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New Listings Decreased by 27.7%: This decline could be due to various factors such as economic conditions, changes in seller behavior, or most likely seasonal patterns. With only 60 new listings, there may be a limited selection for potential buyers, which could impact overall market activity and competition among buyers.
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Average Sales Price Dropped by 15.9%: A decrease of 15.9% to an average sales price of $316,211 indicates that properties are selling for less on average compared to the previous year. This could be influenced by factors such as shifts in the types of properties being sold, or adjustments in pricing strategies by sellers.
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Average Price Per Square Foot Decreased by 17.4%: This metric provides insight into how property values are changing relative to their size. A decrease of 17.4% to $277 per square foot suggests that buyers are paying less per unit of area, which could be reflective of changes in property characteristics of those being sold at the time or market preferences.
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Average Number of Days on Market Decreased by 6%: Despite the overall decline in market activity, the average number of days a property stayed on the market decreased by 6% to 109 days. A shorter time on the market indicates that properties are selling faster on average compared to the previous year. This could be attributed to factors such as improved marketing strategies, increased buyer demand for available inventory, or adjustments in pricing to align with market conditions.
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Closed Sales Decreased by 54.8%: The sharp decline in closed sales, with only 19 transactions, highlights a significant slowdown in market activity compared to January 2023.
While the decreases in new listings, average sales price, price per square foot, days on market, and closed sales are notable, it's essential to understand that these changes may be influenced by various factors specific to the downtown Minneapolis area.
Reach out to discuss the downtown market and my active market experience with buyers & sellers this season
Data retrieved from the NorthStarMLS via map of Downtown Minneapolis Neighborhoods including: Loring Park, Elliot Park, Downtown West, Central Minneapolis, North Loop, East Town, Mill District, Nicollet Island, St. Anthony West, and Marcy-Holmes.
Do you have questions about Downtown Minneapolis or surrounding real estate markets?
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