Your Minneapolis Real Estate Report for March 2019
Top o’the mornin’ to you, Twin Cities! March is here and St. Patrick’s Day is on the way, which means that spring is in our hearts and minds—even if the snow drifts, late blizzards, and polar vortexes haven’t gotten the message yet! If you’re anything like me, you’ve gotten your spring cleaning mission well underway.But maybe this winter got the best of you, and you’re going a little stir crazy in your current housing situation and are looking for a start as fresh as the leaves that are due to bloom in the not-so-distant future. Here’s a glimpse of the dynamic housing market in the Minneapolis region:
Whether you’re looking to buy or sell in our wonderful Twin Cities region, now is a great time to get moving. So far this year, more sellers have entered the market and more buyers entered contracts than this time in 2018. Good things are coming on the horizon, no matter your goal. The trends from January continue on as properties spend less time on the market and the median sold home prices continue to rise.Buyers may soon get a breath of fresh air, however, as the market improves in their favor with an increase in active listings compared to this time last year. However, sellers are still holding onto the lion’s share of the negotiating power, and while supply is increasing, things are still tight at the entry-level prices where multiple offers drive up the final price.
In other news: This month, sellers listed 4,359 properties, marking a whopping 7.8% increase from January. Buyers closed on 2,681 homes, a 4.6% decreased compared to last year. This is what has led to the higher supply available in some markets. The median sales price hit a record high for this time of the year, rising 6.1% to land at $258,900. The number of days listings spend on the market fell 5.8% to a sixty-five day average.While this may feel like a higher number than you’re used to seeing, remember that fewer buyers are active during the winter months.
So break out those brooms and dust away those cobwebs, Minneapolis! Time to get your house scrubbed down and glowing in time for the spring time boom. Not sure where to get started? Contact us today! We’ll get you off to a strong start this beautiful (if still snowy!) March.
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.