Although the Spring 2020 Parade of Homes was cut short due to the COVID-19 pandemic; the Fall Parade of Homes is back. This years Parade runs from Sept. 12th to Oct. 4th with doors open on Thurs. to Sundays from 12 noon to 6PM. A total of 385 new homes are showcased this year and…read more
There may be snow on the ground; but its time to think spring as the annual Parade of Homes (“POH”) kicks off this Sat. March 2nd. The POH runs from March 2nd to March 31st while homes are available for showings between 12 noon and 6PM. There are 472 showcased homes this year and guidebooks…read more
A newly released report by the Housing Affordability Institute stresses what I’ve been researching for year; Twin Cities new construction costs are higher than many other metropolitan areas across the country. Yes we live in a cold climate that requires increased costs for energy efficiencies; but the underlying factor is it cost more to build…read more
It may still feel like winter; however spring is around the corner as the Parade of Homes is here! This year there are nearly 500 new homes to tour + a number of remodeled homes. The spring parade runs Feb. 24th to March 25th from noon to 6PM on Thurs. to Sunday. Guide books are…read more
There is no question the home supply inventory is low across the Twin Cities, regardless of price point. As of July 2017 the inventory of homes for sale in the Metro Area was only a 2.4 month supply – equilibrium is about 5 to 6 months. Not surprisingly, the supply of homes is lowest for…read more
This past June new building permits posted the highest monthly totals in a decade in the Twin Cities. Compared to last year at this time, new home permits are up over 60% in one year! New construction volume has been dominated by new luxury apartment construction since the Great Recession; so it is good news…read more
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
