Twin Cities Real Estate News

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 Twin Cities housing market. Minneapolis Star Tribune.

Retrieved from www.startribune.com

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, J. (2017, October 7). For the moment, at least, some Twin Cities home sellers are being forced to cut prices. Minneapolis Star Tribune.

Retrieved from www.startribune.com

 

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

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 for second straight month. Minneapolis Star Tribune.
Retrieved from www.startribune.com