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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…

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…

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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Written by VIBE Owner/Broker Steve Anderson

It's that time again, and yes, we're going to be discussing another month of record breaking numbers. But could the tides be shifting a bit at the same time? Let's take a look.

We left off last month wondering how the warm weather brought on by the late spring/early summer, combined with COVID restrictions being lifted, was going to affect the real Twin Cities real estate market. Would Minnesotans head north and let their home buying desires take a back seat to some fun in the sun? We may not know if that truly happened until we see next month's numbers because it takes a while for these sales to actually close, but specifically looking at June, it was as aggressive as ever.

Let's start with Total Units Sold.…

Hello again, and welcome to another market recap brought to you by VIBE Realty. If this is your first time reading our recap, then stay tuned as we dive into the ever so changing numbers of the Twin Cities real estate market. If you are returning from last month or have been following along with us in the past, then welcome back!

You see, spring is typically a very busy season in our market. The snow has melted, the school season is wrapping up, and for those looking to buy or sell real estate, there's a tendency to want to get it done before summer for multiple reasons. With the last year having as many ups and downs as it did, we've been watching closely to try and determine whether or not that would be the case this year, as things return to normal…

Written by VIBE Owner/Broker Steve Anderson

This month's theme: Broken Records

Last month we left off talking about the importance of the spring market this year, and how it will set the tone for the selling season. Well here we are, smack in the middle of the spring 2021 market, and what are the numbers saying? Let's take a look!

We're going to start with some of the less drastic changes that we saw over April. Months Supply of Inventory, which is basically real estate's slug percentage, stayed below one month for the fifth month in a row, but did tick up to .9 this time. New Listings to hit the market also went up by a decent margin to just over 7,100, but that was sort of to be expected given the time of year. Still not enough to put a dent…

Written by VIBE Owner/Broker Steve Anderson

Things are heating up! As we enter the spring season, we look closely at the numbers because we need to know if there will ever be an end in sight to this crazy, imbalanced market. If you're out looking at houses, you likely know just how intense the multiple offer situations have been. Will it even out anytime soon? Let's see what March can tell us on the subject.

Diving right in, we'll look at the Average Sales Price, and wow...we are now approaching almost $400k for the average - that's right - the average sales price in the Twin Cities. The official number is $382k. Just to give you an idea of how important that is, last year at this exact same time, the average sale price was $297k, and THAT was the…

We left off last month pleading for warmer weather, and it appears mother nature finally had the volume turned up, because we are getting it! In the first week of March, we have three days, yes THREE, that look to be in the fifties, with one of those days hovering around the sixty degree mark (checks pulse). While we'll have to wait until next month's recap to see how the warm weather plays into the spring real estate market, the numbers for February are hot off the press, so let's dive in shall we?

We're going to start with the tamest differences that we can compare to last month's numbers. First off, Days on Market. This went down, again, but only by one day. While that's not a drastic change from January, it is a full 50% lower than where it was…

New beginnings...

The first month of 2021 is officially in the books! After riding the err...bumpy rollercoaster of last year's market, we look to January's numbers to see what the new data is telling us about how the spring may shape out. There's a reason for the term molasses in January, and if you live in Minnesota, you're probably already aware that it's almost always the coldest month on record here. Turns out, that has an effect on the real estate market as well, because historically, it's a pretty slow month for home sales. Weather-wise, however, this January was pretty tame. Yes - there's a polar vortex coming, but it's February now! All that said, let's look at the numbers to see what they can tell us. New listings went…

A year like no other...seriously.

We have done our best to bring you accurate and timely market information throughout 2020. As this crazy year comes to a close, we wrap up the past data and look forward to the changes ahead. It will be extremely important to keep up with the market over the spring of 2021, as we are hoping to see a bit more balance in the real estate world. Now, let's recap December and see how things turned out.

For new listings last month, it should come as no surprise that we went a bit down from November, and landed not far off from where we were last year at this time - 2,820 to be exact, which is only a few hundred above 2019. That category alone, however, does not showcase the amount of demand still present, because as we…