National Real Estate Updates 2016
Existing-Home Sales Forge Ahead in November
- WASHINGTON (December 21, 2016) — A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, says it's been an outstanding three-month stretch for the housing market as 2016 nears the finish line. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," he said. "Furthermore, it's no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month. - Regional Breakdown: In the Midwest, existing-home sales decreased 2.2 percent to an annual rate of 1.33 million in November, but are still 18.8 percent above a year ago. The median price in the Midwest was $180,300, up 6.5 percent from a year ago.
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. We expect seasonal slowdown over the winter but still anticipate many motivated buyers and sellers making their moves with anticipation of rising interest rates.
Twin Cities Real Estate Report Summary
- The median sale price in November for single family homes in Twin Cities is $231,325. The sale prices increased by +5.2%.
- The price per square foot for listings in this area is $125.
- Homes are selling on average for 99.9% of the current list price.
- The average days on the market in this area is 33.
- 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 sale price in November for single family homes in 55038 is $261,000. The sale prices increased by +12.0%.
- 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 33.
- 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 $230,000. The sale prices increased by +10.0%.
- The price per square foot for listings in this area is $130.
- Homes are selling on average for 99.5% of the current list price.
- The average days on the market in this area is 29.
- 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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This real estate market data for the Twin Cities area and for the Hugo, Centerville, Lino Lakes, White Bear Lake, Gem Lake, and Birchwood Village local markets provided by Sarah Marrinan of Keller Williams Premier Realty North Suburban and Call Sarah First, Inc. WRITTEN PERMISSION REQUIRED TO QUOTE ANY PART OF THIS INFORMATION ON THE WEB OR OTHER MEDIA. The link to this page may be shared without written permission through social media channels.
