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Minneapolis housing markets improvements are noted nationally as CoreLogic's May MarketPulse Report shows how key location is to a home's value and home price appreciation.
The Minneapolis housing market is showing strong improvements as the number of distressed homes on the market declines at a slow and steady pace, adding to low housing inventory factors. The absorption of shadow inventory also is helping, while Minneapolis real estate buyers are eager to find more new home listings in the Twin Cities market.
Rising Residential Minneapolis Housing Market
Residential investment and rising home prices headlines are a buzz as many take the step to invest in the tangible goods of real estate. The Minneapolis Association of Realtors continues to show us how strong we are. Twin Cities home sellers are in command and meeting the strong buyer demand. Given the pace that homes are being snatched up, the influx of new homes for sale will need to be more than a short-term climb. Rising home prices, fewer days on market and more homes being sold all support a positive public opinion about real estate. The Minneapolis real estate market shows location influences residential investments.
Local Minneapolis Economy Dynamics Drive Residential Home Sales
Residential investment and rising home prices headlines are a buzz as many take the step to invest in the tangible goods of real estate and buy a home. CoreLogic's report on home buying trends notes that its occurrence varies and is highly contingent on the dynamics of the local economy, according to its latest MarketPulse Report. The Minneapolis real estate market stands out as a hot home sellers market, as one example of where housings real estate recovery is locally driven. New home sales in the Twin Cities have soared this Spring, seeing welcome life along with sunshine and strong optimism.
"The pace of home appreciation has been accelerating throughout 2012 and so far in 2013." ~ Mark Fleming, CoreLogic chief economist.
The Magnitude of Home Price Swings
U.S. home prices swings from each of the nine Census devisions include:
* Home prices in the West-South Central housing market, including Texas, and the East-South Central Division fared the best after real estate's bubble burst.
* West-South Central states fell only 9% from peak prices.
* The East-South Central Division, which includes Mississippi, fell 13% after reaching peak levels.
* The Mountain and Pacific Devisions were down 41 percent and 39 percent from their peaks, one taking 70 months before hitting bottom and the later 66 months.
* Eleven states had year-over-year growth, with nine of the eleven states attaining higher scores than the national average.
* Including distressed sales, the five states with the highest home price appreciation in March vs. March 2012 were Nevada, 22%; California, 17%; Arizona, 17%; Idaho, 15%; and Oregon, 14%, CoreLogic says.
* Prices were lower year over year in only four states: Delaware, down 3.7%; Alabama, down 3.1%; Illinois, which dropped 1.8%; and West Virginia, down 0.3%.
Twin Cities Home Prices at a 7 Year High
Twin Cities home prices in Q1 and Q2 of this year have been above the national average, demonstrating a pocket find remarkable local housing strength. The Minneapolis real estate market is drawing investors from national locations as well as oversees investors. Twin Cities home prices are at a 7 year high finishing April and beginning the month of May.
Location Influences Residential Investment
"Residential investment is not occurring evenly throughout the United States but is concentrated in geographies that are either recovering from the boom-bust cycle, or exhibiting strong economic fundamentals and strengthening demographic demand," detailed Sam Khater and Mark Fleming with CoreLogic in the report.
What sets the Minneapolis Real Estate market Apart
The differences across housing markets are very important because new home sales have much higher economic multipliers and local impact relative to existing home sales. New home sales add to the economy’s capital stock and every new sale requires that acquisition and development of land, purchase of goods and materials, and utilization of labor inputs.
* The sale of every new home requires the equivalent of five full-time jobs for 12 months.
* Construction accounts for nearly 10 percent of purchases in the manufacturing and retail industries.
The Minneapolis real estate market is showings strong and sustained housing improvements, encouraging many to sell now and join other move-up buyers. We welcome the opportunity to be your guide. Call 612-396-7832 and we'll help you enjoy the benefits of our market improvements first-hand
Jenna Thuening, a a Minneapolis residential Realtor keeps readers up to date on Minneapolis housing market improvements within the Minneapolis real estate market.
Eden Prairie MN 55344
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