Video provided by the Minneapolis Association of Realtors®
What happened on the real estate scene in Minneapolis this summer? Here’s a resource that Realtors use to get a thumbnail sketch of the Minneapolis real estate market for July 2009. If you will watch this video, you will learn that foreclosure properties comprise a large portion of the market. However, more positive than negative trends have been observed.
Here are some highlights of the video:
- July 2009 figures for pending sales are the best numbers seen since 2005.
- July 2009 are up 16% from last July.
- This is the 13th month in a row that has seen an increase in pending sales since the same month last year
- Pending home sales were up 16% from the previous time since last year.
- Housing inventory has dropped 22% since the previous July
- Also observed was the smallest amount of new listings since 2002
- It will take 7 months to sell off mls Minneapolis real estate inventory, falling from 10.5 months in 2008
- Days on market average fell to 137 days, meaning a drop of 7%
- days on market is down 7 percent to 137 days
- the sale price to list price ratio is actually up from the previous year, coming in 97%
- lender mediated properities still commprise about 43% of the market
- New Minneapolis home foreclosures are on the horizon, but the outlook is dramatically improved since last year.