Minneapolis A Great Place To Live: Rated Fifth Best Nationally Indicating Minneapolis Is Considered A Great Place To Live By Investors According to the HDI findings, Minneapolis, MN – St. Paul, MN – Bloomington, is expected to see a 2.3% quarterly increase, a 16.3% year-to-year increase, a 19.0% increase in the saturation of REO homes, and an overall one year forecast of 7.3% growth.
The Home Data Index™ (HDI) Clear Capital Market Report, with data through December 2012, was released January 9th. Using a broad array of public and proprietary data sources, the HDI Market Report publishes the most granular home data and analysis earlier than nearly any other index provider in the industry.
Minneapolis Housing Market Is A Target For Investors
Clear Capital predicts "2013 gains will be measured against a higher price floor after a full year of recovery. Some buyer segments get priced out of recovering markets. As those buyers search for opportunities, housing markets with improving local economies and low price points, like Minneapolis, could become the new targets for investors". Home Destination agrees, for the serious investor, there are still plenty of great Minneapolis housing deals to be found when looking for decent returns, and pent up home buyer demand is on the verge of materializing.
Minneapolis Home Price Index - Timely & Granular
The Clear Capital HDI Market Report provides insights into market trends and other leading indices for the real estate market at the national and local levels. A critical difference in the value of the HDI Market Report is the capability of Clear Capital to provide more timely and granular reporting than other home price index providers. Home Destination finds Clear Capital's report of value along-side other traditional housing metrics. It provides weighted repeat sales and price-per-square-foot index models that use multiple sale types of top home buyer interest: single-family homes, multi-family homes, and condominiums.
"Minneapolis and St Paul were one of 2012's best preforming major housing markets. The Twin Cities is a great place to live, work, and enjoy the wealth of shops, parks, lakes, art centers, and top of the line entertainment." ~ Jenna Thuening, owner of Home Destination
Top Points In Clear Capital's 2013 Housing Predictions:
Clear Capital's Housing Data Index confirms the strong upward housing indicators put out monthly by the Minneapolis Association of Area Realtors. Home Destination has been closing a record number of home sales and anticipates a continue homes of value for buyers in 2013.
Mild quarterly gains likely reflect some pause from buyers who tend to put purchase plans off over the holiday and winter season.
The Midwest saw quarterly gains of 0.6%, with December trends relaxing slightly over November.
Midwest's recovery is forecasted to unfold into 2013, with expected yearly gains of 2.3%.
This time last year, the Midwest saw prices fall by 3.0%. Current home prices have notably improved with December prices rising 3.0% year-over-year, just 0.1 percentage point higher than in November.
Through 2013, national home prices are forecasted to grow by 2.1%.
Summary Of What To Expect In 2013
All told, 2012 ended strong and 2013 is poised for a continued recovery. The national housing market has continued to grow at a healthy pace, and chances of a robust recovery are slim in 2013, in part because we have less ground to make up. "While prices are still off their peaks by 37.6%, they are now more aligned with historical average rates of growth. While a larger economic setback could easily change the course for the worse, current rates of growth signal the market is slowly calibrating itself to pre-bubble rates and prices," concludes Clear Capital.
Minneapolis Home Prices Rallied Higher
Highlights in the MINNEAPOLIS AREA ASSOCIATION OF REALTORS® Monthly Indicators for December 2012
New Listings in the Twin Cities housing market decreased 15.5 percent to 2,853.
Pending Home Sales were up 6.7 percent to 2,962.
Inventory levels shrank 31.8 percent to 11,875
The Median Home Sales Price increased 16.0 percent to $168,202.
Days on Market Before selling was down 23.4 percent to 108 days.
Absorption rates improved as Months Supply of Inventory was down 42.0 percent to 2.9 months.
Outside Investors Buy Up Twin Cities Properties
A jump in Twin Cities commercial real estate sales to foreign investors in 2012 signals that Minneapolis is not only a great place to live; it is a great place to work.
Some Minneapolis area residents may be surprised to learn the sums of investor sales in the Q2 of 2012: "The Twin Cities reeled in $384 million in cross-border commercial real estate investments. That amount put it in the top 10 of the nation's cities, No. 8 to be exact, sliding in ahead of Boston and Phoenix, both of which are larger," according to a 8.7.2012 MinnPost article titled Foreign investors are flocking to Minneapolis commercial properties.
Download the Clear Capital Housing Market and Minneapolis Housing Market Predictions Report
Download the Minneapolis Fact Sheet on Why Minneapolis is a Great Place to Live
Download the Minneapolis Association of Area Realtors Monthly Indicators for Dec 2011
Download the Minneapolis Association of Area Realtors Monthly Indicators for December 2012
Home Destination, a Minneapolis Certified Distressed Property Expert and professional Realtor with RE/MAX Results, guides perspective home buyers and sellers in the Minneapolis housing market and St Paul area real estate decisions. We are passionate about helping Twin City homeowners from their dream home destination. Call 612-396-7832 and ask for Jenna Thuening.
Jenna Thuening, a Residential Realtor helps buyers find homes in Minneapolis: a great place to live
Eden Prairie MN 55334
Jenna's home page: homedestination.com
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