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Minneapolis Real Estate 2011 in Review: Anticipating Gains In Minneapolis Real Estate In 2012
What to know what home buyers are looking for in today's real estate market? Today the answer is more non-family buyers. Home Destination will help you know your current real estate demographics. Download the Residential Real Estate Annual Report for 2011 from the Minneapolis area Association of Realtors.
Contact Jenna Thuening for a full, no-obligation, FREE consultation as we all anticipate real estate housing recovery progress in Minneapolis real estate in 2012.
 In early 2011, the attorneys general and the newly created Consumer Financial Protection Bureau began pressing for a mortgage settlement that would involve banks paying penalties that could add up to $20 billion, and for steps drastically altering the foreclosure process. This would give the government tremendous new authority over how mortgage servicers deal with millions of Americans in danger of losing their homes. In June 2011, evidence emerged of the first break homeowners have caught since the mortgage crisis began: a sharp slowdown in the rate of foreclosure filings and of repossessions.
Minneapolis Helps Homeowners Go Green With Utilities
In 2011, the City of Minneapolis has adopted online billing and has made historical usage data available. Any homeowner can go to the City of Minneapolis' website and plug in an address yours or a neighbors for comparison, and look up the water usage. They measure water usage in Units of water, where 1 Unit = 748 Gallons. For benchmark comparisons, several sites estimate usage for a family of 4 at between 100,000 and 144,000 gallons per year. Keep in mind that the summer months may be much higher in water usage due to water lawns and gardens.
The City of Minnetonka stands out for adding price break rewards for homeowners who conserve water.
Water is billed at a conservation tiered rate, as follows. There is no minimum use charge on water—you pay only for what you use. Effective July 1, 2009, to encourage water conservation, the heaviest water users (70,001+ gallons) are charged twice what the lightest water users (0-25,000 gallons) are charged. The middle two tiers are spread proportionately between the highest and lowest tiers. This practice is common in other cities and provides high-volume users with a greater incentive to conserve water.
0–18,000 gallons: $1.81 per thousand gallons
18,001–40,000 gallons: $2.07 per thousand gallons
40,001–70,000 gallons: $2.61 per thousand gallons
70,001 gallons and up: $3.62 per thousand gallons
Minneapolis Real Estate Summary: The Year 2011 In Review
 Minneapolis Real Estate prices 2011 in Review: price per sq. foot
Average price per square foot for Minneapolis MN was $108, a decrease of 18.8% compared to the same period last year. The median sales price for homes in Minneapolis MN for September 11 to Nov 11 was $150,525 based on 357 home sales. Compared to the same period one year ago, the median home sales price decreased 2.5%, or $3,937, and the number of home sales decreased 78.6%. Trulia has 3,104 homes listed in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process as of 12.28.2011, expecting this a high rate of foreclosures in Minneapolis real estate in 2012 to continue. The average listing price for homes for sale in Minneapolis MN was $294,550 for the week ending December 21- a decrease of 0.9%, or $2,667, compared to the prior week. Popular neighborhoods in Minneapolis include Linden Hills, Lowry Hill, and Fulton, with average listing prices of $596,521, $1,274,386 and $537,842 (respectively). Economic indicators tell us price per sq. foot may will improve in Minneapolis real estate in 2012. Home Destination will be reporting each quarter on Minneapolis real estate 2011 prices and improvements in Minneapolis real estate in 2012.
Minneapolis Real Estate 2011 in Review: home appreciation rates
Home Price appreciation rates for Minneapolis: homes appreciated 1.61% in the Last Quarter. At that rate, the Minneapolis Real Estate Market was ranked 104th out of 381 metropolitan areas for Real Estate Appreciation. Minneapolis was in the 72nd percentile. So Minneapolis, MN performed better in the Last Quarter than 72% of the 381 metropolitan areas covered in Forecast-Chart.com. With our anticipated state surplus, home owners can expect this to improve for Minneapolis real estate in 2012.
Minneapolis Real Estate Appreciation, Rank & Percentile
| Last Quarter: |
1.61% |
Rank: 104 of 381 --72nd Percentile |
| Last Year: |
-7.6% |
Rank: 322 of 381 --15th Percentile |
| Last 5 Years: |
-22% |
Rank: 308 of 381 --19th Percentile |
| Last 10 Years: |
9% |
Rank: 323 of 381 --15th Percentile |
| Last 20 Years: |
103% |
Rank: 97 of 351 --72nd Percentile |
| Decline From All Time High: |
23.04% |
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View Minneapolis Real Estate Prices as provided by Trulia:
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Looking ahead, many are making lead projections on what homeowners can expect in