Thursday, October 18, 2007

Minneapolis Market Update

Details for the Nokomis Minneapolis Real Estate Market

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 Nokomis region is denoted by the number 304 in our multiple listing system and includes the Lake Nokomis, Lake Hawatha, Diamond Lake and surrounding areas .Following is some year-to-date (YTD) sales information.

Average Sales Price : YTD the average sales price is $240,787. In 2006, it was $240,958. So the sales price really has not changed over the last year, which is really good news...this region isn't experiencing a slump like other areas of Minneapolis.

% of Original List Price Received : currently sellers are getting 96% of the list price, where in 2006, sellers were receiving just 97%. Prices are holding steady which is great news for local sellers in this region.

Average Days on the Market : If you are a seller in the Nokomis region, you are doing quite well. Currently it is taking only 95 days to sell. This is actually the second quickest area in Minneapolis to sell. Longfellow is only seller better at 77 days.

New Listings vs. Closed Listings : YTD there have been 1328 homes listed for sale down only 6% from 2006. At the same time, only 548 have closed this year, which is down 19.6% from 2006.

As you can see, the Nokomis real estate market is holding it's own this year. One thing to notice is that even though sales are down in this region, home owners that do successfully sell their home, are spending less time on the market, and getting more of what they ask for. The likely reason is that sellers are being realistic about their list prices. Many in Minneapolis still deny reality.

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! You can view statistics from other areas of Minneapolis here.

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