Minneapolis, MN: Southwest is Good and Getting better

Location, location... yeah you konw the rest! But seriously, look at these stats for SW Mpls and tell me is a bad market.

In 2007 the average SW Home Seller was on the market 112 days, and received 95.3% of their asking price.

$310,000 was the Median Sale Price in 2007 ($200/sq. ft.)

Up 8% from 2006 Median of $287,000

Up 47.6% from 2001

Also, a very important development in the Metro Market occurred this spring, the Number of Listings has started to fall. The current housing market "down turn" is based on high inventory levels resulting in a Buyer's Market. Sales volume has weakened as well, but fundamentally our "problem" is a simple over supply issue. As the supply of homes drops, the balance between supply and demand will improve, strengthening the market. It'll take quite some time to balance out, but I am going on record here and now, the recovery has begun (as long as the recession isn't too bad)!

Loving Mpls,

Ben