Opening the door to dream homes
for families in all stages of life.

Chuck Brusven, Realtor
Direct: 612-760-6400
Email: cbrusven@msn.com
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Real Estate
Market Update
for
March 2021


Twin Cities Area

February
 2020
February
2021
Percent Change
(compared to prior year)
New Listings 5,360 4,686 - 12.6%
Active Listings 8,701 4,670 - 46.3%
Months Supply 1.7 0.8 - 52.9%
Pending Sales 4,230 4,226 - 0.1%
Med Sales Price $326,575 $340,000 + 4.1%
Days on Market 67 46 - 31.3%
Avg Sales Price $324,214 $359,480 + 10.9%
Price/SqFt $160 $179 + 11.3%


Based on information from the Minneapolis Area Association of REALTORS, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.

If you would like to see statistics and market trends for your city
or neighborhood, email me today for a more specific details.

Ask for a Free Market Analysis of your Home!

 

Chuck 

Contact for help with your real estate needs from a FULL TIME Realtor.

Chuck Brusven

MN Licensed Realtor
(612) 760-6400
cbrusven@msn.com
www.cbrusven.com

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As a real estate agent in the Twin Cities, I pride myself on having the experience and a deep understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home in the near future, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information over to you on your neighborhood. Have a great day!


Twin Cities Area Housing Overview

Buyer demand continued to be robust in February, leading to many multiple offer situations as housing supply continues to remain severely constrained in most segments. This imbalance of prospective buyers to available homes for sale will continue to support multiple offers and, with it, higher home sales prices, as we go into the typically busy spring market.

 Mortgage interest rates ticked a bit higher in February but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year. With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.

For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
 


Twin Cities Area Historical Trends since 2012
Single Family Homes and Townhomes - Rolling 12 Month Activity
Homes for Sale New Listings
Homes for Sale  New Listings 
Pending Sales Median Sales Price
Pending Sales  Sales Price 
Days on the Market Freddie Mac Mortgage Trends (One Year)
Days on Market  Mortgage Rates 

Now is one of the most favorable times in market history to sell a home and purchase a home at near record-low interest rates. The number of homes on the market indicates a 'seller's market' for home prices and low mortgage rates for home buyers. After experiencing the lowest mortgage interest rates, we do not expect a general uptick trend in interest rates in the near future. A slow and gradual rise in interest rates is realistic as the economy continues to improve. If the primary criteria is interest rates, this is the time to buy. Home loan rates continue to hover at all-time lows.

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If you are considering listing or purchase a home, email me today to discuss your specific situation and how you can benefit in today's real estate market.

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