Your Minneapolis Real Estate Report for January 2019
Happy New Year, Minneapolis! You’ve made it through the holiday season and have turned your sights on 2019 and all the exciting opportunities waiting for you in this brand-new year. You know how the saying goes—new year, new you! Maybe while you were making a list of resolutions and goals for the coming year, you find yourself looking around your current house and decide that it’s high time for an upgrade. We at Helgeson Platzke are here to help you make the most informed decision that you can this January when it comes to buying or selling your home.
Good news for those looking to buy! For the past few months—really, since last April—we have been expecting to see a jump in available inventory. It has finally arrived, and just in time for the new year. It has been a solid few years of high demand to buy and weak supply available, leading to a competitive and oftentimes cut-throat market for those looking to buy a new home in our Twin Cities region. The tables are turning now: in the last four months, seller activity has sped up, leading to a higher supply. We’re finally seeing the scales start to balance. With more properties available, buyers may find some relief as they search out the home that’s right for them.
However, good news to buyers may sound like a rougher time to enter the market as a seller.Never fear—inventory, though experiencing an increase, remains tight. Homes are still selling in less and less time with each passing month, and prices are continuing to land on the higher end of the spectrum. Sellers still hold the lion’s share of negotiating power.
In other Minneapolis Real Estate News:
As I said earlier, active listings have increased since this time last year—actually, buyers haven’t seen gains such as these in three and a half years. Overall, the market remains tight but is beginning to rebalance and return to it’s normal parameters. Though supply is becoming more plentiful, there is still a lack that can be seen most clearly in entry-level prices, where we often see some of the fiercest competition for homes even in a best-case-scenario market.Upper brackets, where there is generally less competition to begin with, is seeing the highest percentage of rise in supply. Even so, and even if inventory were to double in size, we would still only have enough supply for five months. Homes are currently staying on the market around 52 days, a 7.1 percent fall from this time last year.
At Helgeson Platzke 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.