According to Northstar Minneapolis MLS statistics, the average sale price for June home sale prices were up slightly, compared to average home sale prices for June 2006. Average sale price in June of 2006 were $268,537 compared to June 2007 at $280,358, making a gain of 4.4%
However, total number of homes sold in June were down from 627 last year to 489, for a drop of 22.0%. Keep in mind that these numbers are collected for a one month period, and the smaller sample size means that numbers can be easily skewed by extreme high or low sales.
Year-to-date Minneapolis MLS numbers through the end of June indicate that there were 7350 homes that sold and closed during the first half of this year compared to the first half of 2006, which saw 7100 homes sold and closed, representing a decrease of only 3.4%. Sale prices for those same time periods dipped 4.4% from $280,358 to $260,795. However, the fact that prices gained in June 2007 compared to June 2006 may indicate that the market is strengthening.
At the time of this post there are 2332 single family homes for sale at an average price of $263,104; the majority of homes are offered in the 100k-300k price range. There are 1419 townhomes and condos for sale on the Minneapolis MLS at an average price of $367,425.
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