Summer is the perfect season for buying new homes. As in previous months, the Twin Cities housing market has continued to remain strong and demonstrate growth, reflecting national trends.
Economic expansion continues for the area on the whole, and home buyers in Minnesota are continuing to enjoy the benefits of this growth. Overall, demand for homes in the area remains high, while the inventory available remains low, making projections for June continue to demonstrate a seller’s market.
Continued Decrease in Listings
Nationally, the number of active home listings has steadily declined. However, the rate at which the number of listings decreases seems to be slowing. The number of active listings on the market in the Twin Cities market is 18 percent lower with 9,790 listings total in the region.
The slowing rate of decline in the number of active listings may indicate a change in the trend. Around 557,00 listings were added to the market last month, an increase over what market experts expected.
Factors influencing the decline in inventory include:
● Rising construction costs
● State and federal regulations
● Baby Boomers remaining in their homes
● Limited construction projects for entry-level buyers
● Low mortgage costs
Highest Listing Prices on Record
On the national and regional scale, the demand for homes continues to increase. At the same time, the average price for homes in the Twin Cities area has continued to climb in recent years. June continues that trend for the region. Listing prices have remained higher than ever before. Median list prices for the Twin Cities market are up 8 percent at $350,000.
Several factors continue to contribute to the rising list price trend:
● Increased consumer confidence
● Lower crime rates
● Decrease in suburbanization
● Revitalization of urban areas
● Market speculation
Homes Continuing to Sell Quickly
The pace at which homes sell in the Twin Cities area is continuing to follow national trends. Homes in Minneapolis/St. Paul/Bloomington are continuing to sell quickly. Last month saw a continued rise in the pace of sales despite the highest housing costs on record to date. Sales are up moving 8 percent faster than last year.
The average number of days a home spends on the market has gone down to 33 days, a decrease of 10 percent. On average, the time it takes for properties to sell has gone down every month this year.
Flat Rate Fee Realtor in Minnesota
With housing demand in the Twin Cities at a record high and list prices continuing to trend upward, there is no better time to sell a home. Flat fee realtors can simplify that process, making it easier than ever to take advantage of the recent economic upturn. Home Avenue is the original flat rate fee realtor in the Twin Cities Metro area. We also offer a rebate program that puts cash back in your pocket straight from our commissions. Ask us about our rebate program today!
To learn more about Home Avenue, call us at 952-929-7355, or you can message us at firstname.lastname@example.org.