Twin City Market Conditions
This page is updated monthly to give you an indication of the overall Twin City market conditions. Statistics include the entire Regional MLS Listings.
We've just ended a 4 year market dynamic that allowed for an unsustainable seller's advantage. Inventories were low, homes sold quickly, and the market was tipped toward the sellers. The rebound could have been a swing in the opposite direction, but the Twin Cities market is very stable. We are moving into a stable, moderate market which is best for both buyers and sellers. Appreciation rates will tend to stabilize in 2006 and 2007 to about 4%. It continues to be a great time to buy and sell real estate.
While sellers continue to list fewer homes, it continues to be a buyers market. New listings on the market for the month were behind the same time last year by 11.4 percent, while newly signed purchase agreements (pending sales) fell by 26.3 percent for the same time period. With slow sales comes decreased inventory absorption; the number of homes for sale is 9.9 percent higher than at this time in 2006. There are currently 10.47 homes on the market for every buyer—a new October record. Following the key interest rate cut from the U.S. Federal Reserve, rates dropped slightly from last month to 6.7 percent. With home prices declining moderately, further rate declines would improve affordability.
- Number of Active Listings: 34,443
- This is up 10.9% from last year
- Average Days-On-Market is up 25% from 2006
- Homes are averaging 92% of Initial List Price
- The market is considered balanced when there is about a 5-month supply of homes available for purchase (Market Absorption Rate).
- Supply-Demand Ratio: 10.32
- Twin Cities 2007 Expected Appreciation Rate: 2%
Months of Supply for Homes in Specific Price Ranges:
- < $120,000: 9.7 months
- $120,000-150,000: 10.1 months
- $150,000-200,000: 8.5 months
- $200,000-250,000: 8.5 months
- $250,000-350,000: 9.9 months
- $350,000-500,000: 11.9 months
- $500,000-1,000,000: 14.9 months
- > $1,000,000: 22.8 months
- All Ranges Average: 10 months
Thinking of Moving to Minnesota?
- MN Has the Highest Home Ownership in the US
- The Home Ownership Rate in MN is 77%
- MN is 2nd in the US with the number of High School Gradutates
- MN has the lowest level of poverty in the US
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Our Office Statistics
When you me, you immediately get 400 agents in our office working on your behalf. Re/Max is unique in the industry regarding agent cooperation. That is why "Nobody Sells More Homes than Re/Max!" In addition to the top local office, we have over 5000 offices with 140,000 agents in 47 countries.
Our Twin Cities Re/Max Results Office has been one of the TOP 3 Offices Nationwide for the last 5 years. This is not just Re/Max offices. We have been #1, 2 or 3 in ALL offices in ALL agencies in the country!! We work together to get the job done and our statistics PROVE it.
In the past year, Re/Max Results recored 5316 Seller Listings. We captured nearly 20% of our own listings in closed dual agency transactions! Add that to a Comprehensive Marketing Plan that is the best in the Midwest, and you have the very best combination working to sell your home. In addition, over 650 Realtors across the country have utilized Jim's real estate products and technology to help sell their own client's homes!
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