·
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
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