The Minneapolis and Surrounding Area Real Estate Low Down

March 15, 2011

For the week ending March 5, Minneapolis and the surrounding areas real estate saw a total of 717 signed purchase agreements, representing a decline of 11.4 percent from a year ago when the market was still seeing inflationary demand for homes stimulated by the federal home-buyer tax credit. Over the last three months, we have seen approximately 900 fewer signed purchase agreements in MN than during the same period a year prior. As for MN home supply, MN real estate agents listed 1,845 new homes onto the market representing a decline of 19.0 from the same week last year. The three-month average MN listing activity was 16.6 percent slower than it was a year ago. Even though supply declined, there are a few other signs that indicate the market maintains challenging for Minneapolis home sellers. We are seeing that the Average Days on Market until a home is sold is currently 157, representing 16.1 percent longer from a year ago. Similarly, the percent of Original List Price Received is down to 88.2 from last year’s mark of 93.2.  In essence, in a market where it takes homes longer to sell, sellers should be focused on proper pricing and preparation if they want a to see a faster sale. Although there are fewer new listings, marketing strategies and accurate prices are key in selling a home today.

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Contact Realtor Jan Worthen with additional questions.


Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota. Real estate listings held by brokerage firms other than All Minneapolis Homes are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.

 Information Deemed Reliable But Not Guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor All Minneapolis Homes shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 


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