The Mullins Group is often asked, “why is new construction so expensive” compared to other Metro Areas? There isn’t one reason; but a multitude of reasons why housing is so pricey in the Metro Area. A few of the reasons include: land costs, Met Council MUSA line, over-the-top building code changes, impact fees from local…read more
After being dormant for years, new townhome construction is once again gaining ground. Prior to the recession, about 50% of all new construction was in the condominium and townhome sector. However, the recession and economic slowdown resulted in new multifamily construction to come to a halt. Single-familily homes dominated at buiders purchased bank-owned lots and…read more
As we have previously stated in other recent posts, the supply of homes for-sale is at all time-lows; here in the Twin Cities and across many markets in the U.S. This lack of inventory has driven up housing costs as buyers have fewer options and homes are selling with multiple offers. This past week alone;…read more
The number of homes for sale in the Twin Cities remains at historically low levels as inventory remains extremely low, especially for first-time home buyers seeking homes under $250,000. At present, there is only a 1.8 month supply of homes for sale in the marketplace whereas market equilibrium is generally considered six months of inventory. …read more
As we have discussed in other recent posts; the supply of homes for sale has been extremely tight in the Twin Cities Metro Area. Based on the current sales volume, the supply of homes for sale would only last 1.9-months, whereas a balanced market would have a supply of six months of homes for sale. …read more
The Twin Cities real estate market has witnessed a fundamental shift over the past few years from a buyers to sellers market. Inventory (i.e. the supply of homes) continues to remain very low which has resulted in price appreciation and few days on market. In 2016 the median days on market was only 33 days,…read more
Like most areas across the country, the Twin Cities real estate market as drastically impacted by last decade’s housing downturn and the ensuing Great Recession. After peaking in 2005 and 2006, the median sales price of a home in the Twin Cities is finally back up to the pre-recessionary levels. However, the new construction market…read more
The Twin Cities condo market, in particular Downtown Minneapolis, is red hot as the inventory is nearly non-existent. A review of all condo listings in the Downtown Minneapolis area shoes there are only 76 active listings in Downtown and in the surrounding neighborhoods such as the North Loop, Loring Park, northwest Minneapolis, etc. These listings…read more
Home pricing in the Twin Cities has recovered from the recession as the median sale price has once again reached the peak back in 2005 and 2006. However, in many communities within the 494 core and specifically first-ring suburban communities; housing pricing has appreciated faster than communities on the fringe. This is in part due…read more
Ten years after the peak of the real estate boom last decade, home prices in the Twin Cities have peaked exactly 10 years later. 2006 was generally the peak year in the real estate boom for most Twin Cities communities and the overall median sales price for 2006 was around $232,000. This past month the…read more
