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 Southwest region is denoted by the number 309 in our multiple listing system and includes the Lake Harriet area .Following is some year-to-date (YTD) sales information.
Average Sales Price : YTD the average sales price is $363,370. In 2006, it was $344,448. Surprisingly home prices in the Lake Harriet area have increased 5.5% this last year. Good news indeed!
% of Original List Price Received : currently sellers are getting 96% of the list price, where in 2006, sellers were receiving just 96.8%. Prices are holding steady and sellers are doing pretty well compared to other parts of Minneapolis.
Average Days on the Market : If you are a seller in the southwest region, you are doing quite well. Currently it is taking only 113 days to sell. While this may seem long when comparing days on the market for 2005 and 2006, it is actually more of what a normal market should bare.
New Listings vs. Closed Listings : YTD there have been 1167 homes listed for sale down 19% from 2006. At the same time, only 558 have closed this year, which is down 14.8% from 2006! While you hate to see sales down, this is one of the best selling areas in Minneapolis.
As you can see, the Lake Harriet real estate market is holding it's own this year. While many news stories report that the market is sour all over the Twin Cities, this is just a generalization. Real estate is truly local, even down to specific neighborhoods.
Look for more 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!