Minneapolis Housing Market Report

per Minneapolis Area Association of REALTORS®

What’s in store for the Minneapolis housing market? What has it been doing lately? The above video offers a few insights.

What’s Been Happening with the Minneapolis Housing Market?

For Jan, 2010, sales of Minneapolis homes were down 3% for the same month last year. The hot streak in the market has cooled off a bit. This has been the second consecutive year-over-year drop in sales, although the decreases have been very small.

Traditional, or non-lender mediated sales were up 27% since Jan 2009, coinciding with a drop in short-sale and foreclosure home sales of 12% since last year. In the meantime, inventory levels dropped 16%. This has caused home prices to stabilize; January 2010 was the first time the median Minneapolis home price was up 1.3% after three years of declining prices.

Days-on-market times are down 7.5%, giving home sellers a ray of hope.
What’s Next?

It’s hard to say, although we know that the two things that have fueled overall improvements in the Minneapolis housing market might be going away. The federal home buyer tax credit will expire April 30th, and the insanely low interest rates are bound to go up when the Fed stops buying mortgage-backed securities.

Possibly related posts:

1. Minneapolis Real Estate Market Report 2009
2. Market Analysis vs. Appraisal