11 Jul Real Estate Market Update July 12th
THE TWIN CITIES AREA REAL ESTATE MARKET
Our general lack of inventory at certain price ranges and locations in the Twin Cities is still creating a frenzy of activity. The first time home buyer market of $175,000 to $300,000 throughout most of Minneapolis/St Paul and suburbs is the most impacted, which is causing multiple offers and short market times. Our inventory of available homes as of June 29 was 12,083 compared to 12,122 last year, which is down .4%. To give you a historical feel of inventory – in 2008, just before our correction, we had almost 36,000 homes for sale. Our pending sales as of June 29 were 1,498, and that is down 5% from the same time last year. For the last year our median price is up 5.2% to $285,000. Our average sale to list price is 100% (compared to 100.2% last year), and average days on the market has increased 4.3% to 45 days. If you are interested in knowing the stats for homes in your area, just let us know.
Lastly, our interest rates are about the same from last week and are historically low for 30 year fixed-rate mortgages at 3.625% for VA, 3.5% for FHA and 4.125% for conventional. I even know of a lender who has no or very limited fees at that rate!