6%)<br />
Uptown-Calhoun Lakes 107 (-20.1%)<br />
<br />
Minneapolis’ posted new listing for the 2008 year-to-date slipped is now -13.1% behind last year’s figures. From January through September of 2008, there were 8,978 new listings, compared to the 10,021 homes put on the market throughout the same time period of 2007. The greatest decreases in new listings for the year-to-date have happened in the Uptown-Lakes and Downtown areas. The Phillips, North, and Powderhorn communities each have about 10% more listings than last year. Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 1,256 (-4.2%)<br />
Downtown Minneapolis 1,141 (-23.8%)<br />
Longfellow 504 (-7.2%)<br />
Nokomis 1,026 (-22.3%)<br />
North 1,126 (+9.0%)<br />
Northeast 661 (-20.7%)<br />
Phillips 254 (+12.9%)<br />
Powderhorn 694 (+10.5%)<br />
Southwest 1,104 (-16.2%)<br />
University Area 204 (-17.4%)<br />
Uptown-Calhoun Lakes 999 (-26.7%)<br />
<br />
However, closed sales within the City of Minneapolis jumped during September compared to last year. There were 432 properties sold, a whopping 15.5% more closed sales than in September of 2007. For the 2008 year to date, the Minneapolis closed sales are now nearly at the level of last year. During January to September of 2007, there were 3,671 homes sold, which is just 2.9% more than the 3,563 sold this year. This month, the only Minneapolis communities which didn’t experience an increase in home closings was Downtown, Nokomis, Southwest, and Uptown-Lakes. Here are the closed home sales in September broken down by community:
<br />
Camden 64 (+146.2%)<br />
Downtown Minneapolis 45 (-28.6%)<br />
Longfellow 37 (+12.1%)<br />
Nokomis 54 (-19.4%)<br />
North 55 (+89.7%)<br />
Northeast 37 (+54.2%)<br />
Phillips 10 (+100.0%)<br />
Powderhorn 34 (+78.9%)<br />
Southwest 52 (-1.9%)<br />
University Area 6 (+200.0%)<br />
Uptown-Calhoun Lakes 37 (-30.2%)<br />
<br />
The average price of a home sold in Minneapolis during September did take quite a slide. In September 2007 the average sales price of a home sold in Minneapolis was $266,439. Last month, it was -23.1% lower at $204,768. For the umpteenth month in a row, the sales prices of homes sold in Downtown Minneapolis and the Uptown Area have increased due to high demand for properties there. The average sales price year-to-date in the City of Minneapolis is now $219,912. From January to September of 2007, that figure was $260,409. The percentage of Minneapolis homes which sold at their original list price was 90.6% during the month of September, down from 94.1% in 2007. Average prices of homes sold in Minneapolis by community during September 2008:<br />
<br />
Camden $81,167 (-33.6%)<br />
Downtown Minneapolis $361,164 (+4.2%)<br />
Longfellow $180,049 (-19.8%)<br />
Nokomis $214,801 (-15.4%)<br />
North $51,977 (-50.7%)<br />
Northeast $156,348 (-15.5%)<br />
Phillips $106,330 (-41.2%)<br />
Powderhorn $103,950 (-39.0%)<br />
Southwest $305,185 (-15.6%)<br />
University Area $172,417 (-23.5%)<br />
Uptown-Calhoun Lakes $443,969 (+28.0%)<br />
<br />
Finally, homes for sale in Minneapolis are staying on the market for nearly a month longer on average than they were in 2007. Last year in September, Minneapolis homes tended to be on the market for an average of 97 days before they were sold. During September of 2008, a home was on the market for an average of 130 days when it finally sold. 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.<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Minneapolis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a>
<br /><a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-10-14T14:20:00-07:002013-07-07T15:18:26-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2013Minneapolis Real Estate Market Analysis: August 2008All through August of 2008, the number of new listings in Minneapolis decreased significantly this month when compared to last year’s statistics, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During August, there were 876 new listings. In August 2007, there were 1,099 new listings, meaning that there was a drop of -20.3%. In August, the Phillips and Northeast communities experienced the greatest decrease in new listings during August, with about -40% fewer than last year. Conversely, the Camden and North communities each saw increases of new listings that amount to about 7%. Here is an inventory of August 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to August 2007 (To see a Barker & Hedges article about July 2008 Minneapolis Market Activity, please click here.)<br />
