Information from Regional Multiple Listing Service of Minnesota, Inc.
MLS 302 (Downtown Minneapolis), January 1 –December 31, 2008

 

341
resales (previously owned homes) sold in 2008, a 6% decrease from 363 in 2007

271
newly-built (including conversions) homes sold in 2008, a 35% decrease from 336 sold in 2007

$288,646
average sale price in 2008 of previously owned homes, a 5% decrease from 2007

$398,233
average sale price of new construction homes in 2008, a 13% increase from 2007

$217
average cost per square foot for previously owned homes, down from $222 in 2007

$273
average cost per square foot for new construction in 2007, slightly down from $275 in 2007

57%
percent of all homes sold cost less than $300,000

12
Downtown homes sold over $1 million in 2008

$495
average cost per sq ft for homes over $1 million

28
Downtown homes sold over $750,000, 5.0% of all sales, averaging $443 per sq ft

$69
lowest paid cost per sq ft: @ The Sexton, 1 bd, 1 ba, 1,150 sq ft

$854
highest paid cost per sq ft: @ Stone Arch Lofts, 3 bd, 3 ba, 3,220 sq ft

$70,000
lowest sale price: @ City Heights, 431 sq ft studio

$2.75 million
highest list price sold: @ Stone Arch Lofts, 3 bd, 3 ba, 3,220+ sq ft

183
average cumulative days on market in 2008, up from 164 days in 2007

94.9%
percent of list price received for previously-owned homes, down from 96.2% in 2007

46
average number of homes sold per month in 2008

10.1
months of active resale inventory, known as absorption rate

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