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2014 Twin Cities Housing Market Forecast

2014-housing-market-forecast

Barb Jandric, president of Edina Realty, has made the following prognostications. I have added to these thoughts with my comments in blue where appropriate. This past year has been an exciting year of steady recovery in the Twin Cities metro area. Rising prices meant more homeowners gained enough equity in their homes to make a move. Rates hit record lows, enticing buyers to make a move in a competitive market with a shortage of inventory. This was a significant trend this year, as was continued strong investor … [Read more...]

Twin Cities Real Estate October 2013 Market Update

Twin Cities Real Estate Market Update - October 2013

What's going on in the Twin Cities housing market? Take a peek below! If you are thinking about selling your home this winter or next spring, now is the time to get a free home market value analysis! … [Read more...]

Housing’s Impact on the Economy

northstarmls-dollar-volume

With the housing market continuing to strengthen with rising prices and unit sales, the dollar volume of those closed sales in the last year has hit a 5.5 year high, nearly $12 billion. Each sale creates a flurry of economic activity - let's look at just some of the areas that are often impacted: Real estate agents Title company employees Loan officers Home Inspectors Movers Home improvement stores Remodelers/contractors New construction Just in real estate commissions alone, there's probably … [Read more...]

Twin Cities Home Prices Jump 17.5%

june-2013-median-sales-price-1

Median Sales Price Another WOW month for the Twin Cities real estate market.  Homes that closed in June sold for a $210,000 median price, a 17.5% increase versus a year ago and an 8.2% increase from the month prior.  The $210,000 median sales prices what the highest since December 2007 - over 5 1/2 years ago. Days on Market Meanwhile the time it takes to sell a home continues to drop dramatically - now at just 74 days - down 34% in the last 12 months.  Many houses are selling in multiple offer in the … [Read more...]

June 2013 Twin Cities Housing Market Update

june-housing-stats-video

Take a look at this month's video update on the Twin Cities housing market. … [Read more...]

Twin Cities Buyer Showing Activity

showing-data-5-20-13

While home sales in the Twin Cities are at 7 year highs, home buyer showings are actually down from last year:   Why are home showings down even though sales are up?  Simple.  Far fewer homes for sale this year means buyers simply have far less to look at. A couple years ago buyers could look at dozens of homes for sale that met their criteria and spend weeks deciding.  Today we often find that there are less than a dozen homes that really match a buyer's wants and they have only days to … [Read more...]

Minnesota Foreclosures Continue Decline

Q1 2013 Sheriff Sales in Minnesota

HousingLink just released their latest foreclosure report showing the strong declines in sheriff sales continues.   Once a sheriff sale has occurred, most properties will be listed by the bank that took it back 7-9 months later.  Consequently, the continued decline of bank owned listings for sale on the MLS is all but certain at this point.  When fewer properties go through foreclosure, neighborhood values are higher and we've seen this trend for over a year now.  This is great news for sellers … [Read more...]

Housing Market’s Virtuous Cycle

The Housing Market Virtuous Cycle

The housing market has come roaring back in many markets throughout the U.S. and some have been questioning whether the surge of activity we're seeing has staying power. In many markets, from 2008 through much of 2012 we saw that nearly half of home sales were of foreclosed or short sale properties.  What we're seeing now is a return back to the Traditional Seller as foreclosure and short sale inventory declines sharply. What's crucial about this return to a more normal market is that in a Traditional Sale, … [Read more...]

Twin Cities Preforeclosure Activity Remains Sharply Lower

Preforeclosures in the Twin Cities

The Minnesota Home Ownership Center released their quarterly preforeclosure notice data and the new is overall very good. Preforeclosure notices did tick up in the Twin Cities in Q1 2013 however the level remains less than half of what it was in the peak of the housing crisis.  Q4 2012 might have been a blip due to the holiday season.  We'll have to see what happens in the current quarter but my belief is that the preforeclosure levels will continue to trend lower as we see the economy improve and fewer … [Read more...]

Twin Cities Pending Home Sales 2nd Highest in 7+ Years

Home Sales on the Rise

 Twin Cities pending home sales for the week ending April 20th, 2013 surged to their 2nd highest level in more than 7 years. In one week, 1,337 homes went under contract, which was the highest level since August 2005 except for a single week in 2010 when the first time home buyer tax credit was expiring. Pending sales were nearly 10% higher than the same week a year ago and continues the trend of increasing sales, declining inventory and rising prices. While sales are up, new listings are effectively flat … [Read more...]

Disclaimer

TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.