July 2012 MN Real Estate Update

July 2, 2012

2012 has made out to be a warmer than usual spring market in Minneapolis Real Estate which may have been the reason that homebuyers have started shopping sooner rather than later. The numbers released in July show us that there may be fewer buyers looking over the summer compared to the previous months. The warmer spring market has caused a lot of buyers to come out of the woodwork and purchase.

With Homebuyer activity trending flat in the recent months this may lead to fewer buyers looking at homes. In the past and recent months we have heard about multiple offers on homes during the spring market. Will this is still holding to be somewhat true this spring with houses on the MN MLS, we are seeing that activity is leveling off and may be declining over the next few months. With fewer buyers the multiple offers MN sellers have seen may change as a result. For home sellers that are looking to capitalize on favorable market conditions right now is the time to act before homebuyer activity in Minneapolis and the surrounding cities drop.

There is some good news for sellers though. The local home prices in MN are trending upwards. Specifically St Louis Park Real Estate, Minneapolis Real Estate, and Edina Real Estate. Within Minneapolis, we are seeing home prices level out and moving upwards in Linden hills, Lake Calhoun and Lake Nokomis. Within St Louis Park we are seeing prices increase in the Browndale Neighborhood and Minikahda Vista Neighborhood. These prices are going up as pending home sales have been rising quickly as well. Closed Sales follow pending sales with a 30-60 day lag. This means that closed home sales in these areas will see an increase in the next couple months.

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