<br />
Camden 155 (+6.9%)<br />
Downtown Minneapolis 104 (-29.3%)<br />
Longfellow 51 (-21.5%)<br />
Nokomis 108 (-30.8%)<br />
North 120 (+7.1%)<br />
Northeast 63 (-40.6%)<br />
Phillips 13 (-40.9%)<br />
Powderhorn 60 (-6.3%)<br />
Southwest 93 (-23.8%)<br />
University Area 17 (-37.0%)<br />
Uptown-Lakes 91 (-28.3%)<br />
<br />
Minneapolis’ posted new listing for the 2008 year-to-date slipped a full percentage point from last month’s gains. From January through August of 2008, there were 8,086 new listings, compared to 9,305 during the same time period of 2007. That is a decrease of -13.1%. The greatest fluctuations in new listings for the year-to-date have happened in the Uptown-Lakes and Downtown areas, which have experienced a drop in new listings of -27.4% and -24.2% respectively compared to last year. The Phillips community is still in the lead for having the most new listings this year compared to 2007 with a 15.9% increase. Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 1,141 (-3.6%)<br />
Downtown Minneapolis 1,019 (-24.2%)<br />
Longfellow 447 (-11.1%)<br />
Nokomis 944 (-20.9%)<br />
North 1,022 (+10.2%)<br />
Northeast 597 (-20.7%)<br />
Phillips 233 (+15.9%)<br />
Powderhorn 621 (+11.3%)<br />
Southwest 981 (-16.6%)<br />
University Area 187 (-18.3%)<br />
Uptown-Lakes 892 (-27.4%)<br />
<br />
Within the City of Minneapolis, closed sales during August fell compared to last year. During the month, there were 485 properties sold, which means there were -7.6% fewer closed sales than in August of 2007. But that’s 10 more than the 473 sales we had in Minneapolis during July. For the 2008 year to date, the Minneapolis closed sales are -5.0% lower than last year. 3,131 home sales were closed in Minneapolis so far in 2008 compared to 3,297 during the same time period of 2007. Once again, the Camden, North, and Powderhorn communities have seen incredible increases in sales while Phillips, Downtown, and the Uptown-Lakes communities have seen decreases. Here are the closed home sales in August broken down by community:<br />
<br />
Camden 44 (+22.2%)<br />
Downtown Minneapolis 55 (-38.9%)<br />
Longfellow 34 (-20.9%)<br />
Nokomis 54 (-26.0%)<br />
North 64 (+68.4%)<br />
Northeast 50 (+2.0%)<br />
Phillips 6 (-33.3%)<br />
Powderhorn 64 (+137.0%)<br />
Southwest 65 (-16.7%)<br />
University Area 17 (-19.0%)<br />
Uptown-Lakes 32 (-56.2%)<br />
<br />
When it comes to home sales prices, it probably comes as no surprise that they have dropped again. Though the average sales price of a home in June was $222,804 and in July was $233,770, in August the sales price of a home sold in Minneapolis had fallen to $200,642. The price in August 2007 was $254,673. The average sales price year-to-date in the City of Minneapolis fell -16.6% from last year to $216,587 in August. The percentage of Minneapolis homes which sold at their original list price was 92.1% during the month of August, down from 94.1% in 2007. Once again, the sales prices of homes sold in Downtown Minneapolis and the Uptown Area have increased due to high demand for properties here. Average prices of homes sold in Minneapolis by community during August 2008:<br />
<br />
Camden $78,215 (-35.3%)<br />
Downtown Minneapolis $290,316 (-4.6%)<br />
Longfellow $184,983 (-15.8%)<br />
Nokomis $228,910 (-4.8%)<br />
North $62,856 (-25.5%)<br />
Northeast $162,551 (-20.9%)<br />
Phillips $164,400 (+13.1%)<br />
Powderhorn $126,335 (-30.0%)<br />
Southwest $301,338 (-16.0%)<br />
University Area $197,900 (-12.0%)<br />
Uptown-Lakes $415,842 (+18.1%)<br />
<br />
Lastly, homes for sale in Minneapolis are staying on the market for nearly a month longer on average than they were in 2007. Last year in August, Minneapolis homes tended to be on the market for an average of 97 days before they were sold. During August of 2008, a home was on the market for an average of 121 days when it finally sold. 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. Here is the average number of days a home is on the market at the time of sale by individual Minneapolis community during the month of August 2008.<br />
<br />
Camden 127 (-17.7%)<br />
Downtown Minneapolis 112 (+75.9%)<br />
Longfellow 95 (+44.6%)<br />
Nokomis 107 (+16.2%)<br />
North 123 (-33.1%)<br />
Northeast 144 (+33.5%)<br />
Phillips 201 (+52.8%)<br />
Powderhorn 138 (+93.9%)<br />
Southwest 109 (+15.5%)<br />
University Area 92 (+52.3%)<br />
