Estate and mortgageMarket Conditions: Minneapolis, Minnesota
Despite recent favorable drops in mortgage rates and improvement in housing afford ability, buyer activity remains slow for Minneapolis, Minnesota. This report comes to us from Realtor Stepahane Cattelin.
New signed purchase agreements are down 17.7 percent from the same week in 2006.
Sellers are continuing their annual pause, as the number of new listings on the market and the total number of homes for sale have been in a general seasonal decline for more than eight weeks.
The downtown Minneapolis market, however, remains dynamic. The combination of attractive new developments and a demographic shift seeing "baby boomers," or empty nesters, seeking urban living opposed to suburbs.
Single family existing homes are selling on average -- in the mid $300,000 range.
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