Your Minneapolis Real Estate Report for February 2019
We’re still waiting on the outlook for the coming month in Minneapolis real estate news, but there’s no better time to look back on 2018 and think about what last year’s trends mean for the coming year.
As we’ve been saying for the past twelve months, the headliners of 2018 were record prices, small amounts of time spent on the market, and the record percent of list price received at selling. And that’s just for those looking to sell! If you wanted to buy in 2018, you found a low supply for most of the year with a sudden increase in December. Interest rates shifted, and affordability found itself under a sudden and extreme pressure. We evened out for the end of the year, but it’s still an aggravating market for both buyers and sellers. We’re expecting to see this trend of relief continue into 2019, but in real estate, as in life, the only constant is change.
In 2018, sellers listed 45,696 properties, down from 2017 by .3%. If you’re a buyer, maybe you purchased one of the 59,189 homes that sold in the fourth highest figure seen since 2014. Like we said earlier, homes spent, on average, 48 days on the market, with a median of 22 days, setting a new-record low. Sales on single-family homes decreased, overall, by 4.2%, condos rose 5.4%, and townhomes fell by 3.3% compared to this time last year. When it comes to previously-owned versus new construction, new construction still is outpacing existing homes despite an increase in price for labor and lumber that we saw earlier in the year.
So what does this mean for you and your dreams of buying or selling your home? Well! Properties are selling at a record pace. We haven’t seen them go so fast in the past twelve years. On median average, listings only hung out on the market for 22 days, less than a month. This is a 18.5% drop from 2017’s average of 48 days. These rates are continuing as we head into February. But don’t get too comfortable, motivated sellers. These kinds of market dynamics can’t sustain themselves indefinitely. Get moving, and give us a call at Helgeson Platzke Real Estate Group today.
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.