The spring homebuying season is well under way and the low inventory of available homes is creating hot seller’s markets in many Twin Cities metro region suburbs. Here in Minneapolis we’re sitting on only a 2.5 month inventory of homes so multiple offers on homes in decent condition and located in desirable neighborhoods are getting multiple offers.
The News for Minneapolis Home Buyers
We wish we had better news for you but if you were timing the market, trying to get in when prices were at rock bottom, you missed it. Prices are still on the rise in Minneapolis and, as mentioned above, sellers are in the driver’s seat in many instances.
Inventories are down in all of Minneapolis’ neighborhoods. What this means for you, if you’re just now getting into the market, is that you need to go in prepared to do battle with other home buyers. Check out these tips about how to compete in the market and win.
Although prices in the Camden neighborhood saw the heftiest hike this month, it still remains the neighborhood with the lowest median sales price. If you are a first-time homebuyer you may want to start your search for a Minneapolis home there.
Great News for Minneapolis Home Sellers
If you’re thinking of selling your Minneapolis home, get into the market now. April’s median sales price was $214,950, and, while that’s up 8.8 percent over this time last year, it’s down slightly from last month’s $218,500. We expect further increases as we move into summer.
Many of your neighbors have decided that it’s a great time to sell a Minneapolis home as the number of homes listed increased more than 10 percent over this time last year.
When we break the market down into neighborhoods we see that prices rose in all but two: University and Central. Let’s take a look at the neighborhoods with the biggest price jumps:
- Camden – Last month Camden homeowners saw their median sales price increase 35.5 percent over last year. This month prices increased again, almost 40 percent over last year to $125,000.
- Phillips – With a hefty jump in home prices last month to a smaller but still attractive hike this month, April was good to Phillips homeowners. The median sales price now sits at $161,250.
- Calhoun-Isle – the median home price increased just over 14 percent from last year to $320,000.
Although University neighborhood sales prices fell nearly 12 percent from last year, sellers received a whopping 107 percent of their original asking price ― a true sign of multiple offer situations at work. Last month’s median sales price here was $198,500.
Homes in the Phillips neighborhood, despite the rise in prices, sold for 104.4 percent of their original list price.