Minneapolis, MN

MPLS MN Price Change Housing Forecast

02-12-12

Eric Hempler

view my blog
Office: (763) 529-9060

Clicking on this link will show the trend for home prices in the various areas of Minneapolis.

I found it easier to make a large image versus embedding it in this blog post.

To get a better idea on what the Housing Market in Minneapolis is doing I've links to recent blog posts I've written.

Linden Hills Real Estate Outlook
Minneapolis' Balanced Market - An Infographic
Minneapolis' Balanced Market
Minneapolis Lakes Real Estate

0 Comments

Linden Hills Real Estate Outlook

02-10-12

Eric Hempler

view my blog
Office: (763) 529-9060

Home Prices in the Linden Hills Neighborhood of Minneapolis have performed very well during the Housing Down Turn.

Out of all of the neighborhoods in Minneapolis Linden Hills may be one of the most popular locations. It also benefits from being the border to Lake Calhoun, Lake Harriet and Edina, Minnesota, a popular Minneapolis Suburb.

Linden Hills also operates much like a small town with local businesses and services along France Avenue and majoring shopping and Highway Access nearby. 50th and France is also a popular dinning and shopping area for Linden Hills residents.

As you can see in the chart above prices have appreciated 15% from 2002 to 2006 and 20% from 2002 to the present. The Median Sale Price in the chart above is a twelve month average.

The chart below illustrates the inventory and price trends over the last ten years.

Since the Fall of 2011 the Median Sale Price has been improving while inventory has been falling since the Fall/Winter of 2010. Linden Hills has been trending in a Balanced Market since August 2011.

[Linden Hills Minneapolis Homes for Sale

0 Comments

Minneapolis Has a Balanced Market Too? Well, I'll be a Monkey's Uncle

02-10-12

Eric Hempler

view my blog
Office: (763) 529-9060

Before I get too far into this post I should point out the blog posts were I've mentioned which communities in the Twin Cities Housing Market have a Balanced Market.

Plymouth
Saint Paul
List of Communities with Balanced Market
List of Communities with a Seller's Market - Really? Yup.

In the chart to the right we can see how many months the City of Minneapolis has been in a Balanced Market. In March 2011 we saw the first indication of a possible turnaround for Minneapolis and as the year progressed things continued to improve with 2012 starting at 6.27 Months of Inventory.

minneapolis, real estate, housing market, inventory, home sales, absorption rate In this next chart we see the 12 month moving average, which shows Minneapolis nearing a Seller's Market, which would be five months or less.

In the chart below we can see what direction the trend lines have been moving for Months of Inventory and the Median Sales Price for the City of Minneapolis.

minneapolis, homes prices, housing market, real estate, inventory, sales

In this last chart we can see how home prices have performed in each area of Minneapolis.

Homes Prices in the Southwest Area of Minneapolis, which happens to be one of the most desierable areas of Minneapolis, appreciated 13% since 2002 and fell 7% since 2006.

The worst performing areas since 2002 would be the Camden Area at 65% and the Near North Area at 63%. Since 2006 the Near North Area fell 74% while Camden fell 71%.

minneapolis, home prices, housing market, real estate [gravityform id="3" name="Market Report Order Form"]

Homes for Sale in Minneapolis

0 Comments

The State of Real Estate: Edina and Southwest Minneapolis: January 2012

02-07-12

Ben Kolkman Real Estate Author & REALTOR Southwest Minneapolis & Edina Minnesota

view my blog
Office: (612) 599-4161

With January under our belt, I'm glad to announce, the Real Estate market in Edina and Southwest Minneapolis is really improving and shows signs of real recovery.

"Recovery" is a work I'm careful about using. For the past 5 or 6 years we've encountered waves of new crises, foreclosure crisis, bank crisis, credit crisis, economic crisis... crushing any recovery at the time. But strong fundamentals continue to fuel a strong Real Estate market in Edina and Southwest Minneapolis.

January has been beautiful in the Twin Cities, maybe it's the weather, or the good employment numbers, or the fact that people simply can't wait any longer to buy a home. In any case buyer activity is growing. Coupled with declines in listing activity, the result is improved inventory levels.

What does that mean for you? Not much if your buying or selling today. The market is still fundamentally the same, buyers want a great home in a great neighborhood for less and sellers are trying to figure out how to compete with short sales, foreclosures. The good news is that over the long run I believe median home prices are stabilizing and that demand for homes is rising. Maybe in a year or two we will feel the effects as the market begins to balance out. For now we are still squarely in a buyers market.

Some very interesting trends to watch...

1) New Home Construction: In the Edina and Southwest Minneapolis real estate market that means tear-downs, new homes built after tearing down the home that was there before. This in-fill or tear-down activity has not slowed down in spite of the slow market in general. One reason, cheaper land. As the purchase price of the original home and lot has been hammered, the end result is a better deal on the new construction home.

2) The best block always wins. As buyer activity improves across the Edina and Southwest Minneapolis real estate market you'll find areas where homes seem to always sell fast. The old adage applies here, "Location, Location, Location" everything else being equal buyers always buy into the best neighborhood they can afford.

3) Interest Rates: I'm so sick of saying this, but, interest rates are so low! If you need a reason to buy this is it. Do not wait, buy now. Even if prices do drop, a small tic up in the interest rates will balance out the savings.

Loving real estate Edina and Southwest Minneapolis, and loving this early spring time weather!

Ben Kolkman

0 Comments

Minneapolis Lakes Real Estate

02-04-12

Eric Hempler

view my blog
Office: (763) 529-9060

Home prices in the Minneapolis Lakes Area have fallen 9% since the Housing Market Peak of 2006 and have appreciated 4% since 2002 to 2011.

minneapolis lakes, real estate, housing market, trends, home prices, inventory, sales

The month of January put the Minneapolis Lakes Area in to a very strong buyers market with an absorption rate of 10.33 Months of Inventory and is trending in a Balanced Market at 7.4 Months of Inventory. The Median Sale Price on the other hand have been trending fairly flat for the last six months at about $280-$285 thousand.

minneapolis lakes, homes prices, inventory, home sales

Homes under $400,000 are currently in a Seller's Market as of the date of this post with the exception of the 100-125 thousand dollar price range. Although, this could be an anomaly due to various data points.

Homes above $500,000 have more than a years worth of inventory. You can also see a breakdown in the charts below for homes above $500,000.