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 17th, 2024. We have much 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.

Rates are currently stable with a small reduction recently but not much until this fall is the word on the street.

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 April was 112. That compares to 124 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 7,750. That compares to 6,757 at this time in 2023. The Minnesota real estate inventory of homes for sale is up 14.7% 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 April (sold but not yet closed) was 4,334. And that compares to 3,994 pending home sales in April in 2023. We have been up 8.5% for this to last year’s April. Closed sales are up 13.8% as well.

We find in an average real estate market that we would have a three-month supply of housing inventory. We now have 2 months (April figures). Last year in April we had a 1.7-month supply. The average number of days on the market for the seven-county Twin Cities area was 45 days in April and that compares to 46 days last year.

 

More Minnesota real estate facts

 

The median sales price for April was $385,250 in the Twin Cities area and that is 4.1% more than last year at this time. The average sale to list price was 99.9% for April and that compares to 100.1% 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

 

 Some good news on inflation this last week so rates have trickled down a little. Interest rates are 6.5% for conventional and 6 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

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