What’s Happening in the Minneapolis Real Estate Market?

What’s happening in the Minneapolis real estate market? I’ll go over a few important stats and compare them to the 2015 market for you today.

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As we come into the spring market, I want to give you a little market update. There are some interesting statistics that you should be privy to.

Today, we’ll look at some of the stats from 2015 and compare them to what’s going on in our current market.

First, let’s look at the monthly supply of homes. Right now, there is only a 2.2-month supply for the entire metro area. That means that if no new homes came on the market, all of the homes currently on the market would be sold in about two months. That is very low inventory compared to a normal market.

In 2015, the average was a four-month supply of homes. As you can see, there are fewer homes on the market now than there were in 2015. To put it another way, there are 11,000 listings on the market now, and there were 17,000 listings on the market in 2015. That’s almost double the number of listings we have today.

Although inventory is lower now than it was in 2015, the average sale price has gone up. In 2015, the average sale price was $210,000. Today, the average sale price is $249,000.
How does all of this impact you?

If you are a seller, there are not a lot of other choices out there for buyers, which means less competition for you. Since there aren’t that many homes on the market, you are more likely to get a good deal for your home. 

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Inventory is extremely low in our market right now, which is good news for home sellers.

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As a buyer, there are a couple of things you should know. First, you need to work with an experienced agent since you will be competing with other buyers for the limited inventory available. Second, interest rates are incredibly low. Over the term of a 30-year mortgage, you can save thousands and thousands of dollars. On a 15-year mortgage, you will save even more.

If you want to have a deeper conversation about buying and selling in today’s market, just give us a call or send us an email. We will figure out a plan to get you where you want to be when you want to be there. We look forward to hearing from you!

How Is the Twin Cities Market Doing?

Buying a Minneapolis Home? Search all Homes for Sale
Selling a Minneapolis Home? Check out our FREE Home Value Report

As you can see in the screenshot above, Greg is the proud owner of a brand new mustache! We compete in a competitive baseball league and it’s playoff time, so our playoff tradition of growing out our mustaches will continue leading up to the state tournament in St. Cloud. 

Now to the real reason we are here, a market update for the Twin Cities. We are seeing some really great numbers right now, and prices are up pretty much across the board. In the $150,000- $199,000 price range, prices are up 11.9% In the $250,000-$350,000 range, prices are up 24% and even in the $1 million + market, we are seeing an 8.8% increase in prices.

Another thing we want to touch on is the median sale price. It has increased from $220,000 to $234,000 in just the last year. Townhome median prices have also risen from $156,000 to $165,000 and the condo market is slightly up, from $142,000 to $145,000.

Inventory levels in the $350,000 and below price ranges are much lower than they were last year. Above that level, they are slightly higher, but overall inventory is down 11%. This leaves us with a 3.7 month supply of inventory and makes it a great time to sell too. You can also buy affordably right now with low interest rates, and get the best of both worlds.

If you have any questions for us about the market, just give us a call or send us an email. We would love to hear from you!

Strong Seller's Market Expected in Minneapolis for Spring 2014

There are many great Minneapolis area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (952) 303-4347 or 952) 303-4347 for a FREE home buying or selling consultation to answer any of your real estate questions. 

Today I'm going to give you a short market update so you can make more informed decisions about real estate in Minneapolis. This is a quick look at the first part of 2014, and this data should help you to shape your real estate decisions.

• Sales are down by 12.8% since last year, but this is not too concerning...
• This is because our median sales price has surged by 12.4%, or by $20,000 on average.
• The average sales price changed from $160,000 to $179,900.
• Inventory has dropped by 10.6%, and this is directly related to the rise in sale price.
• When inventory declines, consumers find more value in the available properties, which makes them fight for the best offer and this eventually results in higher prices for homes. 
• Low Inventory = Higher Sale Prices
• There is actually only a 2.7 month supply of homes right now!
• This is extremely low, so if you're thinking of selling, you will want to do so now. 
• As we approach spring, you have a great chance to maximize the equity in your property.
• Buyers will be swarming to your property with the extremely low amount of inventory. 

Hopefully this information has been helpful to you. Please feel free to contact me for a free market analysis of your home or if you would like to discuss your options within this market. Consider me your resource for real estate.

You can reach me at (952) 303-4617 or contact me via email at greg@teamwinegarden.com