Most observers would agree that this year's housing recovery was not as robust as many had hoped.
That said, a handful of things went right. Supply-side market correction took the guise of inventory declines and a pullback in listing activity. Consequently, sellers generally faced fewer challenges than in the past.
Driven by improvements in the economy and record-low mortgage rates, purchase demand strengthened organically, independent of government incentives.
Those sales gains dovetailed with falling inventories to move the market back toward balance. Nobody knows what 2012 will bring, but it's a safe bet that these positive developments will continue to evolve.
For the month of December: Median Sales Price decreased 5.6% Days on Market decreased 2.4% Percent of Original List Price Received increased 1.8% to 90.6% Months Supply of Inventory decreased 36.2% to 4.6
The gradual increase in demand for city living is having an impact on home prices. Benefiting the most from property price appreciation over the past five years are the core cities of Minneapolis and St. Paul. Next in line are some of the developing ex-urban areas and most of the first ring suburban communities.
Downtown Minneapolis Market remains dynamic. The combination of attractive new developments and demographic shift seeing "baby boomers", empty nesters seeking urban living opposed to suburbs.
This contributes to the commercial success of lofts in the North loop (Warehouse district) and Mill Ruins areas. Also latest High Rise projects like "The Carlyle" and the "Yvy Tower" have seen a strong interest from buyers. Both have seen over 90% of units reserved within the first two days of availibilty.
With a booming entertainment district circling Block E and a "Renaissance" of the Mississippi River banks, Downtown Minneapolis offers to date its best growth, leaving room yet for more affordable real estate. Projects to come...
Uptown Minneapolis shows a remaining interest for 'condo conversions". With yet a limited offer and continuously growing demand. Linden Hills neighborhood of Southwest Minneapolis has successfully joined the pack of conversion developments.
For more information about specific Minneapolis neighborhoods real estate markets, feel free to call Stephane @ 612-703-8229 or visit his website @ www.StephaneCattelin.com
ZIP Codes: 55401, 55402, 55403, 55407, 55409, 55410, 55416, 55408
About Stephane Cattelin:
A real estate professional, Stephane Cattelin provides exceptional service to home buyers and sellers in Minneapolis, South and Southwest, Edina, St. Louis Park, Richfield and Minnetonka. He specializes in residential properties for first time buyers, international transferees and relocation clients.
Stephane earned his masters degree in France, majoring in hospitality industry management and marketing. He uses his award-winning customer service skills to help his real estate clients achieve a smooth transaction from contract to close. Stephane has experienced many personal moves; therefore he is empathetic to the stresses families encounter during a transition to a new home and works to make the experience a positive one.
Stephane combines traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. With maximum internet exposure and target marketing strategies, Stephane works to sell your home for top dollar, in the shortest amount of time and with the least inconvenience to you.
Driven to provide exemplary customer service, Stephane can help you achieve your real estate goals.
Hear more about Stephane @ www.StephaneCattelin.com
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
