06 Sep The Twin Cities Area Real Estate Market September 6th
The Twin Cities Area Real Estate Market
As we feel fall in the air and the Minnesota Fair is over the market is beginning to show the signs of slowing down from the brisk summer pace. The first time home buyer market of $175,000 to $300,000 throughout most of Minneapolis/St Paul and suburbs is still the busiest market but we are seeing home price reductions in higher price ranges in many areas. 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 24th was 12,501 compared to 13,008 last year, which is down 3.9%. 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 24th were 1,253, and that is up 1.9% from the same time last year. For the last year our median price is up 5.8% to $283,420. 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 3.375% for VA, 3.25% for FHA and 3.875% for conventional. I even know of a lender who has no or very limited fees at that rate!