National Real Estate Updates
Existing-Home Sales Eased up in August Due to High Home Prices and Low Inventory
- WASHINGTON (September 22, 2016) — Existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate.
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 before interest rates rise in December as noted by Elliott Eisenberg. 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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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.
