Twin Cities Real Estate Update…
As is the case with many real estate markets throughout the country right now, the current Twin Cities real estate market is no different…it is simply on fire! It’s almost impossible to convince people, sellers and buyers alike, just how quickly homes really are selling. And thanks to an early, beautiful Spring the market has started off with a bang! In a nutshell, you have a large number of potential home buyers all competing over a limited inventory of homes; it’s simple supply vs. demand. For Sellers, that means rising home prices and often times multiple offers within just a few days of being on the market. (That is assuming that your home is priced accurately and is ready for the market.) We can talk more about that later. For Buyers, that means you better have your armor ready! Having a strong pre-approval letter from an accredited lender you trust and working with a knowledgeable Realtor that understands the twin cities real estate market in addition to the “micro-market” where you are looking for your next home are of the utmost importance! No matter which side of the transaction you find yourself on this year, it’s definitely HOT out there!
- *Twin Cities Real Estate: Median, single-family home prices were up 7.7%, from last April, to $231,500.
- *Twin Cities Real Estate: The Average price for a Townhouse-Condo in the Twin Cities rose 5.1%, over last year at this time, to $164,000.
- *Twin Cities Real Estate: Month’s supply of inventory, for all types of residences, was down a whopping 20.5% over last year at this time! Right now inventory is sitting at 3.1 month’s supply.
- *Twin Cities Real Estate: New Listings in the Twin Cities region decreased 2.0% percent to 8,445. Pending Sales were up 1.6 percent% to 6,373. Inventory levels fell drastically 19.4% percent to 12,849 units.
- *Twin Cities Real Estate: Days on Market was down 14.1 percent to 73 days. Sellers were encouraged as Months Supply of Homes for Sale was down 27.8 percent to 2.6 months.
It seems like every “Spring Market” starts with the same old question:
“Well, I wonder what will happen with the Twin Cities real estate market this year?”
Right now, the housing market is being very predictable; which is a good thing. It was anticipated that last year’s sizzling market would continue into and through 2016, and that has largely been the case thus far. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
There is no reason to think that a strong seller’s market will not continue over the next several months, as home inventory levels are at an all-time low. If ever there was a time to SELL, now is that TIME!!! Still historically low interest rates have remained as such and have held strong to start the year. Home BUYERS are out in full force right now competing for the first nice house that hits the market and that doesn’t look to change any time soon. Also on the bright side, the unemployment rate has remained at or near 5.0% for eight straight months now and wages have increased for many people across the board. Surprisingly, new construction has been slower than expected which may damper sales slightly but overall the market is looking very strong!
*This information is brought to us by 10k Research.
Check out these other great real estate resources…
- How To Buy A House: A Step-By-Step Guide by Andrew Fortune
- 4 Easy Tips For Staging Your House This Spring by Dustin Brohm
- Home Staging Tips To Appeal To Millennial Buyers by Teresa Cowart
- What Are The Costs Of Selling A Home? by Kyle Hiscock
- Common Issues Found During the Home Inspection by Ferris Property Group
About the Author: The above article “Twin Cities Real Estate Update – April, 2016″ was written and provided by Justin Culley. Justin has helped many people buy and sell throughout the entire Twin Cities real estate area for years. If you are in the market to BUY or SELL a home, he can be reached via email at JCulley@justinculley.com or by phone at 612-581-6842.
Are you thinking of selling your home? I’m very good at marketing homes to sell quickly, and for more money. If you’re a first-time home buyer then you’ll be in good hands. I’ve helped countless first-time home buyers through the entire process of buying that first home! I have a real passion for helping folks buy and sell homes here in the great state of MN and I would love to connect with you!
I help people buy and sell real estate in the following Twin Cities area cities & neighborhoods: Eagan, Hugo, Highland, Inver Grove Heights, Lake Elmo, Mac-Groveland, Mahtomedi, Oakdale, White Bear Lake and Woodury to name a few. Other specialty areas include: Kenny, Lyndale, Tangletown, Lynhurst, Armatage, Kingfield and Carag neighborhood.