Due to Minneapolis encompassing a large area of real estate, the local Realtor association has created 11 areas in Minneapolis in order to better organize the sale data.
The Calhoun region, including Lake Calhoun, Lake of the Isles, Cedar Lake, and Uptown is denoted by the number 300 in our multiple listing system. Following is some year-to-date (YTD) sales information.
- Average Sales Price : YTD the average sales price is $318,315. In 2006, it was $425,885. That is a decrease of 25.3%!
- % of Original List Price Received : currently sellers are getting 95.4% of the list price, where in 2006, sellers were receiving 97% or more.
- Average Days on the Market : it is taking 156 days for a home to sell in the Calhoun area
- New Listings vs. Closed Listings : YTD there have been 656 homes listed for sale, up 20% from 2006. At the same time, only 152 have closed this year, which is down 11.6% from 2006.
As you can see, the market has cooled a little in the Lakes region of Minneapolis. Price has been the determining factor it seems on getting a home sold. I will be posting updates every couple months as the new data is released so you can get a better view of how the market is progressing as the year goes on.
Look for my breakdown of the other 10 Minneapolis regions over the next week or so.