Uptown-Lakes 135 (+39.2%)<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-09-16T17:25:00-07:002013-07-04T03:58:30-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2004Minneapolis Real Estate Market Analysis: July 2008During the month of July 2008 in Minneapolis, the number of new listings decreased yet again, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During July, there were 1,016 new listings. In July 2007, there were 1,106 new listings. That is a drop of -8.1%. The Uptown/Lakes community experienced the greatest decrease in new listings during July, with 101 new listings in compared to July of 2007’s 29. 58.6%Conversely, the University community, which experienced a decline of -58.6% in new listings during June, has seen its new real estate listings jump 40.0% during July 2008 compared to last year. That sounds big, but really there were 20 new listings during July last year, whearas there were 28 this year. Here is an inventory of July 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to July 2007 (To see a Barker & Hedges article about June 2008 Minneapolis Market Activity, please click here.)<br />
<br />
Camden 148 (+2.8%)<br />
Downtown Minneapolis 126 (-19.7%)<br />
Longfellow 63 (-11.3%)<br />
Nokomis 120 (-12.4%)<br />
North 130 (+4.0%)<br />
Northeast 71 (-13.4%)<br />
Phillips 27 (+12.5%)<br />
Powderhorn 83 (+31.7%)<br />
Southwest 120 (-7.7%)<br />
University Area 28 (+40.0%)<br />
Uptown-Lakes 101 (-32.7%)<br />
<br />
Minneapolis’ posted new listing for the 2008 year-to-date change that outlook a bit. From January through July of 2008, there were 7,210 new listings, compared to 8,206 during the same time period of 2007. That is a decrease of -12.1%, just a hair better than last month’s -12.8% year-to-date change. The most dramatic adjustments happened in the Uptown-Lakes and Downtown areas, which have experienced a drop in new listings of -27.3% and -23.6% respectively compared to last year. The Phillips community has experienced an increase in new listings to the tune of 22.9% and 11.9% respectively. Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 986 (-5.0%)<br />
Downtown Minneapolis 915 (-23.6%)<br />
Longfellow 396 (-9.6%)<br />
Nokomis 836 (-19.4%)<br />
North 902 (+10.7%)<br />
Northeast 534 (-17.5%)<br />
Phillips 220 (+22.9%)<br />
Powderhorn 561 (+13.6%)<br />
Southwest 888 (-15.7%)<br />
University Area 170 (-15.8%)<br />
Uptown-Lakes 801 (-27.3%)<br />
<br />
Overall, Minneapolis closed sales dropped during July! Throughout the month, there were 473 properties sold, which means there were -7.6% fewer closed sales than in July of 2007. For the 2008 year to date, the City of Minneapolis closed sales are -4.1% lower than last year. 2,646 home sales were closed in Minneapolis so far in 2008 compared to 2,760 during the same time period of 2007. Homes seem to be selling like hotcakes in the Camden, North, and Powderhorn communities while closed sales are dragging more considerably in Phillips, Longfellow, and University areas.<br />
<br />
When it comes to home sales prices, it probably comes as no surprise that they have dropped some more. The average sales price of a home in Minneapolis was $233,770 which is -11.0% less than last year’s $262,595, but much better than June’s $222,804. The average sales price year-to-date in the City of Minneapolis is increasing, as from January through July of 2008 the average sales price of a home was $219,510, which is -15.7% lower than 2007’s $260,511 but, once again, is better than June’s $214,406. The percentage of Minneapolis homes which sold at their original list price was 91.3% during the month of July, down from 95.1% in 2007. The communities which are doing better, however, include Downtown Minneapolis and the Uptown Area, which have experienced increases in real estate values due to high demand for properties here.<br />
<br />
Average prices of homes sold in Minneapolis by community during July 2008:<br />
<br />
Camden $83,278 (-38.3%)<br />
Downtown $358,812 (+29.0%)<br />
Longfellow $181,341 (-15.8%)<br />
Nokomis $213,987 (-11.4%)<br />
North $57,846 (-42.8%)<br />
Northeast $181,839 (-8.9%)<br />
Phillips $110,020 (-27.0%)<br />
Powderhorn $146,133 (-13.6%)<br />
Southwest $363,039 (+4.4%)<br />
University Area $216,353 (-23.3%)<br />
Uptown-Lakes $464,491 (+10.5%)<br />
<br />
