Twin Cities Real Estate Market Report 2022
Not much has changed since last month. Due to seasonality properties are moving slower and we have even less inventory. Though we have slightly more houses for sale than last month. The months of supply is still very low. What that means is if there would be no more new houses on the market it would take about 1.5 months to have sold all available homes. This is a strong seller’s market, a balanced market would be right around 5-6 months of inventory. It took just one or two days more to sell a house in December than in November, which means houses are still in demand and multiple offers are still to be expected. Which is also shown by the slight increase in sale price. The final sale price is slightly over list price, which tells us that there are still multiple offers. As of 1/3/23 the average interest rate for a 30 year conventional loan is somewhere around 6.4% depending on many other things though, so it’s not really possible to say what your personal interest rate might be.
What does that mean for you?
As a seller you are still in a great position to sell. In different areas of the country home values have dropped to varying degrees, not so in Minnesota. If you want to buy a house, you are at the right place as well, because right now there isn’t much competition and you don’t have deal with too many other offer. And though the interest rate is higher than it was, there are ways to lower that and at some point when the rates fall refinance.
If you have any questions or would like to know more, let’s chat, I am always happy to talk to you! Just click the button below and schedule a time that works for you and I’ll give you a call 🙂
In many areas of the country we have a real estate market that is vastly different from ours here in Minnesota. Due to seasonal slow down, we have less homes for sale. However the sale price went up slightly as did the days on market, but only by one or two days. Sellers are still getting full price on their listings, if they are listed at a correct price to begin with. The average sale price went up a little bit. This November we still had very low inventory, which is why the sale price isn’t going down and we still see multiple offers, but not 20 or so anymore. That is a good thing 🙂 For now we still have a strong seller’s market in these four counties.
The numbers are in for October… we are not looking bad. Though overall numbers changed a bit. Even though we are down slightly in the number of properties for sale and sold homes, the average sale price was up a little bit despite the fact that prices had to be adjusted and the average sale price comes in between 97.8 % and 99.2% of original list price. So even though the sale price rose, it went down every so slightly in comparison to the list price. That means that sellers have slightly adjust their list price by about 1% or so. In October it took a little bit longer to sell the houses by a few days, but nothing too drastic, the longest (average) time for house to go pending is 38 days and the shortest time was 29 days. We still have under two months inventory in the Twin Cities area. What does this all mean for you? It’s still a great time to sell your house. You can still get a great price, time on market is still fairly slow and there isn’t much competition, so you can still sell for a great price in a relatively short time. Here in the Twin Cities we have a solid real estate market that still favors sellers. Though rates are higher than they were in the beginning of the year, now is the time to find a better deal and not have to compete with as many offers as buyers had to in the past. If you would like to get more info, let me know, I am here to help!
Interesting numbers! Take a look and compare to July numbers. It’s not anywhere as bad as the news wants you to believe! We had less closings in September but have still a good number of homes for sale. The average home price in each county rose in September and the list price vs sale price is still very close to 100%. Which means that there have been very few lowered purchase prices. Almost all the houses sold for asking price! The days on the market until a house goes under contract, rose by a few days, somewhere around 4 days. Still a great time. Our market in each county is still a seller’s market because inventory is still very low, though it has increased a little bit. A balanced market would be inventory at a level of about 5 months, we have 1.9 month or a little less. So all in all we are still in a seller’s market, which is still moving strong though a little slower. In the coming months we will see the market slow down a little more due to seasonality but that happens each and every year. Don’t let the media scare you! Take a look at the actual data points for your county. Real estate is local, what happens here might be very different from California or Texas or anywhere else in the country. If you would like to get more information, maybe about your city, let me know. I am happy to email you that information!
You can text/call me at 612.345.9070 or send me an email to Michaela@TwinCitiesHomesRealty.com
Here is the July Market Update. Though there are some houses less for sale than last year this time, we have slightly more inventory than last year. We have now 1.3 months of inventory and last year it was mostly around 0.6 months. The average sale price is up from last year and the final purchase price is slightly over list price. Compare with last month and you’ll see that we are still in a strong sellers market, due to strong and constant demand. If you want to buy a house, it’s a good time. There is less competition than last year, but that doesn’t mean that there aren’t any multiple offers, just not quite that many any more. If you want to sell your house, that’s a perfect time as well. You can still sell for a good price in a short time and you can another house to buy easier now than last year. DM me for more information! I am happy to share more details with you!
Quick market summary for June 2022. We sold less homes this June than last year in every county. The volume of houses for sale has decreased in every county except for Anoka county, which actually saw a slight increase of listings. We have seen a sales price increase between 6% and 10% in each county in comparison to last year June. The average days on the market has been decreased by a lot, it’s between 10% – 33%! The months of supply on the market is still super low and has decreased in each county except in Anoka County which is actually seeing an increase.
To sum it up quickly: Closings are down due to very low inventory. Since we don’t have many houses for sale, the sales price has come up and the Sold price is still over list price on average in each county. The month of supply is slightly up but still super low. As a quick explanation what “months of supply” means: if there would be no house listed it would take just a smidgen over one month to sell each and every house. So we are still in a market that favors the seller. A balanced market is when we have about 4-5 months supply. If you have any questions, dm me or call/text at
(612) 345-9070. I’d be happy to check and see what your equity is!
When you listen to the news you would think that the housing market is crashing. Let me assure you it is not – certainly not at this time. We still have a lot of demand and very little inventory.
Closed sales are slightly down in almost every county except Ramsey, which had a little more closing as compared to last year this time.
Anoka county saw a larger increase in new listings while Ramsey county saw less listings and Hennepin and Washington counties also had slight increases in new listings compared to last year this time.
The months supply of houses for sale has increased in everyone county except for Ramsey. We are still very far from a balanced market. Six months of inventory would be a balanced market. As you can clearly see, we are still far from that . We are still very much in a sellers market. That said, I am seeing more price adjustments. We will have to wait and see which direction that goes at the end of June.
