Anatomy of a Real Estate Recovery: Minneapolis
The chart above illustrates the significant recovery in the Minneapolis Area real estate market based on data through March:
1. New listings, pending sales, and closed sales have all increased compared to both March last year and March 2008.
2. The dollar volume of closed sales increased in March from last year.
3. The median sales price increased by 7% from March last year, and the average sales price by 6%.
4. The sales price as a percent of list price increased to 94% in March 2010, up from 91.5% last year and 91% in 2008.
5. Total listings available for sale have fallen by 17% since 2008, and the months supply of inventory has fallen by 32 percent since 2008.
Bottom Line: Although not presented here, the year-to-date data through March show the same strong gains as the March-only data. By every important measure (price, unit sales, inventory, etc.), the real estate market in the Minneapolis Area has experienced a full and broad-based recovery this year.