Lastly, homes for sale in Minneapolis are staying on the market for much longer than they were in 2007. Last year in July, a Minneapolis home was on the market for an average of 101 days before selling. During July of 2008, a home was on the market for an average of 126 days when it sold. The statistics vary based on neighborhood and the types of housing on the market. Condos and town homes are being snapped up much more quickly, while single family homes are staying on the market for much longer. Here is the average number of days a home is on the market at the time of sale by individual Minneapolis community during the month of July 2008.<br />
<br />
Camden 161 (-6.6%)<br />
Downtown Minneapolis 105 (+28.2%)<br />
Longfellow 77 (-7.1%)<br />
Nokomis 90 (+11.7%)<br />
North 161 (-17.2%)<br />
Northeast 125 (+49.2%)<br />
Phillips 134 (+6.0%)<br />
Powderhorn 120 (+23)<br />
Southwest 120 (+26.6%)<br />
University Area 169 (+98.5%)<br />
Uptown-Lakes 117 (+33.6%)<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-08-19T19:03:00-07:002013-07-09T21:29:41-07:00Matt Barkertag:barkerhedges.com,2012-09-20:1983Minneapolis Real Estate Market Analysis: June 2008During the month of June 2008 in Minneapolis, there was once again a decrease in new listings, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During June of this year, there were 1,049 new listings. In June 2007, there were 1,184 new listings. That is a drop of 11.1%. It’s much better than May’s nearly 20% decrease in new real estate listings. The University community experienced the greatest decrease in new listings during June. There were just 12 new listings in University, down a whopping 58.6% from June of 2007’s 29. Conversely the Phillips community, which experienced a great decrease in new listings during May, has seen its new real estate listings jump 173.7% during June 2008 compared to last year. There were 52 new listings here compared to last year’s 19 during the month. Here is an inventory of June 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to June 2007. These changes are very different compared to the real estate activity of May. (To see a Barker & Hedges article about May 2008 Minneapolis Market Activity, please click here.)<br />
<br />
Camden 144 (-2.7%)<br />
Downtown Minneapolis 123 (-40.6%)<br />
Longfellow 61 (+5.2%)<br />
Nokomis 119 (-21.2%)<br />
North 128 (+21.9%)<br />
Northeast 91 (+5.8%)<br />
Phillips 52 (+173.7%)<br />
Powderhorn 80 (+14.3%)<br />
Southwest 118 (-33.0%)<br />
University Area 12 (-58.6%)<br />
Uptown-Lakes 121 (-8.3%)<br />
<br />
Though some of those changes seem quite drastic, looking at Minneapolis’ posted new listing for the 2008 year-to-date softens that outlook a bit. From January through June of 2008, there were 6,194 new listings, compared to 7,100 during the same time period of 2007. That is a decrease of 12.8%. The most dramatic adjustments happened in the Uptown-Lakes and Downtown areas, which have experienced a drop in new listings of -26.5% and -24.1% respectively over the course of the year compared to last year. On the other end of the spectrum, the Phillips and North communities had increases in new listings of 24.5% and 11.9% respectively. Here is a depiction of new listings in Minneapolis by community for the 2008 year to date and the percentage of change that has occurred compared to 2007:<br />
<br />
Camden 838 (-6.3%)<br />
Downtown Minneapolis 789 (-24.1%)<br />
Longfellow 333 (-9.3%)<br />
Nokomis 716 (-20.4%)<br />
North 772 (+11.9%)<br />
Northeast 463 (-18.1%)<br />
Phillips 193 (+24.5%)<br />
Powderhorn 478 (+10.9%)<br />
Southwest 768 (-16.9%)<br />
University Area 142 (-22.0%)<br />
Uptown-Lakes 700 (-26.5%)<br />
<br />
Time for some good news! Minneapolis closed sales have picked up! Throughout the month, there were 516 properties sold, which means there were 5.5% more closed sales than in June of 2007. For the 2008 year to date, the City of Minneapolis closed sales are much closer to last years than they were just a month ago, at just about -3.3% lower than last year. 2,173 home sales were closed in Minneapolis so far in 2008 compared to 2,248 during the same time period of 2007.<br />
<br />
Back to some less good news. When it comes to home sales prices, the downward spiral has unfortunately continued. The average sales price of a home in Minneapolis was $222,804 in June 2008 compared to $280,358 in June 2007, a decrease of 20.5%! The average sales price year-to-date in the City of Minneapolis isn’t much better off, as from January through June of 2008 the average sales price of a home was $214,406, a decrease of 16.8% from last year’s $260,037 for the same time period. The percentage of Minneapolis homes which sold at their original list price was 92.4% during the month of June, down from 95.2% in 2007. There is a community which is bucking the trend, however. Downtown Minneapolis has experienced an increase in real estate values due to high demand for properties here. The average price of a home sold in Downtown Minneapolis during June was $364,908, up 10.6% from last June’s $329,895. The year-to-date sale price of real estate Downtown has risen 2.1% to $325,687. 96.1% of homes sold in Downtown Minneapolis are closing at their original listing price.<br />
