Your Minneapolis Real Estate Report for November 2018
It’s only the start of November, but we’re already forming our battle plans for Thanksgiving at the end of the month. Green bean casseroles, stuffing, and of course, figuring out how early to set that alarm to make sure that the turkey is roasted and ready to be eaten in time for dinner! As you gather your family and cook your feast, you might look around your current housing situation and realize you’re ready for an upgrade in time for Christmas.
Good news for those looking to buy in the Twin Cities region: after years of too much demand and too little supply, the market is finally reaching something closer to a balance. A strong flood of available properties has begun to appear on the market. This will give buyers some much welcomed relief in the dog-eat-dog competition that we’ve been seeing. However, it is still recommended that buyers move quickly when they find the property that is right for them. More and more people are moving to our lovely area every day, and change is the only real constant in real estate. Though there is more supply now, it’s unclear how long that will continue.
Sellers, this may seem like bad news for you. But don’t be discouraged! With more supply, the only real ramification for you is that you may have to do a little more legwork in selling your property. Make sure that your home is well-staged, well-advertised, and easy for buyers to picture themselves living in. Sellers are still earning an average of 98.4% of their original list price, and 99.7% of their current list price. You can still get what your home is worth without compromising your asking price too badly. Currently, even if inventory levels doubled, we would still run through our current supply within five months.
In other news: Sellers listed 6,857 properties this month, showing a 5.9% increase. Meanwhile, buyers only closed on 5,087 homes, a 5.8% decrease from this time last year. The cumulative days spent on the market declined to 42 days, a drop of 16%, keeping a median of 24 days. New construction still rules the market with sales increasing by 11.5% compared to previously-owned properties, which saw a decrease in sales of 5.9%.
If you’re wanting to be in your new home-sweet-home by the holidays, or you would like to sell your current property to stack-up some funds for stocking stuffers, give us a call today! Our agents are standing by and ready to take your call. We have the knowledge, know-how, and experience necessary to assess your current standing and find the right deal for you and your family this November.
At HelgesonPatzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning 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 this season’s extraordinary market.