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What’s Up With Minneapolis Condo Sales?

in Minnesota Townhome Blog

Get a strange and funky condo or loft in downtown Minneapolis!

Here are some Minneapolis condos and townhomes for sale that were listed on the Northstar Regional MLS within the last 10 days:

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Here’s a bit of good news for owners of Minneapolis condos:

If you measure the number of pending sales from October 2009 through 2010, pending condo sales increased 12.9% while single family home sales rose 2.1%. Condo sales are seeing bigger gains than house sales.

The price bracket that saw the most significant gains above all other price brackets for sales volume was the 100K and under range, which climbed by 11.8% when compared to the same twelve month period last year. Surprisingly, the 300K Mpls condominiums was the second hottest bracket, coming in at a close 11.4%.

The under $100,000 price range, which increased 11.8 percent, outperformed all other price points in terms of sales activity, driven by a huge increase in condo sales compared to the same twelve-month period last year. The $300,001 and above bracket was a close second with a gain of 11.4 percent. The worst performance was seen in the 100K to 150K price range, which saw a decline by 4.2%

The big factor to watch now is inventory levels. Since last year, the supply of of single family homes increased 6.9%, while condo inventory decreased 7.1%, a trend that could shore-up Minneapolis condo prices.

 

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