North and East Suburban Twin Cities Real Estate Update - October 2016
Twin Cities Home Prices
As you can see from the graph below, we have seen a leveling off on home prices in the Twin Cities in most areas. We expect seasonal slowdown over the winter but still anticipate many motivated buyers and sellers making their moves before interest rates rise in December (as anticipated by Elliott Eisenberg and posted in my September update).
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.
October 17th, 2016 Twin Cities Real Estate Report Summary
- The median list price in September for single family homes in Twin Cities was $250,000 and the median sale price was $230,000.
- The price per square foot for listings in this area was $122 (September was $116 in 2015).
- Homes sold on average for 99.1% of the current list price.
- The average days on the market in this area was 34.
- YTD through September 58,684 SOLD homes, up +5.2% from the previous year.
- The Months Supply (Inventory of homes for sale) is 2.8 which is down 22.2% over 2015. In a balanced market, months supply average 3.5. This is a SELLERS MARKET
Local Home Prices
55038 (Hugo, Centerville and Lino Lakes) See 55038 Map
- The median list price in September for single family homes in 55038 was $295,500. The list prices increased by 5.6% from the previous year.
- The price per square foot for listings in this area is $122.
- Homes are selling on average for 99% of the current list price.
- The average days on the market in this area is 33.
- YTD 528 homes have SOLD in 55038, up 23% over the previous year.
- September pending NEW CONSTRUCTION sales are up 88.6% over 2015
- The Months Supply (Inventory of homes for sale) is 2.9. In a balanced market, months supply average 3.5. This is a SELLER'S MARKET
55110 (White Bear Lake, Gem Lake, Birchwood Village) See 55110 Map
- The median list price in September for single family homes in 55110 was $249,500. The list prices increased by 9.9% from the previous year.
- The price per square foot for listings in this area is $125.
- Homes are selling on average for 99.2% of the current list price.
- The average days on the market in this area is 29.
- YTD 613 homes have SOLD in 55110, down 1% over the previous year.
- September pending NEW CONSTRUCTION sales are up 50% over 2015
- The Months Supply (Inventory of homes for sale) is 2.5. In a balanced market, months supply average 3.5. This is a SELLER'S MARKET
55014 (Circle Pines, Lino Lakes, and Centerville) See 55014 Map
- The median list price in September for single family homes in 55014 was $229,900. The list prices increased by 2.2% from the previous year.
- The price per square foot for listings in this area is $119.
- Homes are selling on average for 99.7% of the current list price.
- The average days on the market in this area is 24.
- YTD 466 homes have SOLD in 55014, up 11.2% over the previous year.
- September pending NEW CONSTRUCTION sales are down 2.7% over 2015
- The Months Supply (Inventory of homes for sale) is 2.3. In a balanced market, months supply average 3.5. This is a SELLER'S MARKET
NEW CONSTRUCTION MEDIAN PRICE COMPARISON
Need an update for a different area? Want a HYPER LOCAL report for your neighborhood and price range? Call me directly for your free customized report or sign up for my exclusive Market Snapshot program.
Find Homes for Sale in the Twin Cities
Visit my website to search for homes in the Twin Cities or to be notified when twin cities homes come on the market.
To find out what you home is worth in the current market email me or call.
Let’s Connect Socially:
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.
