Shortage of listings continues to constrain Twin Cities housing market

The Twin Cities real estate market is experiencing a cool down as there continues to be a shortage of affordable and entry level homes. The annual seasonal slowdown has exposed the imbalance between buyers and sellers at the entry level of the housing market. The upper level home market is less competitive than the lower level, as multiple offers for affordable “move in” ready homes has become increasingly common. Full Article-Buchta, J. (2017, October 16). Shortage of listings continues to constrain... Read more »

For the moment, at least, some Twin Cities home sellers are being forced to cut prices

The Twin Cities real estate market has been hot and is closing in on a record year of sales, despite a tight supply of homes for sale. The annual seasonal slowdown as we move into winter may be benefitting the buyers still in the market place. Twice as many homes for sale had price reductions in August (20% of listed homes in August had price reductions) than in the past spring. The homes of the bottom tier have been far less likely to see price reductions than the upper tier. Full Article-Buchta,... Read more »

Homebuilding continued at feverish pace in Twin Cities this month

Twin Cities homebuilders are finishing up what will be one of their best Septembers in a decade. Home building permits were issued at a rate 14% higher than last year. Optimism reigns for builders in the Twin Cities market despite concerns over increased land, material, and labor costs. Full Article-Buchta, J. (2017, September 28). Homebuilding continued at feverish pace in Twin Cities this month. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Twin Cities home sales fall for second straight month

Home sales in the Twin Cities fell for the second straight month. The Twin Cities real estate market typically slows at the end of summer, but this year there have been some complications. The biggest factor in this slow down is the continued lack of supply at the entry level of the housing market. Home prices continue to rise, but overall sales numbers are lagging because of the short supply on the lower end of the market. Full Article-Buchta, J. (2017, September 19). Twin Cities home sales fall... Read more »

Stagers take a bigger role as demand remains high in Twin Cities home market

Homes in the Twin Cities are nearly selling themselves as the real estate market remains strong, but home stagers are still in demand. Supply of homes for sale remains tight, but buyers are still looking for value and staging your home for sale is as important as ever. Home staging used to only be found in the high end real estate market, but home staging has proved effective in attracting buyers at all price levels, decreasing market times, and increasing sales prices. Contact Phil McDermott if... Read more »

March home sales in Twin Cities were best since 2005

It was the best March for home sellers in the Twin Cities since 2005.  For many buyers the market has become frustrating as supply still lags behind demand for entry level homes.  Home sales prices have continued to climb and market times have decreased. Full Article-Buchta, J. (2017, April 17). March home sales in Twin Cities were best since 2005. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

With fewer homes coming on the market, sales leveled out in the Twin Cities last month

Home sellers are needed to even out the Twin Cities real estate market.  A lack of supply of homes for sale has slowed sales activity, but boosted sales prices for home sellers.  Entry level homes and homes in the first ring suburban homes are in the highest demand. New reports on the Twin Cities housing market cite the increased amount of homes held by investors as rentals as a factor in the short supply of single family homes for sale. Full Article-Buchta, J. (2017, March 15). With fewer... Read more »

Single-family homes take a big jump in September construction

It was the best September for homebuilders in a decade and building permits for single family homes were up 40% from last year.   The increase in single family home construction is a response to the shortage of homes for sale in the Twin Cities market.  Demand for single family homes remains high and the Twin Cities ranks as one of the more undersupplied housing markets in the nation in relative to the jobs created.  An anticipated seasonal decline in listings could accelerate the growth of home... Read more »

Buried inside the region’s real estate data are the winning places that ring the two cities

Home prices in 2016 have reached new heights, but it has been an exceptional year for the suburbs closest to Minneapolis and St. Paul. First ring suburban listings are driving sales and selling in record time. First time buyers and downsizing baby boomers are competing for these first ring suburban homes that are often close to transportation, shopping, and other entertainment. Full Article-Buchta, J. (2016, August 16). Buried inside the region’s real estate data are the winning places that ring... Read more »

Twin Cities home sales fell in July as shortage of properties catches up to market

A shortage of new listings of homes for sale in the Twin Cities has led to a drop in closed home sales for the month of July.  The shortage of available homes for sale has continued to increase the median home sales price which was up 6.6% from last year to $239,900.  Homes priced nearest the median are driving the market with homes priced over $500,000 still lagging behind (days on market, sales activity, and price gains) the near median priced homes of the Twin Cities real estate market. Full... Read more »