Minneapolis St Paul Minnesota Real Estate Market Update

  Overview: The Minneapolis housing market continues to show dynamic trends, with both listings and sales demonstrating growth compared to the previous year. Let’s dive into the key highlights: New Listings and Pending Sales: Year-to-date, there have been 10.6% more new listings and 1.8% more pending sales metro-wide compared to the same period last year. Seller activity has outpaced buyer activity, resulting in consistent inventory growth. Inventory Levels and Prices: In June 2024, the number of homes for sale increased by 10.6% to 8,905 active listings. Despite additional supply, there are still only 2.4 months of inventory, indicating a seller’s market. Buyers face affordability challenges due to rising prices and higher interest rates. Market Times and Negotiations: Sellers accepted offers at 100.1% of their list price on average. Homes spent an average of 34 days on the market before selling. Single-family homes sell faster (31 days) than condos (56 days). Outlook: While the m...

   Confidence Index for buyers was flat from a year ago but up for sellers: 22% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 26% one month ago and flat from 22% one year ago. 22% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 26% last month and up from 16% one year ago. With supply still limited relative to demand, 27% of homes sold above list price, down from last month (29%) and a year ago (33%): 68% of respondents reported that properties sold in less than one month, up from 60% a month ago and down from 73% in April 2023. Homes listed received an average of 3.2 offers, up from last month (3.1 offers) and from one year ago (3.1 offers). Due to the lack of housing inventory, the pace of the market, and the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is flat from 6% one...

As temperatures rise and flowers begin to bloom, now is the perfect time for a spring home sale. In fact, real estate data provider ATTOM found that properties sold in April, May and June garnered the highest returns over the last 12 years. If you want to take advantage of the season’s vibrant energy and […] MICHELLE ABENDSCHAN As temperatures rise and flowers begin to bloom, now is the perfect time for a spring home sale. In fact, real estate data provider  ATTOM  found that properties sold in April, May and June garnered the highest returns over the last 12 years. If you want to take advantage of the season’s vibrant energy and high demand, here’s what you can do to ensure a successful  sale. Maximize Your Curb Appeal Spring is the ideal season to show off the beauty of your home and capture buyer interest before they even step through the front door. Nothing is more inviting than a freshly mowed lawn, blooming flowers and well-manicured trees and shrubbery. Buyers will...

  January 2024 REAL ESTATE NEWS Brought to you by Dan and Lisa Basil . 2024 Market Predictions: Will Home Prices Drop? Before delving into the trends, it's important to say that general market dynamics impact individuals differently based on their personal situations and needs. Therefore, don't hesitate to reach out to me for personalized recommendations tailored to your specific circumstances. With home values and interest rates still being relatively high, both buyers and sellers are wondering what's going to happen to the market in 2024. Typically, home values increase when demand is high and supply is low. Conversely, prices tend to decrease when the housing supply is high and demand is relatively low. So, what will the conditions look like this year? Let’s look at the latest market trends. Up or down? What is the Market Currently Like? Today's housing market is characterized by high prices, high interest rates, and low supply. While high prices are typically driven...