While the Southwest Minneapolis and Edina housing market have been fairly stable markets throughout the past 3 years, many other surrounding Minneapolis-area housing markets have been in a continual, declining-mode for the past 3 years. However, as I’ve been noting on this blog, statistics over the past few months have shown continued stabilization thoughout the Southwest Minneapolis metro area.

Key areas of stabilzation are: fewer listings, higher closed-sales activity, less days on the market for active listings, better affordabiltiy (indexes), and still low lending rates.  Of course the upper-bracket listings in the entire Minneap0lis-area is a different story, especially at $1 million dollars-plus, but stabilization does not start at the top. At this point, stabilization will have to start at the lower-levels through the middle, and eventually work its way upward, as more sellers are freed up from their homes, and can then make their next move to upsize.

We still need the banks to work on a better jumbo-mortgage product, in order to help stabilize the upper-bracket.

Overall though, we are seeing legitimate, good news. Let’s hope we do not see any further shoes drop in the economic sector. For this to happen, we need less government spending, lower taxes, and stabilization in employment sectors. Of course this is not happening, and this is the current forseeable trouble on the horizon.