Twin Cities Housing Market
The Twin Cities housing market story for July in Minneapolis-St. Paul is much the same as it has been month over month for a couple of years. For sellers, it’s celebration and uncorking the champagne bottle and for buyers, it is a test of fortitude and commitment to home ownership. The Twin Cities is following a national trend of the past two years where inventory continues to shrink and median sale price continues to increase. How long this market is sustainable, is anyone’s guess but with unemployment holding at 4.3 percent the demand to purchase a home remains high.
A look at the numbers for July has available homes for sale at 12,407 which is a drop of 18.3% from July of 2016. The month's supply of inventory sits at 2.5 compared to 3.1 last year same time, a 19.4% decline. Buyers in the Twin Cities closed on 6,020 homes, 2.6% less than July 2016 at 6,128. Declining inventory, pending sales, closed sales and days on market was half the story, the other half being an increase in median sale price, of $254,000 up 5.9% over last year, the percentage of list price received at 99.2 representing a gain of 0.8% over July of last year.
Maybe you remember the old children’s game of musical chairs that was once popular at birthday parties. When the music stopped, the small humans who were left without a seat were out of the game. This is the current market situation. There is simply not enough homes for all the buyers who want a seat at the ownership table. The quest to buy a home at the lower price levels is a serious challenge and the once rare multiple offers situation has become the norm for desirable properties. Moreover, it is not unusual to have those same properties stay on the market no longer than a day!
While new construction is on the rise, it will take some time before new homes...
Top Realtors Discuss Uptown Minneapolis
The Uptown Minneapolis Lifestyle is Ideal for First Time Homebuyers
Uptown isn't an official neighborhood of Minneapolis and its borders are subject to individual interpretation. Generall, it is bounded by Lake Calhoun to the west, Bryant Avenue to the east, 24th Street to the north and 32nd Street is said to be the southern boundary. However for many, "Uptown" can also refer to a much larger area expanded by several blocks in all directions. So I suppose we can agree that at least geographically speaking, it is an area not clearly defined on the map, but as a lifestyle, most decidedly so.
Talk about Uptown with residents of the Metro and most will describe it as fashionable, trendy, chic and artistic. Sitting alongside Lake Calhoun and Lake of the Isles, uptown offers its residents an exciting urban experience that is unique in the Twin Cities Metro. Here you will find a high concentration of fashionable homes, charming brownstones, restaurants, and bars.
Uptown Residents enjoy shopping at unique small shops featuring the chic and trendy in fashion, antiques. and art. Food and entertain options abound! Dining choices include cozy coffee shops to gourmet restaurants and everything in between. After dinner, take in a movie at the Lagoon. Enjoy the nightlife, meet some friends and listen to music as you sample the area nightlife.
Twin Cities Activities
It seemed like just a couple of weeks ago that the whole splendor of summer lay spread out before us. Now, here we are past the half way mark of August. Hot days and balmy nights seem to be already behind us for this year. The cooler temps probably make it easier for the kids to return to the halls of learning but still, that bittersweet feeling that we have lost something is all too familiar for many of us. In my opinion, the worse characteristic of our summer is that it’s simply not long enough.
Given the fact that the glorious days of my favorite season are so limited, I try to squeeze every drop of joy and pleasure from every blessed day right to the end. At this time, every year, I remind myself that summer is not over, it is just, like me, in its golden days and has much to offer and should be appreciated.
So then, what do you plan to do with your last few precious weeks before the leaves begin to turn? There are so many activities, events, and destinations in the Twin Cities Metro that are tailor made for days in the seventies with low humidity. Need some inspiration?
Art + Mini-Golf = Sculpture Garden at the Walker
If you haven't checked out the mini golf course this year or toured the Sculpture Garden, be aware that the course closes on September 3rd so you only have a couple of more weeks. The great news is that you don't have to choose between art or golf, you can have the best of both worlds since every round of golf includes admission to the museum.
The Great Minnesota Get-Together
If you live in Minneapolis-St. Paul, you simply cannot think of the end of August and not think Minnesota State Fair time. It starts today, Thursday, August 24th and runs through Labor Day September 4th.Midway rides,...
June Housing - Different Month, Same Story
The Minneapolis-St. Paul Housing Market story for June continues with a theme that we know well. Even though available homes for sale fell 16.5% compared to June 2016, closed sales rose 2.2%, reaching a record high of 7,430 units sold. Home prices also continue their upward trend with the median sales price also reaching a new high of $259,000, 7% over same time last year.
The only factor keeping this market from breaking out is the low inventory levels. Short supply has kept some wanna-be buyers sitting on the sidelines and those actively engaged in the hunt and search for a home are being seriously challenged by the amount of competition for properties. Multiple offers for desirable properties are the norm with days on market at 47 down 16.1%. Percentage of list price received is 99.5 over 98.7 last June, an increase of 0.8%.
Twin Cities Metro Housing Quick Stats
- Exceptional demand and restrained inventory levels continue to dominate the market
- The shortage of available homes puts more upward pressure on home values
- Condos, with a 6.2% increase for a median sales price of $155,000 saw the largest price gains
- Quickest selling price range $190,001 to $250,000 at 45 days on the market
- Slowest selling price range $1,000,001 and above at 192 days on market until sale
- Largest increase in values in the $1,000,001 and above segment with sales increasing to 25.9%