27 May Our condo market in the Twin Cities
Our condo market in the Twin Cities
Our current condo market in the Twin Cities is normally based on supply and demand. This year we have some added concerns that have impacted the supply and the demand. Those are the pandemic, the defund police movement, the crime level, and the rioting. We currently have higher than normal supply and lower than normal demand and that has created one of the few real estate buying opportunities in Minnesota.
In Saint Paul and Minneapolis, we have 567 condos for sale. The average price is $372,742 and days on the market average is 112.6 days. We have 253 pending sales, which mean sold but not closed, with an average sales price of $323,915 and average days on the market of 70.8 days. For 2021 we have 721 condos sold and closed. The average list price was $309,411 and average sale price was $301,913. The average days on the market was 68.4 days.
Where is the market heading?
With a good number of buying opportunities and with low interest rates many buyers are electing to now look at condos since the inventory of single-family homes for sale does not offer many options. Also, many buyers are reexamining Minneapolis since the nonsense of defunding the police is being examined in a more realistic manner. In addition, we all hope that real change is taking place and rioting will no longer be an issue. Peaceful protests will once again be the lawful practice of the land.
The average sale price is less than asking price so far in 2021. That translates to less instant buying decisions, minimum multiple offers situations, and some sanity in the process. But that does not mean a beautiful, well-priced unit would not command top dollar. It just means the condo market is not as extreme as the single-family home market.
Our interest rates make homeownership more affordable than ever…the condo market is no exception. We see some real opportunities in Minneapolis and Saint Paul to find a condo this year that you would be excited to live in. I believe the condo market in the Twin Cities represents an opportunity to own at an affordable price!
If you need advice on your home purchase or refinance, just call me at 612-386-8600. We can discuss your options and what is the best plan for you!
I hope this blog on “Our condo market in the Twin Cities” was helpful.
Please reach out to me if you have questions about housing in Minnesota at 612-386-8600.
Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
Real estate is a wonderful investment!