<br />
Average prices of homes sold in Minneapolis by community:<br />
<br />
Camden $83,635 (-34.9%)<br />
Downtown Minneapolis $364,908 (+10.6%)<br />
Longfellow $194,776 (-13.3%)<br />
Nokomis $224,151 (-4.4%)<br />
North $69,889 (-40.8%)<br />
Northeast $170,024 (-17.4%)<br />
Phillips $128,607 (-30.4%)<br />
Powderhorn $144,252 (-15.9%)<br />
Southwest $338,720 (-19.8%)<br />
University Area $231,848 (-6.4%)<br />
Uptown-Lakes $315,668 (-30.8%)<br />
<br />
Finally, homes for sale in Minneapolis are staying on the market for much longer than they were in 2007. Last year in June, a Minneapolis home was on the market for an average of 116 days before selling. During June of 2008, a home was on the market for an average of 143 days when it sold. The statistics vary based on neighborhood and the types of housing on the market. Condos and town homes are being snapped up much more quickly than usual, while single family homes are staying on the market for much longer than usual. Here is the average number of days a home is on the market at the time of sale by individual Minneapolis community during the month of June 2008.<br />
<br />
Camden 186 (+2.6%)<br />
Downtown Minneapolis 241 (+ 49.2%)<br />
Longfellow 80 (+103.9%)<br />
Nokomis 117 (+61.3%)<br />
North 173 (+17.5%)<br />
Northeast 139 (+11.2%)<br />
Phillips 159 (-18.2%)<br />
Powderhorn 105 (-13.6%)<br />
Southwest 106 (+4.0%)<br />
University Area 52 (-32.1%)<br />
Uptown-Lakes 128 (-17.4%)<br />
<br />
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.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-07-17T06:52:00-07:002013-07-09T16:17:35-07:00Matt Barkertag:barkerhedges.com,2012-09-20:1961Minneapolis Market Analysis: May 2008During the month of May this year in Minneapolis, there was once again a decrease in new listings, according to the Minneapolis Area Association of Realtors’ Market Update for 100 Twin Cities Communities. During May of 2008, there were 1,098 new listings. In May 2007, there were 1,353 new listings. That is a drop of nearly 20%! It’s also much higher than April’s drop of just 6.9%, but it matches March’s 20% decrease. Basically, many sellers seem to be holding off compared to last year. The slowdown in new listings has really helped to ease pressure on the Twin Cities area real estate market.<br />
<br />
Unlike March and April, the University community experienced the greatest increase in new listings during May. There were 56 new listings in University, up 36.6% from May of 2007’s 41. Conversely, the Philips and Nokomis communities had decreases in new listings compared to last year, at -48.4% and -34.9% respectively.<br />
<br />
Here is a list of May 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to May 2007. These changes are very different compared to the real estate activity of April. (To see a Barker & Hedges article about April 2008 Minneapolis Market Activity, please click here.)<br />
<br />
Camden 139 (-13.1%)<br />
Downtown Minneapolis 120 (-31.8%)<br />
Longfellow 64 (-27.3%)<br />
Nokomis 125 (-34.9%)<br />
North 118 (0.0%)<br />
Northeast 89 (-11.9%)<br />
Phillips 16 (-48.4%)<br />
Powderhorn 93 (+2.2%)<br />
Southwest 147 (-22.6%)<br />
University Area 56 (+36.6%)<br />
Uptown-Lakes 131 (-20.1%)<br />
<br />
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 May of 2008, there were 5,145 new listings, compared to 5,916 during the same time period of 2007. That is a decrease of about 13.0%. The most dramatic adjustments happened in the Northeast and Uptown-Lakes areas, which experienced a drop in new listings by 22.3% and 29.4% respectively. On the end of the spectrum, the North and Powderhorn communities had increases in new listings of 10.1% and 10.2% respectively compared to last year. 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:<br />
<br />
Camden 694 (-7.0%)<br />
Downtown Minneapolis 666 (-20.0%)<br />
Longfellow 272 (-12.0%)<br />
Nokomis 192 597 (-20.3%)<br />
North 644 (+10.1%)<br />
Northeast 372 (-22.3%)<br />
Phillips 141 (+3.7%)<br />
Powderhorn 398 (+10.2%)<br />
Southwest 650 (-13.1%)<br />
University Area 130 (-15.0%)<br />
