Twin Cities Market Check In
We hope you had a very happy 4th of July! We also hope that you continue to celebrate through the rest of this weekend, it looks like it's going to be a perfect one for some fun in the sun!
Now that we are through the 4th, we are officially half way through 2018 - trust us, we can't believe it either. This halfway point, however, is a great time to check in on the market and see what the Twin Cities overall is looking like as we head into the 2nd half of the year.
Below, we have gathered some information that is provided by Northstar MLS. This is the Multiple Listing Service that is used in the Twin Cities metro area. The system collects monthly data on home sales, prices, inventory, etc. to help Realtors gather what is happening in the market.
We want to keep you informed on the market! Here are some of the key findings we found on the reports for June of 2018 in comparison to a year ago at the same time:
Homes For Sale
June 2017: 12,452
June 2018: 10,497
Median Original List Price
June 2017: $260,000
June 2018: $279,800
Median Price per Square Foot
June 2017: $127
June 2018: $137
Months inventory
June 2017: 2.5 months
June 2018: 2.1 months
* It's something to note here that in June of 2016, months supply was a 3 months.
Median Sale Price
June 2017: $238,000
June 2018: $255,000
So what is all of this information really saying? If you are looking to sell, it may still be a fantastic time to do so. If you are looking to buy, it also may still be a great time to buy as real estate is a fantastic investment to build equity.
Please keep in mind that these numbers reflect the Twin Cities region as a whole. Each city, neighborhood, etc. can be different.
It is also important to keep in mind that the market can change really at any minute. While this information pertains to the market as of last month, this next month could show all areas going in another direction.
If you are interested to see what some of these categories are reflected in your own neighborhood, or what your own home would be worth, please reach out to our team directly. We would happy to do a FREE market analysis on your home.
Are you located somewhere other than the Twin Cities and need an agent to help you find out this information about your own neighborhood? Please still reach out to us! We have a network of agents all around the country that we can refer you to that will help address your questions, and can help prepare you for the real estate market!