Minneapolis enjoys a fairly stable economy and housing market.  That said, our market has not escaped the recent financial melt down or decreasing consumer confidence.  Numbers that were looking encouraging for the last several months have begun to inch negative.  August closed sales numbers are down 9.7% from the same time period last year; average number of days on the market has jumped from 97 to 121 and average sales price is down 21.2% from $254,637 to $200,642.  While the total number of single family homes on the market has decreased from 2,512 to 2,059 we are still far from a balanced buyer/seller market.

 

A new category being tracked is the impact of short sales and foreclosures on the Twin Cities market.  In a well-designed article published by the Minneapolis Area Association of Realtors, it breaks down the number of homes that are on the market that involve a lender.  For the full Q2 report, please visit:  http://www.mplsrealtor.com/downloads/market/Reports_Analysis/Foreclosures-and-Short-Sales-in-the-Twin-Cities-Housing-Market-Q2.pdf .  The Q3 report should be out in the next couple of weeks.

Let me know your thoughts on the Twin Cities economy.