Uptown-Lakes 579 (-29.4%)<br />
<br />
During May, Minneapolis closed sales slowed as predicted. Throughout the month, there were 445 sales, which means there were16.5% fewer closed sales than in May 2007. For the 2008 year to date, the City of Minneapolis closed sales are at about 5.8% lower than they were at this time last year. 1,657 home sales were closed in Minneapolis so far in 2008 compared to 1,759 during the same time period of 2007.<br />
<br />
When it comes to home sales prices, the downward spiral continues. The average sales price of a home in Minneapolis was $199,392 in May 2008 compared to $262,440 in May 2007, a decrease of a whopping 24%! The average sales price year-to-date in the City of Minneapolis has had slightly less of a decrease. From January through May of 2007, the average sales price of a home was $254,388, which has fallen 15.7% to $214,414. The percentage of Minneapolis homes which sold at their original list price has slipped nearly another percentage point to 91.2% during the month of May, down from 95.3% in 2007.<br />
<br />
Average prices of homes sold in Minneapolis by community:<br />
<br />
Camden $83,915 (-45.6%)<br />
Downtown Minneapolis $345,526 (+7.7%)<br />
Longfellow $191,400 (-9.0%)<br />
Nokomis $224,143 (-10.4%)<br />
North $57,256 (-52.0%)<br />
Northeast $167,464 (-17.7%)<br />
Phillips $120,900 (-33.0%)<br />
Powderhorn $143,139 (-15.8%)<br />
Southwest $294,865 (-9.8%)<br />
University Area $195,282 (-39.4%)<br />
Uptown-Lakes $332,981 (-22.5%)<br />
<br />
Finally, homes for sale in Minneapolis are staying on the market for much longer than they were in 2007. Last year in May, a Minneapolis home was on the market for an average of 114 days before selling. During May of 2008, a home was on the market for an average of 149 days when it finally sold. The statistics vary based on neighborhood and the types of housing on the market. Condos and town homes are being snapped up much more quickly than usual, while single family homes are staying on the market for much longer than usually. Here is the average number of days a home is on the market at the time of sale by individual Minneapolis community during the month of May 2008.<br />
<br />
Camden 177 (+25.8%)<br />
Downtown Minneapolis 176 (-5.7%)<br />
Longfellow 68 (-15.1%)<br />
Nokomis 137 (+116.9%)<br />
North 114 (-40.4%)<br />
Northeast 156 (+38.6%)<br />
Phillips 181 (+7.1%)<br />
Powderhorn 129 (+21.0%)<br />
Southwest 129 (+24.4%)<br />
University Area 212 (+60.8%)<br />
Uptown-Lakes 109 (-13.6%)<br />
<br />
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. The decrease in new listings seems to be having an effect on the market. Only with a less flooded market is the stabilization of property values possible.<br />
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Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-06-20T10:26:00-07:002013-07-05T14:14:48-07:00Matt Barkertag:barkerhedges.com,2012-09-20:1933Minneapolis Market Analysis: April 2008During the month of April this year, there was a decrease in new listings in Minneapolis, Minnesota, according to the Minneapolis Area Association of Realtors' Market Update for 100 Twin Cities Communities. During April of 2008, there were 1,126 new listings. In April 2007, there were 1,210 new listings. That is a drop of 6.9%. Though it isn’t March’s 20% decrease, it still shows that sellers are holding off compared to last year. The slowdown in new listings has been helping to ease pressure on the Twin Cities area real estate market.<br />
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As with March, the University community experienced the greatest decline of new listings during April. There were only 22 new listings in University, down 38% from April of 2007’s 36. Conversely, the Powderhorn and North communities again bucked the downward trend and have experienced an increase in listings compared to last year, at +3.9% and +20.7% respectively.<br />
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Here is a list of April 2008 new listings in Minneapolis by community and the percentage of change that has occurred compared to April 2007. These changes are quite a bit smaller than last month’s. (To see a Barker & Hedges article about March 2008 Minneapolis Market Activity, please click here.)<br />
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Camden: 139 (-9.7%)<br />
Downtown Minneapolis: 158 (-3.7%)<br />
Longfellow: 58 (-4.9%)<br />
Nokomis: 144 (-5.3%)<br />
North: 134 (+20.7%)<br />
