Minnesota real estate weekly update

Minnesota real estate

Minnesota real estate weekly update

Minnesota real estate weekly update

 

This is Jeff Anderson’s Minnesota real estate weekly update for May 5th, 2024. We have lots to talk about.

 

We review the real estate facts and future trends.

 

The trends of our real estate market

 

Our spring real estate season is here, and we continue to experience low inventory. Our spring for the Minnesota real estate market brings us more buyers into play and creates a seller’s market because of the limited inventory.

The news from the Federal Reserve is that the job market might be slowing down so that gives us some hope later this summer/fall.

It is important in this market to have experience on your side. You can imagine the advantage you have when your agent has 30 years of experience. Real estate experience is priceless!

The facts

 

A good indication of our current housing market is the affordability Index and for Minnesota real estate for March was 122. That compares to 130 at the same time last year. The higher the number equals greater home buying affordability in the Minneapolis/St. Paul metropolitan area. The current inventory of homes for the seven-county area that are for sale is 7,444. That compares to 6,485 at this time in 2023. The Minnesota real estate inventory of homes for sale is up 14.8% from last year. An interesting fact, in 2009 when we had our first real estate correction in 40 years in Minnesota, we then had over 36,000 homes for sale. The Minnesota real estate pending sales for the last week (sold but not yet closed) was 978. And that compares to 958 pending home sales in 2023. We have been up 8% in the last three months compared to the year before.

We find in an average real estate market that we would have a three-month supply of housing inventory. We now have 1.9 months (March figures). Last year in March we had a 1.5 month supply. The average number of days on the market for the seven-county Twin Cities area was 54 days in March and that compares to 58 days last year.

More Minnesota real estate facts

 

The median sales price for February was $366,000 in the Twin Cities area and that is 2.8% more than last year at this time. The average sale to list price was 98.8% for March and that compares to 98.6% in 2023. To see more Minnesota real estate market information visit my website at https://www.mnrealestate.com/twin-cities-information/area-appreciation-rates/. You will find comprehensive and up-to-date facts about our Minnesota real estate market!

Our current interest rates in the Twin Cities

 

 We thought inflation to be under control, but then inflation numbers came in high two weeks ago. The good news is that job demand and new hires are starting to show a downward trend and that will help inflation to subside and interest rates could lower some. Interest rates are 7% for conventional and 6.5 for FHA and VA mortgages. Let me know if you need to speak to a lender who has those low rates.

What is the future of Minnesota real estate?

 

Our real estate market is heating up, so it is best to buy before we see the intense competition of years past. Expect to see about a 2% jump in prices this spring. We are currently busier this spring than we were last year.

This is a suitable time to discuss your housing needs for 2024!

Jeff Anderson

The Anderson Team

www.mnrealestate.com

RE/MAX RESULTS

612-386-8600

 

 

No Comments

Sorry, the comment form is closed at this time.