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
June 2021


Twin Cities Area

May
 2020
May
2021
Percent Change
(compared to prior year)
New Listings 7,383 7,576 + 2.6%
Active Listings 10,718 5,687 - 46.9%
Months Supply 2.2 1.0 - 54.5%
Pending Sales 5,908 6,834 + 15.7%
Med Sales Price $320,000 $346,570 + 8.3%
Days on Market 41 24 - 41.5%
Avg Sales Price $334,172 $401,815 + 20.2%
Price/SqFt $164 $193 + 17.7%


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

As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at the same time last year, and sales prices are surging as a result. While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time in most market segments. For the 12-month period spanning June 2020 through May 2021, Pending Sales in the Twin Cities area were up 16 . 8 percent overall. The price range with the largest gain in sales was the $1,000,001 and Above range, where they increased 83.4 percent.

In the Twin Cities Regional Market, New Listings  increased 2.6 percent to 7,576, Inventory Levels were down 46.9 percent. The property type that gained the most inventory was the Condo segment, where it increased 5.5 percent. That amounts to 0.9 months supply for Single­ Family homes, 0.9 months supply for Townhomes and 2.4 months supply for Condos.


Twin Cities Area Historical Trends Last 10 Years
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  Median 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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