Northeast: 76 (-24.8%)<br />
Phillips: 32 (-3.0%)<br />
Powderhorn: 80 (+3.9%)<br />
Southwest: 158 (-3.1%)<br />
University Area: 22 (-38.9%)<br />
Uptown-Lakes: 123 (-21.7%)<br />
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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 April of 2008, there were 4,047 new listings, compared to 4,563 during the same time period of 2007. That is a decrease of about 11.8%. The most dramatic adjustments happened in the University and Uptown-Lakes areas, which has been experiencing a drop in new listings by 33.9% and 31.7% respectively. On the end of the spectrum, the Phillips community has had an increase in new listings of 19% compared to last year. 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:<br />
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Camden: 555 (-5.3%)<br />
Downtown Minneapolis: 546 (-16.9%)<br />
Longfellow: 208 (-5.9%)<br />
Nokomis: 472 (-15.3%)<br />
North: 526 (+12.6%)<br />
Northeast: 283 (-25.1%)<br />
Phillips: 125 (+19.0%)<br />
Powderhorn: 305 (+13.0%)<br />
Southwest: 503 (-9.9%)<br />
University Area: 74 (-33.9%)<br />
Uptown-Lakes: 448 (-31.7%)<br />
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This is the second month in a row that the Phillips community experienced a drop in new listings, and yet the community is still ahead compared to last year during the same time period.<br />
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Some communities seem to be experiencing the usual spring increase in buyer activity! Though last month Minneapolis closed sales slowed as expected, during April, sales started to pick up. During the month of March, there were over 10% fewer closed sales than in 2007. In April, the pendulum swung entirely the other way, with an 11.6% increase in closed sales compared to April of 2008! For the 2008 year to date, the City of Minneapolis closed sales are at about where they were last year. 1,212 home sales were closed in Minneapolis so far this year compared to 1,226 during the same time period of 2007, with the ultimate difference being just -1.1%.<br />
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When it comes to home sales prices, the downward spiral continues. The average sales price of a home in Minneapolis was $235,970 in April 2008 compared to $248,552 in April 2007, a decrease of just 5.1%. The average sales price year-to-date in the City of Minneapolis has come up over 3% from last month’s $212,174. From January through April of 2007, the average sales price of a home was $250,887, which has fallen 12.3% to $219,929. The percentage of Minneapolis homes which sold at their original list price has slipped nearly another percentage point to 89.6% during the month of April, down from 95.2% in 2007.<br />
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Average prices of homes sold in Minneapolis by community:<br />
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Camden: $85,511 (-48.4%)<br />
Downtown Minneapolis: $341,500 (+14.3%)<br />
Longfellow: $233,509 (+4.3%)<br />
Nokomis: $216,657 (-10.0%)<br />
North: $63,249 (-46.7%)<br />
Northeast: $179,772 (-12.8%)<br />
Phillips: $187,167 (+5.1%)<br />
Powderhorn: $153,340 (-15.3%)<br />
Southwest: $380,396 (+8.1%)<br />
University Area: $185,833 (+39.4%)<br />
Uptown-Lakes: $488,734 (+39.7%)<br />
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The decrease in real estate values depends on what community the home is in. It is good to see that the average price of homes in a few more communities are on the increase, such as in the Downtown, Longfellow, Phillips, Southwest, University, and especially Uptown-Lakes communities. Part of this has to do with a drop in listings combined with higher demand for moderately priced housing and homes close to places of employment.<br />
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Finally, homes for sale in Minneapolis are staying on the market for much longer than they were in 2007. Last year in April, a Minneapolis home was on the market for an average of 133 days before selling. During April of 2008, a home was on the market for an average of 157 days when it finally sold. The statistics vary based on neighborhood and the types of housing on the market. Condos and town homes are being snapped up much more quickly than usual, while single family homes are staying on the market for much longer than usually. Here is the average number of days a home is on the market at the time of sale by individual Minneapolis community during the month of April 2008.<br />
