Monthly updates for housing activity in Edina, St Louis Park, Minneapolis

March 16, 2011

Below you will find housing activity for Edina, St Louis Park,  and Minneapolis real estate.  The statistics were gathered from the Minneapolis Area Association of Realtors.  These three cities are a good indicator of what the real estate trends are in the surrounding suburbs as well.

We will take a look at New Listings, Closed Sales, Median Sales Price, Percent of Original List Price, Days On Market Until Sale, Inventory of Homes for sale and Months supply of inventory and we will compare February 2010 to February 2011 to determine where the Minneapolis MN real estate market is heading.

Market real estate  activity may appear to be low in year-over-year comparisons due to the 2010 tax credit. We knew this was coming. Several other themes warrant attention before we dig into the numbers. First, we’ve had several months in a row of private job growth. Second, interest rates, in concert with food and energy costs, are rising. Third, the anticipation of rising rates often motivates buyers. A recovery looms. Now, let’s take a look at those numbers.New Listings in the Twin Cities region decreased 26.0 percent from last February to 5,299 new homes. Meanwhile, Pending Sales decreased 12.6 percent to arrive at 3,082 contracts written. This meant inventory levels increased 2.0 percent from last year to reach 23,794 active listings.Prices slid a bit – the February Median Sales Price of $142,500 decreased 10.4 percent. Negotiations moved toward buyers as Percent of Original List Price Received at Sale decreased 5.4 percent to 88.2 percent. The absorption rate increased 23.0 percent as Months Supply of Inventory checked in at 7.5 months.The national average interest rate was 5.23 percent on a 30-year fixed. The U.S. government would like to play second fiddle to the private sector in the mortgage market. Shifting the risk burden makes fiscal sense but could threaten an already fragile recovery. The Center for Responsible Lending states that it would take 14 years for the typical American family to save enough money for a 20 percent downpayment, based on national average home prices.

St Louis Park Real Estate

February: Year to Date:
2010 2011 Change 2010 2011 Change
New Listings 110 95 -13.60% 223 180 -19.30%
Closed Sales 28 23 -17.9 61 57 -6.60%
Median Sales Price $197,250 $174,000 -11.80% $199,500 $183,500 -8%
Percent of Original List Price 92.90% 84.80% -8.70% 93.20% 86.00% -7.70%
Days On Market Until Sale 86 186 115% 113 174 53.20%
Inventory Of Homes for Sale 305 336 10.20%
Months Supply of Inventory 5.3 7.9 48.20%
Edina Real Estate

February: Year to Date:
2010 2011 Change 2010 2011 Change
New Listings 123 90 -27.40% 231 175 -24.20%
Closed Sales 127 23 -14.80% 58 52 -10.30%
Median Sales Price $237,500 $300,000 26.30% $279,000 $297,500 6.60%
Percent of Original List Price 97.20% 89.80% -1.60% 90.90% 87.70% -3.60%
Days On Market Until Sale 168 176 2.80% 156 165 6.20%
Inventory Of Homes for Sale 410 374 -8.80%
Months Supply of Inventory 7.6 6.9 9.50%
Minneapolis Real Estate:

February: Year to Date:
2010 2011 Change 2010 2011 Change
New Listings 894 574 -35.80% 1628 1224 24.80%
Closed Sales 270 277 2.60% 515 530 2.90%
Median Sales Price $13,900 $118,500 -14.70% $131,350 $125,000 -4.80%
Percent of Original List Price 97.00% 87.70% -9.60% 96.00% 87.70% -8.60%
Days On Market Until Sale 112 147 30.90% 112 150 33.20%
Inventory Of Homes for Sale 2237 2311 3.30%
Months Supply of Inventory 4.6 6.4 37.20%