Minneapolis St. Paul Real Estate

The Twin Cities Housing Review December 2019

Twin Cities Real Estate Review

Even as we advance into the new year, we have one piece of unfinished business to conclude in 2019 before closing the books. The Twin Cities housing market numbers are out for December, and here is the story they told.

It’s a tale that is long in the tooth by now about a market that is struggling to find balance. Limited inventory at lower price points makes the real estate market in the Twin Cities a seller’s dream. Even in the face of strong demand and insufficient stock, millennial buyers are achieving the objective of buying their first home.

Housing Inventory

While new listings for December saw a gain of 3.9%, overall inventory levels were down 19.6% compared to December 2018. The townhouse segment, down 12%, lost the least inventory, while single-family homes were down 20.8%, and condos lost 14.2%. The month’s supply of inventory for December was dipped 21.2% overall. In the Twin Cities metro, we saw 1.6 months of supply for single-family homes (down 20%), 1.1 months for townhomes (down 8.3%), and 1.5 months for condos (down 11.8%). 

Real Estate Sales

Closed sales in the Twin Cities were up 13% in December, and pending sales were up 8.2% compared to the same time from the previous year. The category with the most significant gain in sales was single-family homes, with the most robust sales falling in $500,001 to $1,000,000 pricing tier, up 17.2%

Home Property Values

Fueled in part by limits on inventory, home values continue to gain traction. The 12-month rolling median sales price of a home in the Twin Cities...

Twin Cities Housing Review November 2018

 Minneapolis-St Paul Housing Overview

As we approach years’ end, we see some subtle changes in the Twin Cities Metro housing market. The increase in inventory of homes for sale was10.5 percent over last month giving home buyers something to rejoice. This inventory boost by is by no means enough to bring the market into balance but does bring us closer. For consumers who have been trying to buy a home for several months, it was welcome news.

What’s Up and What’s Down

As we compare November of this year to November 2017, we find new listings up 12.6 percent, closed sales down 0.9 percent, the percentage of list price received down 0.1, and the median sale price of $265,150 up 8.2 percent. Meanwhile, pending sales were down 5.2 percent, inventory levels rose 2.3 percent with months supply up 10.5 percent. Days on the market fell 7.1 percent.

So while inventory is increasing and sales are decreasing, we are seeing more price reductions and fewer deals closing for full price offers. Although housing prices are still higher than last year, they appear to be slowing down. Properties for sale are still spending less time on the market than last year, an indication that demand is still robust, and buyers are scooping up homes quickly.

The Economy Continues to Perform Well

Our local economy remains strong. The unemployment rate for November in the Twin Cities was 2.8 percent, well below the national average of...

Twin Cities Housing Report October 2018

The Minneapolis-St Paul Housing Market Overview

As we look at the Twin Cities Housing Market Statistics for the first month of the final quarter of 2018 the one thing that hasn’t changed for months is the shortage of properties for sale in the lower end of the market. With so few homes that fit their budget, coupled with rising home prices and interest rates, would-be buyers continue to struggle with fulfilling their dream of ownership. Homes at this price range are still selling quickly, but we are finally starting to see that shift we have been talking about, in market conditions overall as we look at narrowing gaps in year over year data for sales, inventory, and price.

What’s Up Doc?

As we compare October of this year to October 2017, we find new listings up 9.2 percent, closed sales rose 3.4 percent, the percentage of list price received up 0.2, and the median sale price of $265,000 up 8.6 percent. Meanwhile, pending sales were down 1.7 percent, inventory levels dropped 2.2 percent, days on the market fell 7.7 percent. In summary, in the Twin Cities 16 county metro at least, we are still experiencing fewer homes on the market taking less time to sell with prices even on an upward trajectory.

What About the Economy?

Our local economy remains strong. The unemployment rate for October in the Twin Cities was 2.1 percent and 2.8 for the entire state. Both are lower than the national average of 3.7. Yea Minnesota! Consumer confidence is still strong, but there have been concerns and rightly...

Twin Cities Housing Report September 2018

The Minneapolis-St Paul Housing Market

Some say there are indications in the September housing stats that the market might be starting a shift towards balance. New listings increased 5.9 percent compared to September of last year. However, when we look at months supply of inventory that was down 3.4 percent.  So what does this mean?

Let’s keep in mind that although we see balance in the market pricing tier for $500,000 and above, inventory levels in all other price segments are not even close to approaching balance which is a five to six month level of homes for sale. If you are one of those hoping to break into the housing market, your choices are limited with desirable properties selling like lightning going through butter.

