Information just released and reported on the Channel 5 news reports that the Minneapolis Real Estate Market prices are down 1.9% from 2006. This is not to be confused by individual communities. Keep in mind there are communities where the average prices have fallen more that 1.9% and of course other markets where there was a gain in average sales price.
I have been compiling statistics for 10 communities west and southwest of
Minneapolis Southwest with a positive +1.5%.
Savage a negative of -2.9%
Shakopee a negative -3.6%.
It was also stated the overall number of homes sold in 2007 were about 19% less than that of 2006. Using the same criteria as before most of the communities did show a decrease in the number of units sold with the exception of
When listening to the local news, I always need to keep in mind, the information that is communicated is for the overall
As stated in the same news story reported by Channel 5, the prediction is the bottom of the Minneapolis Real Estate will be in the fall of 2008. Is now a good time to buy? It is difficult to predict as waiting for the bottom could prove to be to late as the market will be rebounding before the bottom has been recognized.
Date: 2008-01-16 09:07:32