August’s Minneapolis market statistics were just released and it looks like we had more of the same as we’ve seen throughout the summer. It’s somewhat of a tough market for homebuyers and will remain so as long as homeowners aren’t selling their homes.
News for Minneapolis Home Buyers
The inventory of available homes is down in all of the city’s neighborhoods with the exception of University where it went up almost 9 percent over this time last year. It was the same story last month, with University being the exception.
Citywide, the inventory shrunk 25.7 percent from August 2014. We now only have a 2.6 month supply of inventory, which is paltry. There were also 5.1 percent fewer new listings which doesn’t help the inventory problem.
Fewer homes sold this August compared to last so it appears that, last month at least, home buyers were snatching up what was already on the market.
News for Minneapolis’ Home Sellers
The median sales price of a Minneapolis home has increased to $226,300, a 4.5 percent hike over prices this time last year and $1,300 more than last month’s. When they’ll inch back up to June’s $234,450 is anyone’s guess. Now, this is the median sales price for the city as a whole. Scroll down to see a neighborhood breakdown.
Expect to get, on average, almost 98 percent of your original asking price and to sell your home within 54 days.
When we break the market down into neighborhoods we see that prices rose in all of Minneapolis’ communities with the exception of Central, Nokomis, Phillips and University.
Let’s take a look at the communities with the biggest increase in home prices:
Near North – Yes, prices are up again in Near North, this time nearly 24 percent over prices at this time last year. The median sales price here now sits at $148,500, which is still quite affordable.
Calhoun-Isle – Prices here increased more than 22 percent to $364,900.
Camden – August brought good news to the Camden community when the median sales price of homes there increased nearly 14 percent, to $125,000.
The Minneapolis community that saw the largest drop in the median home price from last year to this year is University, where the price decreased almost 20 percent to $191,000.
Homes in Longfellow are selling the quickest, spending 33 days on the market, a more than 23 percent decrease over this time last year.
You’ll find the greatest number of homes for sale in the Southwest community.