Loring Park Versus Kenny Neighborhood
Rarely do I see graphs like this in Minneapolis. There is a 12 month supply of homes in Loring Park, but at the same time Kenny has only a 1.3 months supply. And look how fast it went up this summer. In April it was at 2.8, but by July it was at 7.7. At the same time Kenny stayed at about 1.5 during spring and summer. So I think this was from the unrest downtown and because of Covid-19. Much of downtown Minneapolis neighborhoods have seen big increases in inventory over the last 6 months. We are also seeing price drops downtown. Loring Park prices are down 6% from last year at this time to $262,500, while Kenny home prices are up 3.6% to $360,000. Typically we see listings pull back in the winter and then a lot more come up in April. With this much inventory already out there, it will be very interesting to see what happens with prices and what the levels of supply will be at come April 2021.