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Real Estate Market Update
for April 2022
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Twin Cities Area
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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.
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If you would like to see statistics and market trends for your city
or neighborhood, email me today for a more specific details.
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Ask for a Free Market Analysis of your
Home!
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Contact
for help with your real estate needs from a FULL TIME Realtor.
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Chuck Brusven
MN Licensed Realtor
(612) 760-6400 cbrusven@msn.com
www.cbrusven.com
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Search virtually all property listings in Minnesota
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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!
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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.
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