Michelle Bruch

Downtown housing market cooled considerably in 2006

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The Minneapolis Area Association of Realtors (MAAR) reported that new listings for December 2006 were behind the prior year’s December listings by 58.7 percent.

The average sale price of $238,285 in December was 17.5 percent below the average sale price in December 2005.

“What few seem to be talking about is that a price pause is exactly what we need right now to improve affordability,” said Todd Shipman, 2006 president of the MAAR. “An accessible market is a healthy market.”

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