National Real Estate Updates
Existing-Home Sales Rise in April for Second Straight Month
WASHINGTON (May 20, 2016) — Despite ongoing inventory shortages and faster price growth, existing-home sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors®. A surge in sales in the Midwest and a decent increase in the Northeast offset smaller declines in the South and West.
Twin Cities Real Estate Update
Twin Cities Home Prices
As you can see from the graph below, we have seen steady listing price increases on home prices in the Twin Cities and don’t expect things to slow down this summer. If you are considering buying a home you can still find deals on a house in Twin Cities but having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Twin Cities home on which you are making an offer.
Twin Cities Real Estate Report Summary
- The median list price in May for single family homes in Twin Cities is $255,000. The list prices increased by +2% from the previous month.
- The price per square foot for listings in this area is $125.
- Homes are selling on average for 100% of the current list price.
- The average days on the market in this area is 24.
- 6,181 SOLD in May, up +5.5% from the previous month.
- The Months Supply (Inventory of homes for sale) is 2.7. In a balanced market, months supply average 3.5. This is a SELLERS MARKET
Local Home Prices
55038 (Hugo, Centerville and Lino Lakes) See Map
- The median list price in May for single family homes in 55038 is $299,900. The list prices increased by 3.4% from the previous month.
- The price per square foot for listings in this area is $125.
- Homes are selling on average for 99.7% of the current list price.
- The average days on the market in this area is 22.
- 43 home SOLD in May in 55038, down 6.5% from the previous month.
- The Months Supply (Inventory of homes for sale) is 3.5. In a balanced market, months supply average 3.5. This is a BALANCED MARKET
55110 (White Bear Lake, Gem Lake, Birchwood Village) See Map
- The median list price in May for single family homes in 55110 (White Bear Lake, Gem Lake, Birchwood Village) is $259,900. The list prices increased by +13% from the previous month.
- The price per square foot for listings in this area is $130.
- Homes are selling on average for 100.2% of the current list price.
- The average days on the market in this area is 22.
- 64 home SOLD in May in 55110, up 3.2% from the previous month.
- The Months Supply (Inventory of homes for sale) is 2.3. In a balanced market, months supply average 3.5. This is a SELLERS MARKET
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Real estate market data for the Twin Cities, Hugo, Centerville, Lino Lakes, White Bear Lake, Gem Lake, and Birchwood Village, MN provided by Sarah Marrinan of Keller Williams Premier Realty North Suburban
