Phil McDermott
REALTOR®, GRI

Twin Cities Real Estate News

Twin Cities home prices post new gains

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Twin Cities home prices continued to be strong, likely making any winter slowdown shorter than usual. The Twin Cities home price index has continued to grow although slightly under the national average, but economists see the moderate gains as sustainable.  Early indications of the 2015 real estate market suggest that it will have been one of the best years in over a decade.  By many measures, the 2016 Twin Cities real estate market looks to be even stronger in the coming year.
Full Article-Buchta, J. (2015, December 30). Twin Cities home prices post new gains. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Huge November for Twin Cities home sales

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The Twin Cities housing market continues to surge. New listings increased by 11.5% over November 2014, but buyer activity left the level of properties for sale 18.5% below the level of one year ago. The housing market was aided by mild weather and low interest rates.  New home building activity has also contributed to the strong fall.

 

Full Article-Buchta, J. (2015, December 12). Huge November for Twin Cities home sales. Minneapolis Star Tribune.

Retrieved from www.startribune.com

An obstacle in the Twin Cities home market: prospective sellers who are effectively underwater

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The Twin Cities’ real estate market is humming along by most indicators and prices in some areas are breaking records. One third of Twin Cities’ homeowners are still effectively underwater, meaning they have enough equity to cover their mortgage, but they would not be able move to another home.  This is one of the last big issues to stymie the local real estate market and the impact is broad.

Full Article-Buchta, J. (2015, November 6). An obstacle in the Twin Cities home market: prospective sellers who are effectively underwater. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Minneapolis passes $1billion in construction permits

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Minneapolis has passed the $1 billion mark in construction permits as of September 11, with several large projects still on their way for city approval. The report follows last year’s record setting $2 billion in city permits, which was largely due to the construction of the new Vikings stadium. Minneapolis probably will not hit the $2 billion dollar mark this year, but there is no shortage of investment in new construction in Minneapolis.

Full Article- Painter, Kristen Leigh. (2015, September 24). Minneapolis passes $1 billion in construction permits. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Twin Cities market tilted toward sellers last month

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A shortage of listings in the Twin Cities has tilted the market to favor sellers. New listings are flat, as home sales increased by 7.8% which has led to a short supply of homes for sale. Move-in ready homes that are priced correctly have been moving fast. Homes that are deemed over priced or need work are not selling as quickly, as would be typical in any market conditions. Buyers should be prepared they head out in to the Twin Cities housing market. Sellers take the time to get you home ready for sale and use a Realtor to help you price your home correctly.

Full Article-Buchta, J. (2015, September 15). Twin Cities real estate market tilted toward sellers last month. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Motivated buyers help spark a record pace for home sales

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Twin Cities homes sold at a record pace this June. Closed and pending sales reached ten year highs and homes sold in an average of 66 days on the market according to the Minneapolis Area Association of Realtors. The climate for buyers has been excellent as low interest rates and wage growth increased home buying activity. Buyers have also been motivated by the threat of higher home prices and rising mortgage rates. Sellers have also benefitted from this increase in activity with many experiencing multiple offers, increased sales prices, and shorter time on the market. It’s a great time to be in the real estate market.

Full Article-Buchta, J. (2015, July 14). Motivated buyers help spark a record pace for home sales. Minneapolis Star Tribune.

Retrieved from www.startribune.com