twin cities housing market blog posts
October’s Real Estate Round-Up
Here in the Twin Cities area, growth has been strong and steady for a long while. The regional real estate market is no exception. Demand remains high for homes in the Minneapolis region and its array of desirable suburbs, too. Let’s take an opportunity to check in on the progress of the local market, and consider what buyers and sellers need to know moving deeper in the fall season.
Suburbs Rule the Real Estate Game in the Minneapolis Area
As we dive into the fall season, let’s take a moment to assess our real estate position moving towards the end of 2017. According to recent reports from the Minneapolis Area Association of Realtors, first and second ring suburbs of the Twin Cities region are enjoying exceptional sales and growth. Jobs are strong in these areas and neighborhoods within these communities have become highly sought after. Areas like Eden Prairie stand out from the pack for their proximity to the burgeoning Twin Cities region, along with an excellent stock of housing and local amenities.
Summarizing the Summer: Real Estate News in the greater Twin Cities Market
Summer is flying by, and with autumn soon on the horizon, now is the perfect window to examine how June and July fared in the greater Twin Cities metro market. From our location in Eden Prairie to the heart of downtown Minneapolis, the Twin Cities region is booming these days, and the market shows it. According to the Minneapolis Area Association of Realtors, the Twin Cities posted record-high numbers in buyer activity in June 2017. Compared to this time last year, closed sales jumped 2.2%, amounting to 7,430 units closed in June. Pending sales posted a more modest, but meaningful gain at .2%. Though the market has been struggling to keep up with red hot demand, buyers are undeterred as momentum hasn’t slowed here in the Minneapolis region.
Checking in on the Market: Minneapolis Real Estate News
Here in the Twin Cities area, steady growth has been driving a hot market. During the summer months, buying and selling a home near Eden Prairie or the surrounding suburbs of Minneapolis is made easy by the Summer Selling Season—the time of year where the real estate business enjoys a seasonal boom that benefits buyers and sellers alike.
Saying Goodbye to Spring: How is the Minneapolis-area Market Faring in 2017?
Summer is nearly in
full bloom, and so begins the market’s busiest season. The month of June is the
perfect halfway point to take stock of how real estate is faring in the
Minneapolis and Eden Prairie areas, as well as on the national level.
What Winter’s Housing Market Activity Tells Us for Spring
With the spring and summer buying and selling seasons ahead, now is the time to consider this winter’s progress in the housing market. According to the Minneapolis Area Association of Realtors, the months following the new year can be described as both "healthy and balanced,” a positive characterization of months that typically tend to have their fair share of the winter doldrums. Instead, early 2017 was growth in the areas new listings and pending sales, with a 3.1 percent and 4.3 increase, respectively, from this time last year.
What the Experts Are Saying About 2017’s Housing Market
Fed Rates Remain Unchanged in September, and Twin Cities Region Shows Permit Spike
Eden Prairie Takes #2 Spot on Money Magazine’s “Best Places to Live in the U.S.” ListEden Prairie nabbed the enviable number two spot! It’s an honor for a national publication to highlight what Twin Cities area residents and our very own hometown folk have known for a long time: Eden Prairie is one of the country’s most desirable homeownership destinations.
Money Magazine bases its rankings on a few key factors. First, they gather data on towns that range in population from 50,000 to 300,000. Then, they measure and assess a host of categories, including: job opportunities and employment rates, ease of living, diversity, sustainability efforts, and a variety of other overarching factors, as well. While this isn’t the first time Eden Prairie has graced Money Magazine’s coveted list, it’s now enjoying near-top honors for its quality of life, economic fortitude, and leading displays of eco-friendly choices. In fact, Eden Prairie recently pioneered a new development, Eden Gardens, that puts eco-friendly moves at the forefront with its use of solar panels, reclaimed building materials, energy efficient heating and cooling, low-water or no-water landscaping, and communal gardening plots.
