How Many Condos Are There?
• There were over 3,000 homes in 33 established Downtown buildings before the building boom of the current decade.
• There are over 4,600 homes in 50 newly-built condo/loft buildings and condo conversions – more than 4,300 are sold. ¹
• There are approx. 280 previously-owned townhomes, lofts & condos currently for sale (Feb 2009).² 

Absorbing Downtown Condos
• With less than 350 newly-built homes for sale, all will be sold within 19 months if the market maintains 2008 absorption rates.¹
• For previously-owned homes, assuming a 2008 absorption rate, there is currently 10 months of inventory.²

Continued Demand Supports Mild Appreciation
• In 2007, 363 previously-owned homes sold – in 2008 there were 341.²
• The average sale price for previously-owned homes year over year decreased 5% to $288,646. ²
• In 2008, 217 newly-built and converted homes sold – in 2007 there were 336.²
• The average sale price for new construction increased 13% to $398K from 2007 to 2008. ²

Mortgage Interest Rates Provide Buying Power
• Today’s are at historic lows: Jan 1983 = 13.40%, Jan 1993 = 8.12%, Jan 2000 = 8.32%, Jan 2009 = 4.5 - 5.5%.
• The combination of broad market concerns and the presidential election could keep rates low into the summer.
• Assuming a $250,000 mortgage, today’s buyer has over $12,000 more buying power than if rates were ½ percent higher.

Don’t Delay
<sup>Is the market good or bad? It depends on your situation – conditions will favor either sellers or buyers. Current conditions make it a great time to buy your new urban home. If you’d like to learn more about real estate in Downtown Minneapolis, don’t delay. Call or click on a Downtown REALTOR© at the Edina Realty Downtown Office – listing more condos and bringing more buyers than any other Downtown office.2

1</sup> Based on information from the Downtown Journal Condo Pipeline & Condo Vitals, Sales Center Information, development web sites, and the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC.,
²Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC.