We continue to have family, friends, and past clients reach out to our team and ask, “What’s the state of the current Twin Cities real estate market?” We thought this would be the perfect place to discuss the stats, numbers, and what our team is seeing now that we are in the first part of summer 2020! I am sure that we can all agree that it’s already been quite a year so far. Despite COVID-19 shutting down the country (and world) for a while, real estate in Minnesota was deemed an essential service and our team has a duty to help our clients achieve their goals. We can proudly say that this year we have already helped 300+ and counting clients buy and sell their homes, reconfirming that the Twin Cities real estate market is still strong and wasn’t really affected all that much.
New listings and pending homes across the Twin Cities did have a significant decrease during the stay-at-home order but quickly rebounded. As of June this year showings have surpassed 2019 figures and todays buyers are eager to purchase homes. New listings that hit the market vary by week and we continue to see a huge lack of inventory especially within single-family homes priced between $300,000-$500,000. Our absorption rate, or how quickly homes come on and off the market, is currently under two months. Given that six months is a balanced market, we are in an extreme seller’s market. Now would be a great time to list your home for sale and take advantage of the lack of inventory and strong buyer demand!
Our team wants to continue to be your trusted real estate experts when it comes to buying and selling, and if you are looking to get the process started or are curious about how much your home could be worth reach out to us. We would be more than happy to connect with you and discuss our Smart Homebuying Strategy or Worry-Free Listing Process. We know that each persons goals and timeline are going to look different but we can guarantee we have a proven process and system when you are ready that will help you reach your real estate goals!
