13 Sep The Twin Cities Area Real Estate Market September 13th
The Twin Cities Area Real Estate Market
It is feeling like fall, and our real estate market is beginning to show the signs of slowing down from the brisk summer pace. At this time of year price reductions are more common on existing listings. The first time home buyer market of $175,000 to $300,000 throughout most of Minneapolis/St Paul and suburbs is still a very busy market. The affordability index was 146, which is no change from the previous year (the higher the number means greater affordability. Our inventory of available homes as of August 31 was 12,498 compared to 13,074 last year, which is down 4.4%. To give you a historical feel of inventory – in 2008, just before our correction, we had almost 36,000 homes for sale in the Twin Cities market. Our pending sales as of August 31st were 1,250, and that is down 3.1% from the same time last year. For the last year our median price is up 5.9% to $283,900. Our average sale to list price is 99.7% (compared to 99.8% last year), and average days on the market is 38 days. If you are interested in knowing the stats for homes in your area, just let us know.
Lastly, our interest rates went down a little from last week and are historically low for 30 year fixed-rate mortgages at 3.25% for VA, 3.125% for FHA and 3.875% for conventional. I even know of a lender who has no or very limited fees at that rate!