April 2016 H OUSING N EWS R EPORT
the peak of the housing market in 2007, more than 34,000 properties were listed for sale in the metro area; today, less than 11,000 active listings are available as of February, down 22 percent from the 12,936 active listings in January, according to Minneapolis Area Association of Realtors. New listings aren’t keeping pace with buyer demand, creating fierce completion in many Twin City neighborhoods as buyers try to outbid each other for a dwindling supply. The median home sales price in the Twin Cities area was $210,000 in March, a 5.7 percent increase from 12 months ago, according to RealtyTrac data. Prices reached new highs in several markets, including Edina, St. Louis Park, Plymouth, Hopkins, Uptown and southwestern Minneapolis, according to the Minneapolis Area Sales and Prices Up, But Inventory Down
Association of Realtors (MAAR).
“This spring is shaping up to be everything that spring markets should be,” said Mike Hoffman, president of MAAR. “The fact that we’re seeing large gains in buyer and seller activity mostly driven by traditional properties bodes quite well for consumer confidence at a critical time.” Bruce McAlpin, broker at Edina Realty in Monticello, Minnesota, is bullish about Minneapolis-St. Paul real estate market because of the robust economy, housing affordability and strong demand for housing. “Our market is pretty solid,” said McAlpin, whose team closed on 118 transactions last year, generating $22 million in sales. “I’m very optimistic about our market. Our only issue is lack of inventory. Our first-tier suburbs are extremely hot. First-tier suburbs like
Ryan O’Neill Broker Associate
RE/MAX Advantage Plus Bloomington, Minnesota “ Inventory is a big issue in most price ranges in the Twin Cities. Because inventory is tight, we are seeing multiple offers coming back again. ”
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Minneapolis, Minnesota
WHAT: 5-bedroom home HOW MUCH: $499,900
WHAT: 5-bedroom home HOW MUCH: $829,000
WHAT: 5-bedroom home HOW MUCH: $749,900
Back on market. Beautifully updated 5-bedroom, 5-bathroom home, with 3-car heated garage, custom built 4,500 square foot home is spotless from top to bottom. Enjoy the end of the cul-de- sac with a wooded private backyard of .7 acres. Agent: Ryan O’Neill, RE/MAX Advantage Plus, (952) 200-9821, www. MnRealEstateTeam.com.
Spectacular Fulton two story with the finest details and amenities. This 5-bedroom, 4-bathroom home features a gourmet kitchen, custom cabinetry, coffered ceilings, main floor office, crown molding, Jack-n-Jill bath, spa master bath and second floor laundry. Agent: Ryan O’Neill, RE/MAX Advantage Plus, (952) 200- 9821, www.MnRealEstateTeam.com.
Builders own country retreat. Beautiful custom American Prairie Style home nestled on premium 4.1 acreage parcel. Enjoy a private backyard with mature trees and an inviting 20x40 heated in- ground pool. Agent: Ryan O’Neill, RE/ MAX Advantage Plus, (952) 200-9821, www.MnRealEstateTeam.com.
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