Twin Cities December Market Update

Dated: 12/06/2019

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Twin Cities December Market Update

Welcome to the December Twin Cities Market Update! The following is information pulled from the MLS (Multiple Listing Service) statistics program; Infosparks. This is information directly from the MLS and can be narrowed to a specific community. If you’re looking for your city, please reach out and I will send you a custom market report free of charge. Be sure to also check out the video version of this and other local markets on my YouTube Page HERE.

 

The Twin Cities are now in the full winter/holiday season swing. Inventory is begging to decline which is creating a demand for buyers across the metro. The average price of a home in the Twin Cities is up again from $313,963 to $314,956. That shows the market is still improving and prices are climbing despite the wintery weather we’ve been experiencing.

 

On the flip side, the number of new listings and current inventory of housing on the market is down from October. Homes are still selling in an average of 44 days across the market with the number of closed sales down by a whopping 13 homes. It will be interesting to see if this trend continues next month.

 

What does this mean for the Twin Cities market going forward? It means the demand for homes is still strong and now may be a great time to list your home despite the holiday season rapidly approaching. There is less competition now, prices are still climbing, and the level of inventory would favor a seller today.

 

Buyers may also find this a great time purchase as interest rates are still at record lows. For every 1% the interest rate goes up, buyers lose 10% of their purchasing power. There’s still deals to be had and the saving could add up long term.  

 

I always say that townhomes and condos are a more favorable choice for listing year-round due to the fact they’re usually owned by single people or couples without children. Single family homes are typically owned by those with a family which may place constraints on when they can move. This may be the first full month that contradicts that though with the data pointing to a growing demand in inventory which is driving prices higher. We will have to see if December’s trend supports that theory when the data is released in January.

 

If you’re thinking of selling or looking to move, please reach out for your personal valuation report. This is always free/no obligation but will tell you how your local market is performing and what your home could sell for. Thank you for taking the time to read this, be sure to check out the YouTube Channel above, and please reach out with any questions!

 

Joe

 

 

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Joseph Perriello

Joe Perriello Certified Condo Specialist Certified Luxury Condo Specialist Certified Planned Community Specialist My name is Joseph Perriello and I have been a resident of the Twin Cities since 1999....

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