Probing into the data, we see that median sales prices are still higher than last year by 6.5 percent when we look at month to month and 7.7 percent over last year when we compare the year over year data.  Closed sales are down 5.8 percent and pending down 1.8 percent with properties spending 16 percent less time to sell.

Interest rates are bobbing around the 5 percent rate for mortgages which, combined with higher prices of homes may be sidelining some buyers and forcing others to rethink their home buying strategies. These numbers tell me demand is still strong. It’s outweighing supply, and low inventory levels are what is keeping sales figures down over last year. There are also outside economic and political factors to consider, which I will address shortly.

MN New Construction 

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Real Estate Agents Love Wayzata MN

Minnesota Property Group/Wayzata MN

Real Estate Agent in Wayzata, MN

In 2012 I bought and renovated a home in the Far Hill Neighborhood of Wayzata, Minnesota and it was the best decision I ever made.  My family and I moved from Southwest Minneapolis and after 5 years of enjoying the small town feel of Wayzata we are looking forward to 50 more.  Wayzata has everything we want in a City and more.  Although it is challenging to find a home for sale in Wayzata MN it is worth the effort. It is no coincidence that many local realtors choose to live in Wayzata. Not only is living here so great, top real estate agents believe home values in Wayzata will continue to outpace the rest of the Twin Cities MetroMinnesota Property Group/Wayzata MN

Why Local Realtors Love the City of Wayzata

Wayzata is a jewel, a charming lakeside village located on the northeast tip of Lake Minnetonka, overlooking the sparkling blue waters of Wayzata Bay. The land mass is 3.08 square miles and water covers a .08 square mile area,  population according to the 2000 census is 4113, median home price as of August 2017 is $526,300 according to Zillow. 

Wayzata has Easy Access to the entire Twin Cities Metro

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Top Realtors Uptown Minneapolis

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. 

Uptown Minneapolis, Lake Calhoun, 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.

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Twin Cities February Housing Market - A Look at the Numbers

Twin Cities Home Sellers Doing the Happy Dance

Market snapshot: This is a very difficult market for buyers, especially in the lower price tiers as the theme of low inventory coupled with high demand endures. As inventory levels continue to shrink, it is becoming really tough to buy a home, especially for first-time buyers and downsizing boomers. Nevertheless, they persist.

So far, buyers, even faced with the shortage of available homes, rising prices and increased mortgage interest rates have not been deterred. Heading into spring, which is the strongest real estate season of the year, begs the question of how much inventory will we see in the market and will the increased cost of buying a home temper buyer demand. As long as job numbers and economic factors remain strong, buyer confidence should remain high and continue to fuel the demand for housing.

For the week ending March 11th and 18th, we see a decline in inventory and a decline in pending sales. This may be a signal that buyers are dropping out of the market but based on those 2 weeks statistics it is too early to say.  We are seeing a decline in the gap of new listings compared to last year as the month progresses so it may just be indicative of a more traditional onset of the spring market whereas last year it was acting like spring even though we were still slogging through the snow.  

Let’s take a deeper dive in the month of February 2017 real estate market stats in comparison to the same time last year. *

Quick Stats

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The 2017 Twin Cities Real Estate Market Gets a Thumbs Up

2017 Twin Cities Real Estate Market Outlook

The 2016 Housing Market reached an all-time high nationally with a housing stock value $29.6 trillion, regaining all it lost in the last recession. When we look at the numbers for the Twin Cities, they tell the story of a market that strongly favored sellers with fewer and fewer homes for sale spending less time on the market and selling for higher prices. In spite of inventory levels being down 26.3%, we saw the year close out with pending sales up 4.7%, closed sales up 6.7%, with an overall medium sales price up 5.5% to $232,000.  The single family market segment earned the highest gains in price topping out at $251,000 up 5.7%.

For buyers lucky and quick enough to close a deal for a home, their journey had a happy ending. For others it was a tale of frustration and disappointment, especially as the year closed with interest rates spiking up from 3.375% to 4.5%  Still, buyers remain undeterred and with interest rates that have leveled off at about 4.125% many begin the new year with the hope they will be moving into their own home by spring. For sellers the past year can be likened to one continuous ode to joy with days on market in decline and, median sale price rising and percentage of asking price received topping 97.5%. With sellers in the Twin Cities still playing hard-to-get, the big question is will the threat of rising interest rates inspire them to finally make their move? If we do see an increase in listings will the market achieve balance or at least move us in that direction?  

Predictions for Twin Cities Real Estate 2017

Now here is where I go out on the limb with my expectations for next year.  One factor that looms over the market is with a new administration taking over this month, how is it going to affect the real estate in 2017. Right now there is a great deal of confusion, mixed speculation and uncertainty about the effect this will have on the...