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

Chuck Brusven, Realtor
Direct: 612-760-6400
Email: cbrusven@msn.com
Home Search for Homes Community Resources Request Industry Info News Contact Us
TheMLSonline
If this page does not display properly click http://www.cbrusven.com/MarketUpdate 

Skyline

Real Estate
Market Update
for
April 2022


Twin Cities Area

March
 2021
March
2022
Percent Change
(compared to prior year)
New Listings 6,739 6,416 - 4.8%
Active Listings 5,691 5,004 - 12.1%
Months Supply 1.0 0.9 - 10.0%
Pending Sales 5,785 5,252 - 9.2%
Med Sales Price $328,462 $353,000 + 7.5%
Days on Market 39 35 - 10.3%
Avg Sales Price $383,094 $409,754 + 7.0%
Price/SqFt $186 $205 + 10.2%


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

MLS 

Search virtually all property listings in Minnesota

Search for Properties 

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

Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.19% as of last measure, according to the National Association of Realtors. Builders are working hard to ramp up production--the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago--but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Millennials are entering the housing market at a record pace, fueling demand and driving sales prices higher amid an epic housing shortage. Currently, millennials represent 22% of the U.S. population but make up 43% of the current market share, according to a survey by the National Association of Realtors. With nearly a quarter of the population approaching their peak earning years over the next two decades, this new generation of homebuyers are expected to have a big impact on the economy-and on the housing market--in the years to come.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

Twin Cities Market-wide, inventory levels were down 12.1 percent. The property type that lost the least inventory was the Single-Family Detached segment, where it decreased 10.0 percent. That amounts to 0.9 months supply for Single-Family Detached homes, 0.9 months supply for Townhomes and 1.9 months supply for Condos.s.


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  Listings 
Pending Sales Median Sales Price
Pending  Sales Price 
Days on the Market Freddie Mac Mortgage Trends (One Year)
Says on Market  Mortgage 

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.

 love 

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.

Forward this email to your friends, relatives and associates.