On top of Eden Prairie’s sustainable development choices, economic prosperity is another defining factor in Money Magazine’s pick. In addition to Eden Prairie’s extraordinarily low unemployment rate—just 3.6%--numerous robust businesses make their headquarters here, including Optum, C.H. Robinson, Starkey, and Supervalu. While the local population is just 62,000 there are some 57,000 jobs rooted right here in town. Also bright on the economic front: Moody’s has given Eden Prairie a consistent AAA rating, as a result of its low debt and diversified tax base.
If the rock solid economy and thoughtful sustainability efforts aren’t enough to convince you, Money Magazine also highlighted Eden Prairie’ scenic offerings, which include: 200 miles of sidewalks and trails, 37 parks, 17 lakes, and 95% of hometown respondents who rate their town as good or excellent—what amounts to markedly high honors.
It’s always encouraging to have your town nationally recognized for what you know to be true: that our hometown is a special place to live. So, if you’re looking to buy a home in the Twin Cities region, why not take a look at Eden Prairie? Perfectly situated to take advantage of all that the Minneapolis region has to offer, Eden Prairie can’t be beat when it comes to myriad factors that make a home worth having.
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 in 2016, 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.
4 Twin Cities Real Estate Trends Shaping 2016 So Far
Will Brexit Results Affect the Twin Cities Real Estate Market?
News of the U.K.’s decision to leave the European Union shocked the world at the end of June, sending the value of the British Pound plummeting to devastating lows. While controversy is still roiling across the pond, how will the U.K’s landmark referendum results affect the United States’ economy and real estate market—if at all?
For starters, the National Association of Realtors recently reported that the U.K.’s exit from the EU could result in a significant real estate boost in the U.S. The National Association of Realtors’ Chief Economist, Lawrence Yun, commented on this potential development, saying, "Demand for U.S. real estate could rise,” as a result of U.K. based investors fleeing for higher ground, so to speak. With United Kingdom currency rates diving southward, the United States’ burgeoning real estate market may beckon European developers, translating to possible gains for the American market.
Likewise, other real estate pundits have submitted their own two cents, including Greg McBride—Chief Financial Analyst at Bankrate.com—who predicts that Brexit results could cause U.S. mortgage rates to dive even lower: "Mortgage rates will tumble, possibly hitting new record lows. If you’re a borrower,” McBridge encourages, "don’t wait to lock in your rate, as this opportunity may not last long.”
While the United Kingdom’s exit from the European Union may bolster a domestic real estate market that’s already on the upswing, how will it affect the Twin Cities real estate market specifically? Of course, there are no guarantees that U.K. economic unrest will directly translate to gains in the local market, however it is worth noting that the Minneapolis—St. Paul region has enjoyed unprecedented demand and growth in the past few years. So, for investors abroad staking their claim in stable U.S. markets, the Twin Cities region may seem like an attractive locale in which to invest, buy, or set up shop.
Likewise, those looking to buy or sell in the Minneapolis and Eden Prairie areas this summer could reap the added benefit of near-historic lows in home mortgage financing interest rates. All in all, the Brexit results are certainly uncharted territory for the EU, but here in the U.S. we may see some unexpected economic benefits. Because the Minneapolis area’s real estate market is already on a steady up-and-up, the added positive influx may push stats to record-breaking levels. Just as Bankrate.com’s Chief Financial Analyst advised: don’t wait to lock in your rate!
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.
May Sees All-Time High for Twin Cities Home Sales
According to a recent report from Twin Cities Business, May was a landmark month for home sales in the Minneapolis-St. Paul region. As demand for Twin Cities real estate continues to skyrocket, home sellers topped the highest May sales rate ever recorded. Calculated by the Minneapolis Area Association of Realtors (MAAR), this impressive milestone underscores a steady and ongoing upward trend in the Twin Cities’ housing market.
Furthermore, the month of May brought plenty more good news for Minneapolis area home buyers and sellers, as it marked the eighteenth consecutive month where home purchases surpassed last year’s rates. In May, the Twin Cities region enjoyed a 5.3% increase in home sales compared to this time last year, along with a near 6% increase in the median home sale price, as well. Cotty Lowry, president-elect of the Minneapolis Area Association of Realtors, explained these significant boosts, saying, "Interest rates and job growth are fueling demand in our market.”
