MN Housing Market Recap December 2022

Despite all the headlines in the news, the West Market is very strong!

Wayzata school district, Orono school district, Minnetonka school district and the city of Maple Grove

 

ALL Increased Ave. Sales Price (Orono was down by 0.2% to small to count)

ALL Increased Sq. ft $$$

ALL did have an increase of Inventory BUT look at these numbers 100 homes for sale in these cities, there used to be 300!

 

Big Points to view:

Maple Grove hits ave sales price of $400K

We have such low low inventory

Days on Market in Dec. still 13-17 days

Percent of Sales price to List price still 100%

 

DON'T Believe all the negative news out there! This is not true in our area, Our sales show it.

Coldwell Banker is #1 in these areas, we know real estate We are the leader in all of Hennepin Cty, MN. https://www.hennepin.us/residents

 

#local #value #trusted #community #sellmn #buymn #plan #lovemn #vprealestate (Info sparks compares Dec. 21 to 22)

 

As far as the Twin Cities market as a whole:

During the last 12 months, the Twin Cities Region has had 56,730 closed sales. The average market time was 30 days and the average sale price was up to $419,462. Although a few of these data points are down, it’s important to compare our current scenario to previous years. Our current market looks very good by historical standards. 

 

From Mpls area Realtors, here is the activity report for week ending Dec. 24

Weekly Market Activity Report for Week Ending December 24January 3, 2023 Tags: Market DataWeekly Market Activity Reports

Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.

In the Twin Cities region, for the week ending December 24:

• New Listings decreased 5.6% to 303
• Pending Sales decreased 20.8% to 449
• Inventory increased 18.8% to 6,881

For the month of November:

• Median Sales Price increased 4.1% to $354,000
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

for all other news visit https://www.mplsrealtor.com/news/