A Look at the October Minneapolis Real Estate Market

October 12, 2011

With the final week of the third quarter having just finished up, Minneapolis buyers posted solid gains over last years activity levels while Minneapolis sellers listed fewer homes for sale on the MLS.  We should expect some changes in Minneapolis homes for sale.  Market activity may slow for the next few months but should still show favorable year over year progress.  The lending climate for new mortgages seems to be improving as the interest rates have dipped below 4% for the first time in history.

In the Twin Cities and Minneapolis area new listings have decreased 21% to 1,219, pending home sales increased 32.7% to 926, and inventory decreased 22.6% to 23,117.

For the month of September, median sales price decreased 6% to $156,000, days on market increased 4.6% to 137, percent of original list price increased by 0.5%.