Courtesy of Minneapolis Area Association of REALTORS(R)
See all real estate listings in Minneapolis here.
The Minneapolis real estate market is still favoring home buyers. Here are a few highlights of the video provided by MAAR:
- Sales of Minneapolis real estate listings on the Northstar Regional MLS® have tapered off since the first time home buyer federal tax credit disappeared.
- Minneapolis home buyers still have access to cheap loans and strong negotiating power.
- Nationally, the housing market recovery appears to be inching forward. Locally, sales of Minneapolis real estate listings are still down, having declined 36% this October (2010) when compared to real estate sales in October of 2009. It might be more instructive to compare figures with October 2008, because the tax credit boost was an anomaly. When compared to October 2008, Greater Minneapolis area home sales were down 13%.
- The number of active Minneapolis real estate listings grew 6% when compared to October 2009. However, when compared to October 2008, the Minneapolis area mls inventory levels actually shrunk 13%.
- Median prices of sold homes on for Minneapolis on the Northstar Regional MLS ® are up $1000 since this time last year. However, this figure might not mean much because it could be the result of buyers clustering at higher price brackets.
- Minneapolis home buyers gained negotiating power as sale price/list price ratio dropped to $90.3%, down from 94.6% from last October.
- On a positive note: Employers are slowly beginning to hire and consumer spending is up and GDP has seen a slight increase.