Woodbury among 2014 homebuilding leaders

Woodbury ranked 4th in the Twin Cities metro area in new residential home starts.  The new home building activity adds to the gains the city has made since the housing downturn and brings optimism of more increases in 2015 and beyond.  Strong schools, quality parks, commercial development and a variety of housing options have all contributed to drawing new residents.  If you are looking to build or move to Woodbury make sure to start your search with Phil and MyTwinCitiesRealty.com.   Full... Read more »

Value of median Minneapolis home recovering from recession low

Single family homes values are increasing in Minneapolis, but the gains are uneven.  The citywide gains in median home value are the first increases since the prerecession peak of 2007.  The reduction in the supply of “distressed” homes has been a big factor in the median home value increase.  These gains in home value along with a trend of higher rents should help push more buyers into the market and help homeowners looking sell. Full Article-Brandt, Steve. (2015, January 2 ). Value of median... Read more »

Millennial population jumps sharply in the Twin Cities

Many Millennials are moving to the Twin Cities with the population of young adults increasing by 25% in Hennepin County in the last seven years.  This is one of the largest increases in the nation and good news for the Twin Cities and the region.  The Twin Cities is proving to be an attractive place for young people and should this should help grow our economy and the local real estate market.   The growth in the last seven years has occurred despite nearly 40% increases in Twin Cities rental... Read more »

Twin Cities housing market seen as a buyer’s market as sales decline

The Twin Cities real estate market may be shifting to a more favorable one for home buyers, but this may not last.  Many sellers put the homes on the market this past fall to take advantage of higher home values, but may be a bit anxious as sales activity dropped in October and November.   For price conscious buyers there is still a good inventory of homes for sale and historically low interest rates make this a great time to buy a home, before the spring market picks back up. Full Article-Painter,... Read more »

Twin Cities ranks No. 1 for home affordability

Minneapolis-St. Paul has moved from 2nd to 1st in the nation in home affordability.  The report done by Interest.com uses several criteria, but strong household incomes in relation to median home prices in the Twin Cities helped lift our market to the top spot for home affordability.  Low interest rates and more good homes coming on the market make this a good time for those thinking to buy.   Full Article-Painter, K. (2014, November 18 ). Twin Cities ranks No. 1 for home affordability. Minneapolis... Read more »

September home sales fall in the Twin Cities metro area

As home prices increased many sellers across the Twin Cities metro listed their homes, but sales activity was down last month relative to a year ago. This is a market condition that should have produced lower home prices, but median home prices still continued to rise.  The disparity between decreasing home sales and increasing home prices can be attributed to a shift in the home sale market away from foreclosures and distressed properties.  The decline in home sales may be frustrating to home... Read more »

A slow down in home sales has not made it any easier to build a house in the Twin Cities

The real estate market in the Twin Cities may have cooled, but it is not any easier to find a lot to build on.  The recent increase in home demand has created a bit of a run on desirable lots within the Twin Cities seven county metro area.  Lot supplies are now at lower levels than in the pre-housing boom.  Supply of lots must increase substantially to meet current demand.  If you are looking to build in the Twin Cities start your lot search with MyTwinCitiesRealty.com and Phil McDermott. Full... Read more »

Twin Cities real estate rebound reaches- economics defying moment

More Twin Cities area homeowners are making the decision to sell their home, but as the supply of homes for sale increases home prices continue to inch up.  Many brokers and analysts see this increase in homes for sale as a sign that the Twin Cities real estate market is improving.  Despite the increases in listings the Twin Cities real estate market is still not considered in balance between buyers and sellers. There is currently a 4.4 month supply of homes for sale at the current pace of home... Read more »

Pace of Twin Cities home sales is speeding up

The summer selling season is getting into full swing and some houses are going fast.  A typical Twin Cities home is now being sold in 80 days compared to the average of 160 days, just three years ago.  Activity is increasing despite concerns about the pace of the real estate market recovery.  Sales of homes are still down from last year, as supply is still limited.  New homes are reaching the market with the number of homes for sale increasing in each of the last two months, but not keeping up... Read more »

Twin Cities home listings rose in April, but remain in short supply

Home listings have increased in the Twin Cities, but still are in short supply.  April is typically the peak month for the buying season, but closings have not kept pace with the past year.  Twin Cities communities are still experiencing rising home prices as buyers outbid each other on the reduced supply.  Sellers, this is the time to get your home on the market. Buyers, mortgage rates are trending down, so be prepared to act! Full Article-Buchta, J. (2014, May 13). Twin Cities home listings... Read more »