Bill Cullen writes:
I am a Realtor / Real Estate investor.
Recently, the Realtor's association reported that the median price of a home in the metro area climbed 8% in 2003. Below are the changes in median values for Minneapolis. I added the difference and percentage calculations.
District Name 2002 Median 2003 Median Difference Percent change Calhoun/Isles $292,000 $287,900 $(4,100) - 1.4% Camden $130,000 $144,900 $14,900 10.3% Central $233,000 $219,000 $(14,000) - 6.4% Longfellow $169,900 $180,000 $10,100 5.6% Nokomis $179,650 $195,000 $15,350 7.9% North $121,950 $139,900 $17,950 12.8% Northeast $162,000 $179,950 $17,950 10.0% Phillips $129,950 $144,000 $14,050 9.8% Powderhorn $157,000 $166,500 $9,500 5.7% Southwest $237,000 $257,500 $20,500 8.0% University $179,000 $210,500 $31,500 15.0%
I cannot explain why some districts saw large increases while others saw significant decreases. North Mpls did particularly well -- and this is years AFTER the flipping scams Dyna mentioned. Finally, if we look at the "average sales price" and not the "median", the average was up significantly in all Minneapolis districts.
Dennis Plante responds:
My gut tells me the large gains seen on the northside are due mostly to the affordability of the housing stock in that area, in conjunction with the relatively low interest rates. Combining these to factors made it very attractive (still) for 1st time buyers, that fit mostly, into the lower-end bracket.
imho-I look for sales and values to flatten-out even more over the next couple of years.
Dennis Plante Jordan
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