Minnesota Community News and Information
Quality Minnesota Real Estate Community News and Information. Local real estate news, information and listings for Minnesota real estate, authored by Minnesota realtor Patty Plourde and edited by RISMedia.Minneapolis Real Estate Market Improving
The number of homes for sale in the Twin Cities as of today is less than, the homes for sale at this point last year. We are seeing sign’s of recovery in the Minneapolis Real Estate market.
Another Mpls Real Estate market recovery indicator is the Housing affordability index (HAI) . In the Twin Cities, the affordability index is 155%. This is the highest level affordability in 2 years.
Combine the market recovery indicators with the low interest rates, you now have the best time to BUY a home in Minneapolis in years. It’s rare to have interest rates and housing prices low at the same time. These unique buying windows don’t last long, and it happens once every 12-18 years.
The Minneapolis Association of Realtors comments in the activity report:
This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.
This week’s edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67.
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Click here to access the report: Minneapolis Real Estate Activity Report
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About Local Editor
Patty Plourde is a Minnesota Real Estate Agent. Patty is the owner of the Minneapolis/St. Paul based Exit Realty Imagine office. Patty has been helping clients with their home ownership dreams for over 20 years and is an active member in the community. Her local Minneapolis St. Paul community social media community site at MNcommunityNews.com has entertainment, local business links, news, and local real estate MLS listings
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