Twin Cities Real Estate Market Report
Market Update for March 2021
March sales activity picked up where February left off, with an already red hot market showing no signs of slowing.
Rising home prices and mortgage rates are affecting affordability, but have yet to impact demand, as sales continue to increase.
Multiple offers are the norm right due to extremely constrained supply in any of the four counties. In almost all counties we have a supply of under 1 month, which explains why prices are on the rise. In Ramsey county the price increase was a rather modest 0.8%. In the other three counties the price increase was anywhere from 15.6% to 18.3%.
Due to high demand, the days on market for homes has also dropped, with the longest time of 45 days and the shortest of 24 days. Keep in mind that those stats are average.
Also because of the very high demand, showings are up by an astonishing 206.8% in Washington county as the highest average and 107.1% the lowest average in Ramsey county.
When we talk about supply of properties, we are talking about the time it takes to sell all current homes on the market without adding more properties.
Here is what we have now 0.8 months supply for SingleFamily homes, 0.8 months supply for Townhomes and 2.5 months supply for Condos.
For the Buyer, this means that you have to know up front to be ready to act fast, bid high and probably be ready to make some concessions. Don’t forget though that you are not overpaying, you are getting a property at the current value. Which is more affordable still due to the very low interest rate.
For the Seller this means that it is likely you don’t have to deal with a prolonged timeframe of showings. Usually two weeks or less will get your property under contract. Together with your agent, you will have to sort through lots of offers and pick the best one for you.
Despite some challenges, this is still a great time to buy and sell. Equity is high and interest is low. If you would like some more info, let me know. I’d be happy to share more info with you!
Market Update for November 2020
The November 2020 Market update shows us generally more of the same the rest of the year.
We sold slightly more homes in November than in October. The increase in sold homes shows also in the year over year category (the percentages).
The amount of homes for sale on the market has slightly decreased in November in comparison to October. The decrease in properties for sale year over year varies. We see increases between 1% -3% depending on county. This is of course great news for the sellers, they get more money for their homes.
The sales price between October and November is fairly small but still shows a constant trend upwards. The year over year increase is a bit stronger and shows that sellers kept gaining equity.
The days on market, that’s the time before the seller accepted an offer varied just a tiny bit however when you look at the days on market in November 2019 vs November 2020, that time decreased quite a bit except in Hennepin county, there it stayed almost the same.
The housing supply is way, way down. We have a very low inventory market, which is the main reason (together with super low interest rates) why homes are selling so fast.
The amount of showings before an accepted offer has increased though. Year over year we see that people look at more homes before making a decision. The month over month has not changed much at all.
To sum it up. we have low inventory on the market which helps sellers get top dollar. Buyer are looking a little more around before making a decision but will likely still encounter multiple offer situations. So far we have not seen many appraisal problems.
Market Update for October 2020
The October 2020 market report shows the data from one month to the next. The percentages are year over year.
Despite the pandemic, we have had more activity this October than in the previous year. Washington, Ramsey and Anoka Counties have seen an increase of sold homes between 6.3% – 6.8%, Hennepin county had less transactions but still added 3.2% increase of homes sold this October.
The overall amount of properties on the market is way down from last year. Since demand is high, the sales prices have increased between 5.7% – 8.3% which helps sellers add more money to their bottom line.
You can always subscribe to the market reports at the top of the page to stay informed on your particular neighborhood.
During this time of the Covid-19 pandemic we have a different set of rules we all have to live by. For now our state – as just about every other state – is largely shut down. Real Estate is considered an essential business, because people still need to have a home. So in order for you to see what is going on in the market place, I am compiling weekly stats for the time being. Normally monthly would be enough but in these uncertain times, seeing what is going on in your county week by week might give you a better overview and you can follow the market more closely which is especially important if you want to buy or sell.
If you have any questions, I am happy to help find the answers you are looking for give me a call/text at 612 345 9070.
Market Report for 3/29/20 to 4/5/20
This is the market report for Ramsey, Anoka, Hennepin and Washington County for the week of 3/29/20 to 4/5/20.
Market Update for 4/5/2020 - 4/12/2020
This is the week leading up to Easter, but all counties except for Washington county have seen more new listings coming on the market. Homes under contract has declined a little bit in all counties as well as homes sold.
Market Update for 4/12/2020 - 4/19/2020
This is the week just after the Easter celebration and we are in the midst of the corona virus pandemic, still all four counties are seeing a steady increase of new listings in this week. The number of houses under contract is a little lower, as was expected due to the Easter holiday. Closings were up again this week with all counties in higher numbers than the previous week.
Market Update for 4/19/2020 - 4/26/2020
This week we are seeing a seeing a strong increase in new listings that came on the market. Houses under contract declined a little which of course then also means that closings declined.