So, what do these encouraging developments mean for home buyers and seller in the Eden Prairie and Twin Cities areas? For starters, it is clearer than ever that the local real estate market is enjoying unprecedented growth, which translates to an exceptional opportunity for those eyeing the housing market this summer. Whether you are interested in buying or selling in the Eden Prairie or the greater Minneapolis area, there’s good news for both parties.
For homebuyers: mortgage interest rates are hovering at historic lows. While the Fed has held off on raising rates, and reports indicate that rates will remain unchanged for the immediate future—now is a rare and secure window in which to take advantage of near all-time low interest rates. For home sellers: enthusiastic demand and a lean inventory have driven up median home sale prices to just below 2006’s record. This means that you can sell your home with confidence, then wisely re-invest in a housing market that shows no signs of slowing down any time soon.
All in all, May demonstrated itself as an undoubtedly historic month for the Twin Cities real estate market, proving that there’s no time like the present when it comes to staking your claim in the Minneapolis area’s housing scene.
At Helgeson Platzke Real Estate Group, we offer the very best in Eden Prairie Real Estate. Since 1995, we’ve earned 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 the season’s extraordinary market.
Home Prices In The Twin Cities Holding Strong
As we welcome in 2016 many experts are predicting that we will continue to see growth in the housing market in the Twin Cities area and across the nation. We can expect to see a steady increase in home prices as they inch towards the numbers we last saw pre-recession.
Mortgage Rates Across The Country Continue To Drop
For the third straight-week the average long-term mortgage rate across the country has dropped. Now is time the time to buy a home in the Twin Cities, or refinance your current mortgage loan, as many experts are predicting that the Federal Reserve will increase interest rates this month.
Mortgage Rates Across The Nation Decrease
The average mortgage rate in the Twin Cities and across the nation decreased slightly last week, this comes after levels have already been low.
2015 Home Sales and Listings shows Significant Improvement for Eden Prairie (through July)
In the City of Eden Prairie the July 2015 housing trends illustrates some interesting results statistically for home owners and potential buyers. It seems the market is still a seller’s market with a limited amount of inventory from the 10 year norm but the market is equaling out benefiting the potential home buyer. After viewing these statistics it would seem it's the right time to buy a home in Eden Prairie. Read more details now...
New Home Buyers Hit The Twin Cities Market As Rent Prices IncreaseThe recent housing affordability analysis by Zillow showed that the price of renting in the Twin Cities metro area is reaching historically unaffordable levels
Rental Prices Jump 4.3 Percent; Twin Cities Housing More AffordableRental home prices jumped in the Twin Cities and across the nation in the month of June.
Twin Cities Mortgage Rates FallGood news for those looking to buy a home in the Twin Cities. The long-term average mortgage rate in the U.S. fell last week.
Homes Sales in the Twin Cities Rose in MayThe number of home sales in the Twin Cities metro region outpaced the number of new homes listings in May.
Home Sales Surged in April in the Twin CitiesApril was another great month for the housing market in the Twin Cities.
Housing Market in the Twin Cities in March the Best in a Decade
The Twin Cities housing market was hot last month. In fact, it was the strongest March we have seen in a decade. Buyers were given more options when it came to available homes on the market, and mortgage interest rates continued to remain low.
Twin Cities Housing Market on Track for SpringThe housing market in the Twin Cities is continuing to recover with February housing numbers rising. Even through a cold and snowy winter home sales rose by 1.3 percent last month, the largest gain since October 2013.
Home sales in the Twin Cities off to a strong startby Jim Buchta
Home buyers in the Twin Cities got a jump on spring last month.
During January, there was an unseasonable increase in signed purchase agreements, suggesting that moderate temps and unexpected declines in mortgage rates roused buyers from their normal midwinter slumber.