Twin Cities Real Estate Market Booms In November
A combination of warmer than usual weather and continued low mortgage rates may have impacted the boom in the Twin Cities real estate market last month. Typically in the month of November we see home sales begin to slow, but that was not the case this year. Once again we have seen an increase in demand with buyers out in full force, and the supply of homes for sale not meeting demand. Mortgage rates are expected to rise in the months to come, which is another factor encouraging buyers during this time of year.
There were 3,497 signed purchase agreements across the Twin Cities metro area in November, up 18 percent over this period of time last year according to the most recent report from the Minneapolis Area Association of Realtors. In November we saw an increase in the number of homes on the market by 11.5 percent, but with increase in demand for homes in November the month ended with the total number of homes available being at 18.5 percent below what we saw this time last year.
Demand is high and supply is low making this holiday season the perfect time to sell your home in the Twin Cities metro area. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065