H OUSING N EWS R EPORT
April 2016
STATE SPOTLIGHT Minneapolis-St. Paul Rebounds, But Uneven ly
By Octavio Nuiry, Managing Editor
coming back again.”
Low inventory. Rising prices. Bidding wars. Frustrated buyers.
O’Neill said the lack of inventory is slowly pushing up sales prices. But he said the recovery is uneven, with some areas seeing fast appreciation, while others languishing. “Many areas of the Twin Cities prices are not back to 2005 levels,” said O’Neill, a top producing broker whose team of agents sold 1,426 homes last year, generating $323 million in sales. Low inventory remains the biggest barrier to the Twin Cities housing market, according to O’Neill and other experts.
These are the hallmarks of the current housing market in the Twin Cities of Minneapolis and St. Paul. In the Twin Cities sales are climbing, prices are rising, but inventory is scarce, experts claim. Ryan O’Neill, broker associate of RE/MAX Advantage Plus in Bloomington, Minnesota, said an improving economy, a lower jobless rate and rising equity have propelled the Twin Cities housing market from a buyer’s market to a seller’s market. “Currently in 2016, inventory is a big issue in most price ranges in the Twin Cities,” said O’Neill, who manages a team of 100 agents known locally as the Minnesota Real Estate Team. “Because inventory is tight, we are seeing multiple offers
Competing for Dwindling Supply
A shortage of listings in Twin Cities has sellers in control. At
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