It was the best March for home sellers in the Twin Cities since 2005. For many buyers the market has become frustrating as supply still lags behind demand for entry level homes. Home sales prices have continued to climb and market times have decreased.
Full Article-Buchta, J. (2017, April 17). March home sales in Twin Cities were best since 2005. Minneapolis Star Tribune.
Retrieved from www.startribune.com
Home sellers are needed to even out the Twin Cities real estate market. A lack of supply of homes for sale has slowed sales activity, but boosted sales prices for home sellers. Entry level homes and homes in the first ring suburban homes are in the highest demand. New reports on the Twin Cities housing market cite the increased amount of homes held by investors as rentals as a factor in the short supply of single family homes for sale.
Full Article-Buchta, J. (2017, March 15). With fewer homes coming on the market, sales leveled out in the Twin Cities last month. Minneapolis Star Tribune.
Retrieved from www.startribune.com
It was the best September for homebuilders in a decade and building permits for single family homes were up 40% from last year. The increase in single family home construction is a response to the shortage of homes for sale in the Twin Cities market. Demand for single family homes remains high and the Twin Cities ranks as one of the more undersupplied housing markets in the nation in relative to the jobs created. An anticipated seasonal decline in listings could accelerate the growth of home prices in the coming months.
Full Article-Buchta, J. (2016, September 29). Single-family homes take a big jump in September construction. Minneapolis Star Tribune.
Retrieved from www.startribune.com
Home prices in 2016 have reached new heights, but it has been an exceptional year for the suburbs closest to Minneapolis and St. Paul. First ring suburban listings are driving sales and selling in record time. First time buyers and downsizing baby boomers are competing for these first ring suburban homes that are often close to transportation, shopping, and other entertainment.
Full Article-Buchta, J. (2016, August 16). Buried inside the region’s real estate data are the winning places that ring the two cities. Minneapolis Star Tribune.
Retrieved from www.startribune.com
A shortage of new listings of homes for sale in the Twin Cities has led to a drop in closed home sales for the month of July. The shortage of available homes for sale has continued to increase the median home sales price which was up 6.6% from last year to $239,900. Homes priced nearest the median are driving the market with homes priced over $500,000 still lagging behind (days on market, sales activity, and price gains) the near median priced homes of the Twin Cities real estate market.
Full Article-Buchta, J. (2016, August 12). Twin Cities home sales fell in July as shortage of properties catches up to market. Minneapolis Star Tribune.
Retrieved from www.startribune.com
The Twin Cities housing market is booming and the median home sales price has reached new heights, but not all segments of the market are experiencing the boom equally. More expensive homes priced over $350,000 and higher have not been experiencing the boom like the homes priced around the median home sales price. A smaller buyer pool for more expensive homes along with greater supply, changing demographics and changing homebuyer preferences/priorities have all contributed to a flatter upper end market.
Full Article-Buchta, J. (2016, August 3). Twin Cities market isn’t booming for more expensive homes. Minneapolis Star Tribune.
Retrieved from www.startribune.com
