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Found 25 blog entries about Market Updates.

 

It just sort of feels like everything's a bit extreme right now, doesn't it? Well, the Twin Cities real estate market is certainly no different. And though things have seemed a bit imbalanced since the beginning of COVID-19, the paragraphs below describe some of the most extreme numbers we've ever seen when it comes to monthly market stats, over two years since the pandemic started. Let's take a look.

We're going to have to get this elephant out of the room right away, because this elephant never skipped breakfast there's nowhere to stand while it's in here. That elephant would be the Average Home Sale Price for the month of April, which came in at a whopping $430k! That is almost a $23k jump just from last month, and is roughly $16k higher than…

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We Minnesotan’s all know that feeling of that first summer breeze that hits your face and lets you know that warmer days lie ahead. Isn't it great? Well summer is back, just look outside. What's that you say? All you see is mud and sleet? Oh my, you didn't think I was talking about the weather, did you? Oh gosh no, I'm talking about the real estate market of course, because we're back to summer-like numbers, and more extreme "temps'' than we've ever seen. Let's take a look!

When you look at the average Days on Market for homes in the Twin Cities, you can see it's been climbing steadily since last July. Normally a sign that things would be balancing out a bit in the market, Realtors welcomed longer selling times with open arms. Now, just take a look at…

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Well, hello again. Back for more, I see? That's good, because I have more riveting real estate market info for you as we break down what February was like here in the Twin Cities. When we left off last month, we were desperately looking toward spring to bring us some welcome balance in this very unique market. So is spring here yet? Err...kind of...I guess...not really...hopefully soon? Let's just take a look.

The biggest helper would have likely been a big increase to the overall housing inventory, but I am a bit bummed to report that we didn't see a big boost. Total Units Available landed at 4,106. While that number is up a bit from January, it's still over 1,200 less than where we were a year ago. New Listing inventory was actually closer to last…

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And we're off! 

New year, new Twin Cities real estate market. Last year brought us so many highs and lows. 2022, can we count on you to chill out a bit and help us keep our sanity? Speaking of chill, that's definitely been the theme so far with an eight year January low of 10.4 degrees. Is the market frozen, too? Or just heating up? Let's take a look.

Let's start off on a positive note. The New Listing inventory was trending downward at a scary rate, but we saw January kick up sharply to 3,366 homes hitting the market - way up from December. Last year, we also faced some large obstacles with how low the Average Days on Market got (less than a week at times), but that has now gone up by two days for seven consecutive months, landing at 20. Finally,…

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Written by VIBE Owner/Broker Steve Anderson

That's a wrap!

Just when we thought maybe we'd kick off a more traditional new year - BAM! Omicron has essentially taken a hold of the Twin Cities, and many of us find ourselves reliving some of the practices of past quarantines, isolations, canceled events, etc...as I write this, even our household is all COVID-positive (we're doing okay), and part of us it feels like this will never end. However, news from parts of the world that are ahead of us does seem encouraging. At least for now.

So how did 2021 leave us in regards to the housing market? We left off acknowledging the roller coaster of a year it had been, but ever so curious of what the 12th and final month of the year would tell us. Let's take a…

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Written by VIBE Owner/Broker Steve Anderson Well, here we are at the end of another crazy year in real estate. 2021 has been like riding a roller coaster where the safety harness is just a little too loose, and while it wasn't the worst ride we've ever been on, we're still ready to get off this thing. So, how did it shake out with the numbers? Some went as expected, but there's a surprise twist at the end, so stay tuned.  What didn't surprise us? Well, the sale prices. They didn't change much - in fact, they hardly changed at all. The Average Sales Price came down less that two thousand dollars to $392k, which is the same as it was in September. And the Median Sales Price dipped to $338k, again, only down about two thousand…
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In general, inventory has been low and prices have increased since the summer of 2020. So, after a very interesting September where we saw many important metrics take a dip, we were anxiously awaiting the results for October's recap to see which direction we were going. Read on to see what the beginning of winter can tell us about how this crazy year will wrap up. 

Let's start by talking price point. The Average Home Price in the Twin Cities had gone up every month in 2021, reaching the highest we've ever seen on record at just over $413k. That is until September, where it tumbled by almost twenty thousand dollars, leaving us wondering if that was the new direction we were heading or just an outlier. Well, Octobers Average Sale Price turned around and…
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Oh the times, they are a changin'

We won't lie, it has been a bit challenging to predict the real estate swings throughout this year. An interesting mix of increasing values across the board, combined with the Minnesota seasonal trends have left us always wondering how the next month is going to turn out. September was no different, and perhaps a bit telling of how the rest of the year will turn out. Shall we dig in?

Most notably, let's start with sale prices. Now, we've known that the increases in average and median price points were unsustainable, but what we didn't know is how fast they would take a dip. Last month, the Average Sale Price went down by its largest margin for the whole year, dropping by over $22k, and landing at $391k - wowza. The Median…

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Goodbye Summer

September always seems to be filled with mixed emotions. On one hand, it's still warm out and there's plenty of fun outdoor things to do that keep us happy - such as stuffing our faces at the Great Minnesota Get-Together. On the other hand, we all know cooler days are on the horizon, so we button up our flannel, head to the apple orchard, and sprinkle extra cinnamon on that pumpkin spiced latte. 

But what about the local real estate market? How does that react to the change in season? Does it care if it's cold or warm out? Or whether it needs to think about finally getting snow tires this year to get up that absurdly steep driveway? Or is it remotely possible that real estate shifts are more based on large societal trends such as the…

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Written by VIBE Owner/Broker Steven Anderson

A New Direction?

We've been eagerly awaiting the results that July would bring us for our Monthly Market Recap. With the constant upslope of the market since spring, we need to find out if the upward trends will continue, or if we will start to see some data that shows them leveling out. Well they're in, and they're interesting, so let's take a look.

We like to look at the Total Units Sold as our initial indicator of the action. This has been climbing consistently since January, but for the first time since then has begun to trend downward. It was approaching 7,000 last month, and has now fallen to below 6,000. This is a pretty large dip, but is actually still above the number we saw for most of spring.



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