Video courtesy of Minneapolis Area Association of REALTORS®
See ALL Minneapolis real estate listings currently for sale on the IDX/MLS system.
This video details market trends in the local market. Here are some highlights of the video:
- The painstaking slow economic recovery is frustrating Minneapolis real estate agents and sellers.
- Pending Minneapolis real estate sales for December 2010 were down 2%. Pending sales are an indicator of future home sales activity
- The inventory of Minneapolis homes for December 2010 is up 10.3% compared to December 2009, which was already a home buyers market.
- The large inventory of homes is keeping prices down and giving buyers a selection. Buyers are shopping for quality and value. To be competitive, sellers need to offer both. A good pricing strategy is crucial, and home condition is essential. Minneapolis home buyers can be picky right now.
- December 2010 sold prices are down 1.5% from the same time last year.
- Closed Minneapolis real estate sales decreased 16.8% from December 2010.
- Interest rates are expected to go up as the labor market grows and the economy recovers.