Yay for those Minneapolis homeowners who decided to list their homes for sale last month! Sure, there aren’t a lot of new listings, but the number grew more than 5 percent over the previous month. Buyers have been begging for more inventory so even the slightest change is welcome.
News for Minneapolis Home Buyers
So, despite the fact that there were more homes put on the Minneapolis real estate market last month than in the same time period last year, the inventory of available homes tumbled almost 28 percent. This shows us how eager homebuyers are and that homes in good condition and in desirable areas are being snatched up almost immediately. The inventory of available homes is down in all of the city’s neighborhoods with the exception of Phillips and University.
First-time buyers will find the lowest prices in Camden and Near North with a median sale price of $122,000 and $125,000, respectively.
News for Minneapolis’ Home Sellers
The median sale price of a Minneapolis home has decreased from last month to $205,150, but this does represent a hike of more than 5.5 percent over prices this time last year. More good news is that the year-to-date median sale price is $220,000, which represents a nearly 7 percent increase over the year before.
Expect to get, on average, almost 97 percent of your original asking price and to sell your home within 66 days, again, on average.
When we look at the city’s neighborhoods we see that prices increased in all of Minneapolis’ communities with the exception of Near North, Nokomis and Central. Here, prices fell 0.6 percent, 4.4 percent and 8.6 percent, respectively.
Let’s take a look at the Minneapolis neighborhoods with the largest increase in home prices:
- Phillips – The median sale price of a house for sale in the Phillips neighborhood in Minneapolis increased nearly 94 percent over this time last year to sit at $202,450. On a year-to-date basis, prices in Phillips increased 24 percent, to $141,500.
- Calhoun-Isle – Prices here increased more than 77 percent to $487,500. On a year-to-date basis, however, the increase is 14.6 percent compared to last year with a median sale price of $361,000.
- Southwest – The Southwest community continues to watch their home values increase. Prices here rose nearly 25 percent over those of this time last year to $348,000. On a year-to-date basis the median sale price of a house for sale in Southwest is $339,900, an increase of just more than 6 percent over last year’s figure.
There is only one Minneapolis community that has seen its median sale price in the negative column for all of 2015 and that is Central. Home prices here dipped slightly more than 19 percent over this time last year to sit at $263,075 average for the year (through November 2015).
Homes in the Northeast community are selling the quickest, spending an average of 30 days on the market. Calhoun Isle homes, on the other hand, remain on the market an average of 102 days before selling.
You’ll find the greatest number of homes for sale in the Camden and Southwest communities.
The Kris Lindahl Team wishes you a very Merry Christmas!