Twin Cities Real Estate News

The summer selling season is getting into full swing and some houses are going fast.  A typical Twin Cities home is now being sold in 80 days compared to the average of 160 days, just three years ago.  Activity is increasing despite concerns about the pace of the real estate market recovery.  Sales of homes are still down from last year, as supply is still limited.  New homes are reaching the market with the number of homes for sale increasing in each of the last two months, but not keeping up with demand in some areas.  Move-in ready homes are in especially high demand.  If you are thinking of selling, now is the time.  Sellers make sure to take the time to get your home “ready to sell” and get good advice on pricing your home in this faster moving marketplace!

 

Full Article-Buchta, J. (2014, June 15). Pace of Twin Cities home sales is speeding up. Minneapolis Star Tribune.

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Home listings have increased in the Twin Cities, but still are in short supply.  April is typically the peak month for the buying season, but closings have not kept pace with the past year.  Twin Cities communities are still experiencing rising home prices as buyers outbid each other on the reduced supply.  Sellers, this is the time to get your home on the market. Buyers, mortgage rates are trending down, so be prepared to act!

Full Article-Buchta, J. (2014, May 13). Twin Cities home listings rose in April, but remain in short supply.  Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

Twin Cities homes values are seeing huge increases after many years of flat or declining values.  Many metro counties are reporting big gains in home values and increases home improvements.  These sharp increases are already starting to be reflected in some homeowner’s tax statements. Some see these market value increases as an end to an “extraordinary” period of time marked by drops in home value to a more stable or recovering market.

 

Full Article-Peterson, D. (2014, April 27). Home values bounce back around the metro.  Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

Limited inventory and harsh winter weather slowed home sales last month, but home prices continue to rise.   March is now the fifth straight month of lower year over year sales declines.  The median home price of March closings did rise to $190,000 a 7.6% increase.   Experts contradict fears of a slowing recovery and cite weather and increases in listings as home owners see equity increases.  Homeowners and Realtors are optimistic and excited over signs of a brisk start to the spring selling season.  Home in all price ranges are seeing less time on the market, but affordable move in ready homes are in high demand.

If you are thinking of selling your home, I would not delay.  Take advantage of the low inventory (less competition for your home) and list now.  Increased supply of homes for sale may increase sales numbers, but may flatten price increases.  Contact Phil for a market analysis or to list your home.

Full Article-Buchta, J. (2014, April 11). Home sales cool, but prices march forward.  Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

This year’s harsh winter has done little to slow down rising home prices in the Twin Cities. The Standard and Poor’s Case Schiller home price index tracks a rise in home values in the Twin Cities of 9.4% from January of 2013. A slight decline in home sales in recent months has been attributed to bad winter weather and low inventory of homes for sale.  This shortage of listings in the Twin Cities real estate market presents a great opportunity for those homeowners looking to sell.

 

Full Article-Buchta, J. (2014, March 25). Despite bad weather, Twin Cities home prices rise.  Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/