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
The recent vote by the British to leave the EU is affecting even the local Twin Cities real estate market. The turmoil across the sea has sent investors fleeing for safe havens; including the U.S. government bonds. Yields on 10-year bonds have decreased more than 2% this year; which has the led to even more…read more
Without a question, the new construction sector has catered to move-up and executive buyers since the recession. Most of the new homes built since the Great Recession have catered to the $400,000+ buyer; a result of increasing land, labor, and material costs for new homes. Prior to the recession townhomes were the answer for first-time…read more
Yesterday I attended the annual 2016 Condominium and Townhome Development Summit where we discussed the state of the industry, trends, etc. I follow this sector of the real estate sector very closely and often speak at seminars regarding this topic. Although this sector of the real estate market was hit the hardest during the downturn…read more
This article from CNN summarizes why 2016 will be a good year for buyers. Simply stated…home prices are near pre-recessionary levels in the Twin Cities, the supply of homes should increase come Spring 2016, mortgage rates are still low..even should the Federal Reserve raise the benchmark in December 2015, and rents continue to escalate where…read more
