The Minneapolis housing market is said to be flooded with very eager buyers who are impatient to purchase their next house.
According to Market Watch, "Show me the houses!" is a very common plea that real estate professionals have been hearing from interested buyers of houses in Twin Cities. Minneapolis has seen the highest figure for Twin Cities housing property sales during summer since 2005. And with the year-to-year trend going upwards, Minneapolis housing market is becoming a perfect place for agents to thrive.
Accorind to Market Watch, pending home sales has reportedly risen by 12.3 percent since last September and are pegged at 17.3 percent year to date. In addition, last October's median sale price has risen by 8 percent from the same period last year to $220,000. Lastly, the average cost per square foot is higher by 6.3 percent while average days on the market is relatively the same. Therefore properties were still selling faster even if the prices have gone higher.
On the other hand, with this growth comes one challenge. The listing of new homes might not be able to keep up with number of home buyers. It has been reported that listing inventory has also risen by 5.6 percent but the pending sales activity outmatches the listings in Minneapolis. Pending sales is said to have increased by 17.3 percent in a period of 12 months.
In another news, a new development might help increase listings to accommodate the home buyers. According to Star Tribune, developers and city planners have been organizing a plan to convert Portland Ave. in downtown Minneapolis into a "residential corridor" with both new and existing housing improvements. The said report specifies a "full-block revamp by Kraus-Anderson, which plans offices, a hotel, brewery and 17-story tower with more than 300 apartments at the corner of 8th Street and Portland." This will hopefully accommodate families who want to live in these areas.
On the other hand, real estate agents in Minneapolis may finally be able to relax as the seasonal lows are expected to kick in with the change in weather.