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Camden: 203 (+96.1%)<br />
Downtown Minneapolis: 220 (+21.4%)<br />
Longfellow: 129 (+76.6%)<br />
Nokomis: 90 (-29.9%)<br />
North: 154 (-6.4%)<br />
Northeast: 220 (+65.8%)<br />
Phillips: 179 (+8.3%)<br />
Powderhorn: 138 (-0.4%)<br />
Southwest: 127 (+6.4%)<br />
University Area: 156 (-62.7%)<br />
Uptown-Lakes: 192 (+28.4%)<br />
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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. The decrease in new listings seems to be having an effect on the market. Only with a less flooded market is the stabilization of property values possible.<br />
<br />
Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-05-13T08:45:00-07:002013-07-10T10:34:46-07:00Matt Barkertag:barkerhedges.com,2012-09-20:1912Minneapolis Market Analysis: March 2008There 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.<br />
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Camden: 142 (-17.4%)<br />
Downtown: 127 (-26.2%)<br />
Longfellow: 53 (-18.5%)<br />
Nokomis: 115 (-25.8%)<br />
North: 118 (+0.9%)<br />
Northeast: 63 (-45.7%)<br />
Phillips: 16 (-33.3%)<br />
Powderhorn: 88 (+29.4%)<br />
Southwest: 136 (-16.0%)<br />
University Area: 11 (-54.2%)<br />
Uptown-Lakes: 121 (-29.7%)<br />
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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:<br />
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Camden: 416 (-3.7%)<br />
Downtown: 388 (-21.3%)<br />
Longfellow: 150 (-6.3%)<br />
Nokomis: 328 (-19.0%)<br />
North: 392 (+10.1%)<br />
Northeast: 207 (-25.3%)<br />
Phillips: 93 (+29.2%)<br />
Powderhorn: 225 (+16.6%)<br />
Southwest: 345 (-12.7%)<br />
University Area: 52 (-31.6%)<br />
Uptown-Lakes: 325 (-34.9%)<br />
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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.<br />
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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.<br />
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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.<br />
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Average prices of homes sold in Minneapolis by community:<br />
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Camden: $105,752 (-29.7%)<br />
Downtown: $307,613 (-9.0%)<br />
Longfellow: $178,850 (-27.3%)<br />
Nokomis: $228,254 (-2.7%)<br />
North: $57,037 (-32.6%)<br />
Northeast: $166,427 (-12.4%)<br />
Phillips: $59,000 (-58.2%)<br />
Powderhorn: $163,116 (-1.5%)<br />
Southwest: $326,498 (+3.7%)<br />
University Area: $247,391 (+16.6%)<br />
Uptown-Lakes: $273,401 (-6.7%)<br />
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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.<br />
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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.<br />
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Camden: 190 (+35.5%)<br />
Downtown: 223 (+34.5%)<br />
Longfellow: 122 (+5.4%)<br />
Nokomis: 134 (+1.8%)<br />
North: 151 (-20.7%)<br />
Northeast: 136 (-10.1%)<br />
Phillips: 47 (+4.0%)<br />
Powderhorn: 138 (+41.9%)<br />
Southwest: 147 (+19.0%)<br />
University Area: 104 (-53.6%)<br />
Uptown-Lakes: 183 (+76.0%)<br />
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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.<br />
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Browse homes for sale by Minneapolis community:<br />
<br />
<a href="https://www.barkerhedges.com/minneapolis-calhoun-isle-community/">Calhoun Isle Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-camden-community/">Camden Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-central-community/">Central Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-longfellow-community/">Longfellow Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-phillips-community/">Phillips Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-powderhorn-community/">Powderhorn Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-near-north-community/">Near North Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-nokomis-community/">Nokomis Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-northeast-community/">Northeast Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-southwest-community/">Southwest Real Estate</a><br />
<a href="https://www.barkerhedges.com/minneapolis-university-community/">University Real Estate</a>2008-04-20T20:45:00-07:002013-07-08T17:37:51-07:00Matt Barker