Market Report October 2018

November 7, 2018 by Maggie Kobele

October was a strong month compared to October 2017 for the Minneapolis Central real estate market. We saw a significant rise in new listings, sales price and closed sales. Days on market also dropped 23% year over year.

The number of new listings was up 16.7% compared to 2017 coming in at 91 total new listings. However, showings per listings is down almost 33%. So, while supply is up, it is looking as though demand for housing has taken a slight dip compared to last year.

Closed sales also saw a significant increase compared to 2017 coming in at 83 total closings in our market, 84.4% more than last year. Sales prices, therefore price per square foot also saw 28.7% increase and 19.6% increase respectively.

What does this all mean to you? If you are looking to sell, now might be the perfect time! Sales price is up, while days on market is down. On the other hand, if you are looking to buy, you might be competing against less buyers compared to last year.

Want an in-depth comparative analysis of your property? Or do you want more information on current Minneapolis market trends? Give us a call today or inquire on our website today!

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