19 Jun The Twin Cities area real estate market
The Twin Cities area real estate market
Certain price ranges and locations in the Twin Cities are seeing a frenzy of activity and a lack of inventory. The first time home buyer market of $175,000 to $300,000 throughout most of Minneapolis/St Paul and suburbs is low on inventory and high on demand, which causes multiple offers and short market times. are common. Our inventory of available homes as of June 1st was 11,135 compared to 11,189 last year. Just to give you a historical feel-in 2008, just before our correction, we had almost 36,000 homes for sale. Our pending sales as of June 1 were 1,328 and that is down over 10% from the same time last year. For the last year our median price is up 5.2% to $281,000. Our average sale to list price is 99.4%, and average days on the market has increased 7.5% to 57 days. If you are interested in knowing the stats for your home in your area just let us know.