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Minneapolis Real Estate News Reports

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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.  In the statistic’s stated only single family homes having an average sale price less than one million dollars have been compiled.  The various communities fain/loss are as follows;

 

Bloomington homes sold ended the year with a positive average sale price of +1.2%. Chanhassen with a positive gain of +1.9%.

Eden Prairie a positive of +3.9%

Edina a negative of -2.9%

Minneapolis Southwest with a positive +1.5%.

Minnetonka negative -0.6%.

Plymouth real estate sales is amongst the higher gains of +3.5%.

Richfield shows a loss of -2.2%.

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 Edina where there were 7.9% increase and Minneapolis Southwest with a 3.2% gain in number of homes sold.

 

When listening to the local news, I always need to keep in mind, the information that is communicated is for the overall Minnesota averages which include town homes, condominiums, lofts and single family homes etc.  When combining all the different types of properties it is like combining each of the different types of computers or office equipment IBM markets.  Is it a PC or is it a mainframe.  Is it a computer or is it a printer and which one actually becomes the key profitable product line.

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: Wednesday, January, 16th 2008 @ 09:07:32 AM
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