Pick of the Week | Linden Hills NBHD
By Erin Milburn on Monday, July 28th, 2014
Much like the trunks of these magnificent African elephants, new construction and previously-owned market share have also become intertwined when it comes to active listings in the Linden Hills neighborhood. This is partly the child of the new construction boom happening across several neighborhoods in Southwest Minneapolis. In fact, there was so much demolition and new construction activity that the city actually enacted a moratorium—which it later repealed (thanks in part to the lobbying efforts of MAAR).
In the past year, new construction inventory levels have risen 191.7% while previously-owned inventory levels have risen just 1.7%. In other words, new construction inventory levels rose at a pace 100 times that of previously-owned homes. But there are signs this is easing, as new construction inventories seem to be leveling off and previously-owned inventories are recovering.
Just like the elephants, these two market segments had a fleeting moment as a single cohesive unit woven from the same cloth. But no more. Alas, we must diverge and go our separate ways. Until next time, elephant. Until next time.
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