Prices are on the rise!

Fun article about the Twin Cities Real Estate Market!
http://www.bizjournals.com/twincities/news/2012/11/27/case-shiller-twin-cities-prices-up.html

It's back!

Just six months ago, I wrote about the glut of multiple offers I was seeing locally, and the shortening of market times--- this has continued right through the fall, and there’s no doubt: the real estate market is back on an upswing! Locally, market times are short, demand is high, and we’re now on the cusp of a Sellers’ Market.

 There are three fairly major factors coming into play here in the Twin Cities:

·         Inventory of homes for sale in the Twin Cities metro area is at the lowest it’s been since 2004, with nearly 30% fewer homes on the market today than this time last year.

·         Mortgage interest rates are currently hovering around 3.125% for a 30-year fixed loan. That’s the lowest on record since 1971.

·         Foreclosures in the Twin Cities are at their lowest level since 2008.

This means that we have buyers desperate to find a house to buy, but very few houses available on the market.  Houses are selling, and FAST.  My last ten listings have sold at an average of 28 days on market, and of my listings that have pended in the last month, the average has been only 11 days on market.

 

Now is truly THE TIME to sell. Normally, we see a slowdown from Thanksgiving through the new year, but I honestly don’t think we’ll see that this year.  Buyers are so desperate to find a great house that I think we’ll see a strong market clear through to the spring--- we just need the inventory and the seller confidence to do it.

If you’ve thought about selling in the last few years, but haven’t felt you had a strong enough profit margin to do so, or were worried about the slow market, I’d urge you to contact me for another market analysis.  As evidenced on the chart below, prices are starting to creep upward, and you might find that what you can sell your house for, combined with the interest rate on a new property, could make this worth doing now.

Show me the numbers. Below is a sample of actual market data (from the Minneapolis Association of Realtors, dated October 10, 2012) from a few of the communities where I do business.  As you can see, fewer houses are being listed, more houses are selling, market times are way down across the board, and prices are creeping upward.  (If your city isn’t listed below, shoot me an email or phone call and I can easily pull your local data.)

Area	# of new listings Year-To-Date (2011 vs. 2012)	# of closed sales YTD (2011 vs. 2012)	Average Sales Price (2011 vs. 2012)	Days on market until sale (2011 vs. 2012)
Minnetonka	-1.3%	+22.5%	+3.9%	-24.0%
St. Louis Park	-4.0%	+11.3%	+6.7%	-24.0%
Chanhassen	-8.7%	+21.3%	-7.2%	-22.1%
Eden Prairie	-1.4%	+22.0%	-0.6%	-21.2%
Mpls (Southwest)	-0.4%	+38.3%	+5.0%	-15.8%
Plymouth	-3.9%	+19.1%	+5.5%	-14.3%
Mpls (Calhoun-Isles)	-17.3%	+41.9%	+11.0%	-12.1%
Edina	+1.8%	+35.5%	-0.9%	-6.7%

So, what are the most "sellable" houses right now? Houses in nearly all price-points and all geographic areas are selling faster than ever, but there are a few types of properties that seem to be especially high in demand right now.  If you know someone who has a house that fits any of the below categories and they’re thinking about selling, please send me their contact information.  I’m always so very grateful for the support.

• Plymouth-area Ramblers: Particularly in the $250k-$350k price range
• Plymouth Two-Story homes: Particularly newer construction, priced $425k-$675k
• Minnetonka School District:  Any single family home or townhome in the $200k-$500k price range within the school district boundaries are in very short supply (and high demand)
• City of Minnetonka (any school district): Single family homes priced from $200k-$475k
• Minneapolis- Linden Hills/Calhoun; Single family homes ranging from $275k up to $700k are often selling in multiple offers right now
• Chanhassen: Two-story homes in the $300k-$500k range
• Eden Prairie Townhomes: Especially those priced under $200k
• Edina Ramblers: Priced under $450k
• Edina Two-Story homes: Priced $700k-$1.1M+
• Maple Grove Townhomes: Priced under $200k
• Maple Grove Single-Family homes: (Especially newer-built 2-stories) priced $450k-$650k
• St. Louis Park: Single family homes priced under $300k

 

Eden Prairie- STUNNING- $159,900

I'm so excited about this new one today--- this is an amazing, move-in ready condo (manor home) that's been completely updated.  I'm lucky to be able to sell this one for one of my favorite clients.....And for $159,900, this is a STEAL. Click the link below for details....
For Sale: 3BR/2BA Single Family House in Eden Prairie, MN, $159,900