In today’s real estate update, allminneapolishomes.com with Webdigs Realty wanted to share a market snapshot update for real estate in Minneapolis, MN.
We will be looking at real estate values and other criteria and how the market has changed from September 2010 to September 2011. In the month of September 2011 to September 2010, we saw a 9.7% increase in the number of closed Minneapolis homes. Average sales price of these homes for sale was $169,000, showing a downward trend of 17.2% from September of 2010. Days on market increased 13.6% to 129 days. In September of 2011, there were only 2,183 properties for sale on the MLS. This is down 27.4% from September of 2010. No doubt, as you talk to various real estate buyers in our market, there is a shortage of inventory available for sale, even at selected price points in Minneapolis, MN.
Year to date in Minneapolis, there have been 339 closed sales, up from 309 total sales in 2010. The average sales price of a property for sale in Minneapolis is down from $212,517 in 2010 to $179,667 in 2011. This is a 15.5% year over year drop. The median sales price of a MLS listing in Minneapolis dropped from $169,000 to $140,000.
Compared to other suburbs here in the Twin Cities, these numbers are showing a lot of similarities. Even though interest rates are presenting home buyers outstanding buying opportunities, there seems to be a shortage of listings for sale. Right now, there are 6.1 months, worth of home supply for sale in Minneapolis, compared to 7.8 months, worth in inventory for sale in 2011 September.
Conclusion: Although some of the numbers are scary, especially showing that homes have declined in price so dramatically over the last year, some of the data relating to days on market, inventory of supply for sale and the fact that new listings are down and closed sales are up lead us to believe that the market finally may start to be leveling out again.
If you are interested in learning more about the Minnesota real estate conditions or specifically conditions in your neighborhood please let us know.