ResalesMinneapolis In Typical Hot Spring Market, Say Realtors
Minneapolis, Minnesota Realtors say the city is one of the best in the country, which means spring selling is likely to heat up like it does every year when the snows start to thaw.
"Minneapolis has a reputation as one of the most "livable" big cities in the country, and the reputation is well deserved," says Realtor John Hagerman. "With 22 lakes within the city limits, plus biking, walking or skating paths around most of them, Minneapolis is a fun, dynamic place to live during the spectacular summers. Add an abundant night life of clubs, restaurants and theaters, and four major sports teams, it"s hard to find a better place to live. "Minnesota nice" is the frosting on the cake, the ingredient that makes everyone feel welcome and that creates a feeling of belonging from the moment you set foot in the city."
About the market, Hagerman says, "Multiple offers may become the rule again this spring! Spring 2003 saw the brakes finally being applied to a six-year boom in housing prices. After years of double digit appreciation, even low interest rates couldn"t sustain the boom. That"s a good thing for buyers, and sellers. For the year, 2003 averaged just over 8 percent appreciation, and the amount of available housing inventory jumped dramatically. Last fall, and early winter saw the market really slow down, but the spring is already starting to jump. With even lower interest rates, and still strong demand, expect to see houses sell quickly, especially in the under $400k range."
Says Realtor Jerry Clifford, "Southwest Minneapolis is one of the most desirable areas of the city to live in. This area is one of older homes just loaded with culture and range in price from $190,000 to in the million-dollar range. Southwest Minneapolis provides the "Lakes Area" with Lake of the Isles, Lake Calhoun, and Lake Harriet. This area also provide Picturesque skylines of downtown Minneapolis."
Clifford says, "Overall, 2003 was an incredible year for residential real estate sales. Comparatively speaking, the numbers for February 2004 are down but are extremely close to the numbers last year at this time. The percentage of single-family homes sold at list price is slightly down being 98.16 percent compared to 98.90 percent in February 2003. The average sold price is $284,251, down from $286,193 Feb. "03. The average market time did increase a bit from 47 days in Feb. "03 to 60 days on market this month, however, the number of homes not sold is down from last year at this time showing 125 homes not sold in comparison to 148 at this time last year. Statistical information for town home properties in this area is not available at this time. At the time of this report, there are 108 single family homes listed up to $500,000; eight single-family homes listed between $500,000 to $1,000,000."
"The Minneapolis area is abundant with accessible lakes, parkland, top schools, four true seasons per year, and a very trendy urban scene in both the Minneapolis and St. Paul Downtown areas," enthuses Realtor Dan Basil, "Whether you like a small town setting in one of our suburbs or the excitement of a metropolitan downtown community, we have it all for you!"
Basil advises, "Don"t be surprised to see a return of the "multiple offers" on homes for sale as the inventory on existing homes tightens this year. With the economy showing consistent signs of recovery, Minnesota companies are gearing up for a hiring spree after a two-year hiring freeze. Other companies are ahead of the curve and are looking for 2004 to be an expansion this year and plan on riding the wave of economic recovery. The influx of new jobs will bring an influx of new buyers into the home-selling arena."
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