20 Sep Twin Cities Area Real Estate Market September 20th
Twin Cities Area Real Estate Market
Even though we are experiencing an Indian summer, fall is here and our real estate market is beginning to show some small signs of slowing down from the brisk summer pace. At this time of year price reductions are more common on existing listings, and especially homes in the higher price ranges. The first time home buyer market of $175,000 to $300,000 throughout most of Minneapolis/St Paul and suburbs is still a very busy market. The affordability Index was 147 which is no change from the previous year ( a high number means greater affordability). Our inventory of available homes as of September 7 was 12,224 compared to 12,803 last year, which is down 4.5%. To give you a historical feel of our current inventory – in 2008, just before our real estate market correction, we had almost 36,000 homes for sale in the Twin Cities market. Our pending sales as of September 7th were 1,113, and that is up 5.3% from the same time last year. For the last year our median price is up 6.7% to $286,000. Our average sale to list price is 99% (compared to 99.2% last year), and average days on the market is 41 days. If you are interested in knowing the stats for homes in your area, just let us know.
Lastly, our interest rates went up a little from last week and are historically low. For 30 year fixed-rate mortgages we have 3.375% for VA, 3.25% for FHA and 3.99% for conventional. I even know of a lender who has no or very limited lender fees at that rate!