Minneapolis Real Estate Market Update
As you know, the Minneapolis real estate market for 2007 was in flux. America, as a whole, was experiencing what felt like a recession, even if it didn’t fit the technical definition of the term. The fundamentals of the economy may or may not have been strong, but the housing market began to slow down.
What you may not know, however, is that the housing market in the Hale Page Diamond Lake (HPDL) Minneapolis neighborhood experienced a comeback of sorts in 2008, after taking the expected hit in 2007. Of course, it is November of 2008, so we don’t have data for the full year, but here’s what we know for the first three quarters of 2008.
The average price of a home sold in the HPDL area rose from $274,000 in January, 2008, to $286,000 in September. That’s an increase of 4%. In addition, the average days on market (DOM) decreased from 102 days in January to 94 days in September. Finally, the percentage of list price to sales price stayed roughly the same throughout the year at 93%. In other words, on average, people received ninety-three person of what they originally wanted for their homes.