The 2010 Twin Cities Area Housing Market Annual Report from the Minneapolis Area Association of REALTORS is out, with a ton of excellent data about what the heck is happening in real estate these days.
Among the stats they publish, (download the full report as a PDF here [via Aaron Dickinson on Twitter]) is a breakdown of how long it takes properties to sell by area. Area, in this case, is how the real estate industry has sliced and diced our metro, although it tends to follow names that people find familiar. Looking at the various neighborhoods of Minneapolis, here’s how it breaks down, sorted by shorted days on market to longest:
Yep, that’s Longfellow in the lead with an average of 74 days on market. Longfellow, in this case, includes the Seward neighborhood, so basically the entire wedge of Minneapolis found between the Mississippi River and Hiawatha Ave with I-94 on the north and Minnehaha Park on the south.
It turns out that Longfellow didn’t only have the shortest days on market in Minneapolis. It had the shortest days on market out of the 106 areas within the greater Twin Cities metropolitan area surveyed.
Why are Longfellow sellers having so much success selling compared to other neighborhoods within the city? Because people like me, and Mike, and Moe, and Maggie, and Karl, and Justin want to live here. It’s a very affordable community within the city along the awesome Mississippi River trails, with the Midtown Greenway running through it, with a painless commute to downtown and the airport (without airport noise).
With an average size of 1,381 sq ft, and an average price per sq. ft. of $135, some good deals can be found. For example, our neighbors to the west in Nokomis are buying for slightly cheaper at $130 per sq. ft., but that comes with airplane traffic overhead.
The area of Minneapolis that’s most competitive with Longfellow (but just a half step behind) is Northeast. Their days on market is slightly longer (96) but their price per square foot if a very affordable $106. Northeast has a lot going for it, including a solid pub crawl scene, the Mayslack’s Original sandwich, and at least three cool business districts (13th Ave NE at University, University and Central, and Central Ave NE).
But, Longfellow has the trails, the park, the river gorge, and Merlin’s Rest. It’s hard to beat that.