November Twin Cities Market Update

Dated: 11/07/2019

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Twin Cities November Monthly Market Update

 

Welcome to the November 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.

 

We have continually seen the average price of homes across the cities increase and October was no different. The average price of a home in the Twin Cities was $313,956. That is from $299,541 a year ago! Price per square foot sits at an average of $156 across the metro.

 

The current inventory of homes for sale is up from October last year and sits at 8,062. Pending sales (homes with an accepted offer and no contingencies) are up but closed sales are down.

 

What does this mean as a homeowner? I believe we will continue to see a strong winter market for sellers and buyers. Interest rates are remaining low and that gives buyers a lot of options. November should see similar statistics as October, and I expect prices will climb again.

 

Winter may be a great time to sell if you’re looking to sell a condo, townhome, or smaller single-family property. These types of properties generally attract buyers who may not have children who have school conflicts which would prevent a move. I still have buyers looking for specific properties in the condo market and there is zero inventory where they’re looking.

 

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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