Housing continues to be a hot topic. Prices in Southwest Minneapolis continue to be on the incline. The neighborhoods that make up Southwest Minneapolis realized a 13% increase in the median sales price according to the Minneapolis Area Association of Realtors and the average sales price increased by 11% (from Jan 2013 to Jan 2014).
New construction, particularly in Linden Hills, continues to become more and more prevalent. New construction sales increased by 28% over last year and the average sales price is now $989,000, while the median sales prices remains at $829,000.
It will be interesting to see where the tear down and rebuild trend starts to go in order to attract buyers at lower price points. Fulton, Kenny & Armatage are areas where I suspect we will see more new construction. The reason is that the housing stock of previously owned homes is ripe for redevelopment, and the acquisition cost for builders and buyers is more affordable than Linden Hills, Tangletown, East Harriet and Lynnhurst. Kingfield is another area where I see potential for this trend to expand.
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