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Minneapolis Real Estate Market Analysis March 2009Posted by Barker and Hedges - Re/Max Results on Wednesday, April 15th, 2009 at 12:00pm.
According to the Minneapolis Area Association of Realtors' Market Update for 100 Twin Cities Communities, 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:
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:
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, 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 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%
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 February 2009 Minneapolis real estate statistics. Browse homes for sale by Minneapolis community: Calhoun Isle Real Estate Camden Real Estate Central Minneapolis Real Estate Longfellow Real Estate Phillips Real Estate Powderhorn Real Estate Near North Real Estate Nokomis Real Estate Northeast Real Estate Southwest Real Estate University Real Estate
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%
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