It’s August, Minneapolis! And this summer is a doozy with record setting high temperatures. But the weather isn’t the only thing heating up—the housing market is ready to boil in our beautiful Twin Cities region. As you soak up those last rays of sun before September starts up, don’t lose sight of your goals of homeownership during these dog days of summer! We’ve got your August Real Estate report ready to go:
Across the country, the economy is seeing a large expansion. This means that while listings may be down in the Twin Cities by 3.1 percent, prices are continuing to rise. The Median Sales Price rose 7.2 percent, hitting $290,000 in the Minneapolis area. So, what does this mean for you? Well, to start, I am expecting the economic expansion to slow in the coming months. All the same, inventory is remaining steady. This has tipped the market in favor of sellers—with less supply available, competition will heat up for buyers, and sellers can expect to receive asking price.
By the numbers:
Compared to this time last year, the amount of new listings dropped from 8,748 properties to 8,473 properties. Pending sales dropped 2.9 percent when compared to 2018, falling from 6,492 properties to 6,305 properties. Closed sales saw the biggest percentage drop at 8.2 percent—6,60 sales compared to 2018’s 7,192 and 2017’s 7,687. However, some of this is impacted by the end of summer. We typically see a drop this time of the year. The amount of time that properties spend on the market have broken even compared to this time last year at 40 days.
That’s right! Within 40 days, you could be among those Minneapolis citizens who have sold their home. You can be in your new property in time to carve those pumpkins and pick up candy for the trick-or-treaters. But don’t delay! The only constant is change, and this dynamic market may not last.
Contact us today!
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’sesteemed 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 year, 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.