Everyone loves to ask me about the current Minneapolis real estate market. What is the monthly skinny?
Statistically, the tax credit definitely increased the sales numbers in April. Sales volume was up, average prices are up, and list to sale ratios were up. All good things.
Personally what I have have seen recently is the market is still very localized. Homes south of the river in cities such as Shakopee, Savage, Burnsville, Lakeville, Eagan, and others in the $200,000 dollar and below are selling within days, and often times over asking price. Multiple offers and a crazy market!
On the other end, we saw listings in Plymouth around the $250,000 dollar price point actually declining since the first of the year. Same thing in Chaska in the $300-400 range. Very few sales there, and prices coming down still. Only the creme of the market is selling as buyers are very choosy.
Here is a great video with Minneapolis real estate statistics, published monthly by the Minnesota Association of Realtors that is becoming quite popular!
With the Federal tax credit recently expiring, everyone is also wondering how things will be going forward. I think there were many buyers pulled forward. Buyers that would probably have bought this year, but did so in April to beat the tax credit deadline. On the other hand, in talking to people at various open houses, I got the sense that many people weren’t going to purchase just for the credit, and will be still looking for just the right home. I was encouraged to have good open house traffic in recent weeks. At least it doesn’t feel like things will completely drop off.
Rates are still at history low levels, home affordability numbers are good and the economy is showing glimpses of improvement as well! Time will tell, check back in a month or two and see what is happening in Minnesota real estate!
View all Minneapolis MN Houses for sale at this link. You can explore virtually all Minneapolis MN houses on listed on the MN MLS!
