Twin Cities Real Estate News

First time home buyers are having a tougher time getting in to the Twin Cities housing market the supply of entry level homes is down 35% from last year. Competition has been fierce for entry level homes in good condition and priced competitively.  A Twin Cities housing market that is healthy by most measures is being held back by a shortage of supply of homes priced under $250,000.

Full Article-Buchta, J. (2016, March 12). Starter homes in short supply across the Twin Cities. Minneapolis Star Tribune.

Retrieved from www.startribune.com

The foreclosure rate in Minnesota for 2015 fell 13% to its lowest level since 2005. The stable Minnesota economy and rising home prices have helped to keep mortgage default rates down.   The Twin Cities mortgage delinquency rate remains far lower than national averages.  This decrease in foreclosure rates is another strong sign of a real estate market in recovery.

Full Article-Buchta, J. (2016, February 25). Minnesota foreclosures at lowest level since 2005. Minneapolis Star Tribune.

Retrieved from www.startribune.com

The Twin Cities housing market remained strong in January; a limited supply of homes for sale has impacted the market. Some Twin Cities areas have seen home prices reach new heights and average home market time has decreased.  Buyers are coming in to the market place and need to be ready to make an offer when good listings reach the market.  The housing market is strong, but sellers still need to have their home in top condition and careful in pricing (especially at the top end).

Full Article-Buchta, J. (2016, February 12). Twin Cities home sales remained strong in January but pinched by tight supply. Minneapolis Star Tribune.

Retrieved from www.startribune.com

In 2015 the Twin Cities saw the most home sales in a decade. Homes sold were nearly 14% more in 2015 than last year and the median sales price rose 7%.  The median home sale price in the Twin Cities of $220,000 was just 4.5% below its peak in 2006.  The Twin Cities housing market should remain strong in 2016.

Full Article-Buchta, J. (2016, January 21). Twin Cities housing market in 2015 was best in decade. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Twin Cities residential construction rose in 2015.  Over half of the building permits issued in 2015 were for new apartments in effort to meet the demands of a strong rental market.  Single family homes have not yet gained the momentum that other areas have gained over the last few years.

Buchta, J. (2015, January 5). Homebuilding increased in the Twin Cities last year, but mostly for apartments. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Twin Cities real estate experts expect that 2016 will be another strong year. The first Federal Reserve interest rate increase in almost a decade has not seemed to dampen this outlook. Home prices moving toward pre-recession levels should increase the supply of homes for sale where demand remains strong.

 

Full Article- Painter, Kristen Leigh. (2015, December 31). Twin Cities home prices to stay strong as region inches closer to pre-recession prices. Minneapolis Star Tribune.

Retrieved from www.startribune.com