The Twin Cities Area’s Spring Success Story
This year, spring has certainly earned its reputation as the growing season, as home buyers and sellers in the Twin Cities region have enjoyed record breaking gains in the area’s housing market. According to recent data from the Minneapolis Area Association of Realtors, pending purchase activity is on the rise for the seventeenth month in a row, an encouraging indicator that the Minneapolis region’s housing market is going strong and steady.
Expanding upon that impressive increase, the median sales price for homes is up by 7.7%, at $231,500. Off the charts demand for houses, as well as a shrinking inventory, are the likely explanations for such a dramatic percentage increase. Following suit, median list prices in the Twin Cities area continue their upward trend, handily bypassing the previous record.
What’s truly astounding is the amount of above-list-price offers that Eden Prairie and Minneapolis area home sellers have been getting. In fact, those selling homes in March and April were just as likely to get above-list-price offers as they were to receive below-list-price offers. In most cases this spring, properly priced homes received full list price offers right off the bat, an inspiring vote of confidence that the local housing market is ripe for sellers and buyers alike.
Judy Shields, President of the Minneapolis Area Association of Realtors (MAAR) echoed that sentiment, saying, "Every price range, area and segment is still unique. It’s more important now than ever to properly price your home. This means buyers—particularly those in multiple offers—should be ready to make full price offers on the properties that best fit their needs.”
As for the positive gains in purchases and sales pricing, MAAR President Shields recognized the Minneapolis area’s housing market spring success story. "This is an important milestone that speaks to the health of our market,” she confirmed.
With summer just around the corner, the local housing market’s promise is likely to hold fast, as mortgage rates persist at historic lows, while the Minneapolis/St. Paul region enjoys its status as one of the leading metro areas with the lowest unemployment rate. In other words, a bountiful spring in Eden Prairie has set the perfect stage for a prosperous housing market this summer.
At Helgeson Platzke Real Estate Group, we offer the very best in Eden Prairie Real Estate. Since 1995, we’ve earned our community’s trust as the #1 sales team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of the season’s extraordinary market.