If you’re someone who’s been worried about inventory issues in Minneapolis and even throughout the Twin Cities area as a whole, you’ll be delighted to hear that approximately 465 permits were pulled during the month of October, which equates to over 100 more compared to this same time last year.
Unless you’ve been living under a rock the past 12 to 18 months, chances are you already know buyer demand has been strong throughout the duration of 2016, and even months prior to this year. Single-family homes are selling faster than ever, and because of the tightened inventory, home prices all over the Twin Cities have also been on the rise.
According to recently released stats from the Builders Association of the Twin Cities, October wasn’t the only strong month we’ve seen regarding new home permits recently, as September also saw a 24% spike compared to the number of permits pulled in September of 2015.
Industry experts are also attributing the strong demand for single-family homes in Minneapolis-St. Paul to a low unemployment rate and low interest rates that have hovered around historically low levels for years now. Also noted by the BATC is that homes are being purchased at a lightning fast pace right now, with the average number of days on market down to just 55, which is the second-fastest rate of sale since early 2007 just before the recession hit.