POTW | Whittier Nbhd
By David Arbit on Monday, October 19th, 2015
Last Friday, October 16, 2015, Minneapolis Area Association of REALTORS® members helped build a new playground in the Whittier Neighborhood of Minneapolis in support of the CommonBond Communities Whittier affordable housing community. The MAAR Foundation provided $10,000 in funding toward the project, which was matched by a $10,000 grant from Calvary Church (located across the street from the park). A total investment of about $25,000 was raised to revitalize the area and benefit more than 100 young CommonBond residents.
The Whittier Neighborhood partly contains the increasingly popular Lyn-Lake area. Among other factors, that’s helped prices recover and stabilize in the area. Over the last 12 months, the median home price has increased 1.4 percent compared to the same period the year prior. That’s higher than August 2006 levels though not quite at mid-2005 levels.
The Whittier market is tight, meaning sellers are likely to get full price offers relatively quickly. There are just 4.1 months supply of inventory, which is as low as that figure has been in the last 10 years.
Since this area is centrally located close to downtown, it boasts relatively high housing densities. Hence, over 70.0 percent of home sales fall into the townhouse-condo segment. However, single family sales are on the rise while townhouse-condo sales have been flat or down slightly.
This area was fairly hard-hit by the foreclosure crisis, though it has come a long way since those dark days. Traditional sales were the majority of the market until the middle of 2011, when lender-mediated transactions dominated sales activity. There were more lender-mediated sales than traditional between mid-2011 and early-2013, at which point traditional market share began to recover and is now back to 2008 levels.
Looking at sales activity by price range in the area, it’s easy to see the shift away from lower-priced product and toward homes priced above $200,000. In fact, the $200,000 and up price range had the most sales activity over the last 12 months.
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