“The weather is brisk and chilly in Minnesota and the real estate market is in the slow season. But we will be thawing out over the next couple of months and the market will be heating up.
Our local Realtor associations will release the 2018 market statistics tomorrow and answer media questions about future projections. Twin Cities median prices will be up a strong 7.7% to an all time high of $265,000, but sales will be down somewhat from a near record year in 2017. Sellers have had their way with fast market times and sale prices at and sometimes above asking prices.
The most significant news is an uptick in the number of homes for sale. After a long ten year decline it appears that we’ve hit the bottom of the cycle and inventory may finally be on the rise. This will lead to a more balanced market and the strong upward price pressure will eventually start to fizzle out.
Housing inventories don’t rise quickly though and we can expect current conditions to last a couple years before we truly see a balanced market. When the cycle turns, don’t expect a crash like we had ten years ago. Conditions are different now. We don’t have a huge build up of inventory and we don’t have the sub-prime mortgages that caused the problems last time.
As always, individual neighborhoods, price ranges and property types are sub markets that can act differently than the larger market. And of course, significant outside economic influences can have a strong impact. This where we come in, as Realtors to assist you in making wise decisions on what is perhaps your most important investment.”
Realtor at EXIT Realty Metro
2018 REALTOR® of the Year award by the Minneapolis Area Association of REALTORS® (MAAR)
EXIT Realty Metro proudly serves the entire Minneapolis area, including St. Paul, St. Anthony, Golden Valley, Maple Grove, and Eden Prairie. Visit their website to find a list of available properties, or give them a call at (612) 238-1099 to schedule an appointment with a professional real estate agent.