Downtown housing market cooled considerably in 2006

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January 29, 2007 // UPDATED 10:58 am - April 26, 2007
By: Michelle Bruch
Michelle Bruch

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.”

The average Downtown sale price for all of 2006 was up 7.2 percent, while the average sale price for the Twin Cities region was up 2.2 percent.