ResalesMinneapolis, Minnesota Housing Market Moves Into Summer
Late snows slowed housing slightly, but overall, local Realtors say summer"s heating up sales, but not as hot as last year.
"Most of us are probably wondering if we"ll ever get the spring/summer weather we"ve patiently been waiting for," says Realtor Jerry Clifford. "It has affected our real estate market but only slightly. Comparatively, it"s not too different from last year at this time. The percentage of single-family homes sold at list price is down but only by a small percentage. At this time, it is 98.92 percent. In May 2003, it was at 99.20 percent. The average sold price went down to $309,186 compared to $314,049 in May 2003. The average market time hardly changed being 30 days in comparison to 28 days on market last year at this time, but 168 homes did not sell which is very close to the number of homes not sold in May 2003, being 170. There are 138 single-family homes listed up to $500,000; 16 single-family homes listed from $500,000 to $1,000,000. Currently there are 4 townhome properties listed up to $500,000.
Clifford suggests, "Southwest Minneapolis is one of the most desirable areas of the city to live in. This area is one of older homes just loaded with culture and range in price from $190,000 to in the million-dollar range. Southwest Minneapolis provides the "Lakes Area" with Lake of the Ilses, Lake Calhoun, and Lake Harriet. This area also provides picturesque skylines of downtown Minneapolis."
Says Realtor Joeann Conrad, "Minneapolis is always a happening place to live! The best in downtown dining and entertainment including the Metrodome and Target Center is minutes from your door. You can walk, roller blade, bike, and jog around the Lakes area of Calhoun, Harriet, Lake of the Isles and more, then go Uptown for some light dining or shopping and great people watching. Minneapolis has it all, cozy bungalows to sprawling mansions, eclectic townhome/condos to skyscraping condos with breathtaking city views. Now"s the time to claim your space in this awesome city.
Conrad suggests, "With indications of a steady rise in interest rates, the market has remained active. The spring and summer months are traditionally the most active, however the average days on market has not reduced accordingly with seasonal expectations. I"ve left the balance between buyers and sellers as neutral, however some buyers are finding that sellers are more open to negotiating on prices. There are still homes that may have multiple offers competing, however that is not the direction of the overall trend this year."
"Market trends for the Twin Cities continue to look great despite the anticipation of rising interest rates," says Realtor Alicia Garatoni. "The continued strength of the local housing market can be attributed to the improving economy and to the rising jobs market. In a recent publication, David Lereah, NAR"s chief economist, indicated that with the U.S. GDP on a very positive track, the unemployment rate is expected to drop to 5.4 percent. Unemployment in the Twin Cities has held constant in the mid 4 percent range."
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