Your Minneapolis Real Estate Report for December 2018
Happy Holidays, Minneapolis! As the snow begins to fall, the lights are strung in all the windows, and you get that tree decorated just so, it can be easy to lose sight of your goals of homeownership during all the festivities. So if youíd like to hang up your stockings in front of a brand new hearth this year, donít let the season pass you by.
First, a word of caution for those looking to buy or sell this holiday season. Itís easy to get swept up in the doom-and-gloom of national reporting. But remember, all real estate happens on a local scale. What does this mean? Just because cities such as Denver, Seattle, Los Angeles, or San Francisco are experiencing significant hardships in their markets doesnít mean that Minneapolis is as well. Yes, supply remains tight this holiday season, but weíre also seeing it level out for the first time in some months. After years of living in a buyersí market, the tides have started to turn as we see a strong seller turnout in recent months. This could mean that properties will spend less time on the market, sellers will see a higher sales price, and competition will shift.
This does mean that buyers should proceed, as always, with a certain amount of caution. Within supply, there is still a lack of properties available for the more budget-conscious purchaser. But stick with itóthereís a home out there for anyone and everyone willing to look. Stick with it, donít be discouraged, and eventually you will find the home thatís right for you and your family.
In other news: Sellers listed 6,011 properties in October, which is a 9.2 percent increase from last year. Buyers closed on 5,235 homes, a smaller increase but still respectable at 3.4 percent when compared to last year. Inventory, as we mentioned earlier, has flattened and stabilized for the time being at 2.4 months. The median sales price of homes rose 8.6 percent from last year, setting a new record for the month of September. New construction still rules the market, but previously-owned homes sales rose 3.7 percent.
Donít lose track of your dreams of buying or selling your home amidst the wrapping paper, cookie tins, and mistletoe. Our agents are standing by to help you evaluate your standing with a free consultation. We have the experience, know-how, and holiday spirit to get you in the home thatís perfect for you and your family to ring in the New Year.
At HelgesonPatzke Real Estate Group, we are proud to be a member of Eden Prairieís esteemed small business community. Since 1995, weíve offered the very best in Twin Cities real estate, earning our communityís 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 youíre 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 seasonís extraordinary market.