Twin Cities Real Estate News

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

Twin Cities median home prices of closed homes in June peaked at $242,000. The median sales price was up 5.3% from last year and nearly 2% higher than the previous all-time high set in June of 2006.  The Twin Cities housing market appears to be back on solid ground and strong by most measures.

Full Article-Buchta, J. (2016, July 19). Twin Cities home prices reach all-time high a decade after the last did. Minneapolis Star Tribune.

Retrieved from www.startribune.com