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What's Happening with Minneapolis Real Estate?
Manage episode 152690908 series 1068072
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Our housing market in the Twin Cities is off to a relatively strong start in 2015, but I want to provide you with a detailed update on this market.
- Pending sales increased by 8% this January, which means that home sales will be rising in the near future. This also suggests that buyers have become aware of the high affordability of real estate right now, so we may be headed towards a strong market in 2015.
- Median sales price and days on market continue to increase, which is good news for sellers. Buyers will probably appreciate the increase of days on market, because this allows them extra time to search around for good homes.
- The median sales price rose to $195,000 dollars. This is an increase of nearly 8% from last January! This is the 35th straight month where the median sales price has increased in Minneapolis.
- Market statistics are suggesting that we're heading towards a seller's market in 2015. This is good news for sellers, but buyers shouldn't fret over this either. Interest rates are extremely low, so even though inventory may be low and the market will be more competitive for them, they can rely on high affordability.
If you're thinking of buying or selling a home in Minneapolis this year, then now is the time to get in touch with me before the rush of activity in the spring. You don't want to be left behind!
Please contact me via phone or email with any questions or concerns that you might have.
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