Southwest Minneapolis’ Linden Hills Neighborhood Homes Sales Statistics for Year-End 2013:
The average list price prior to sale = $538,342, average sales price = $527,205, percent of list price received at sale (from last price-point) = 98%, average days on the market = @74, average price per square foot = $221.48. 114 single family homes sold in the Fulton neighborhood in 2013.
**The first half of 2013 saw the best price gains for homes in Linden Hills. The 2nd half of 2013 was stable, but did not really see an average increase in price. Essentially, we remained largely flat, when compared with the stunning price gains of the first half of the year. I’d attribute a significant portion of this to the rise in interest rates. In March of 2013, we saw rates bottom-out @ 3.25%, and by the end of the year, we saw rates fluctuating between 4.25%-4.75%. IMO, while anything below 5% is phenomenal, going from 3.25% to the 4.25%-4.75% range is an increase of between 30%-40% in interest rate pricing. That being said, upon writing of this post (01/05/2013) it’s still a fantastic time to buy. However, it’s also a fantastic time to sell: we have a really low inventory in Southwest Minneapolis, and in particular, in the highly sought-after Linden Hills neighborhood.
Don’t wait. My estimation is that when I update the year-end stats of 2014, a year from now, we’ll have average interest rates North of 5%.
Everything you need to know on the Linden Hills Neighborhood + More sales stats and info: Please click here.