“Buyer and Seller Activity Surged in February”

AFTER THREE FULL YEARS OF PRICE GAINS, RECOVERY SHOWS RENEWED VIGOR

By Aubray Erhardt on Thursday, March 12th, 2015 (http://www.mplsrealtor.com/blog/after-three-full-years-of-price-gains-recovery-shows-renewed-vigor/)Real Estate Housing Trends in Twin Cities UP

The Twin Cities housing market showed refreshed signs of strength last month, partly in anticipation of what looks to be a promising spring market as well as favorable interest rates. Buyer and seller activity surged in February. New listings increased 23.2 percent to 5,690 during the month, the largest year-over-year increase since July 2013. Pending sales—or a count of the number of signed purchase agreements—increased 21.8 percent to 3,834, the largest year-over-year increase since October 2012. With only two months in the books, already buyers and sellers have shown more activity than they did for any one month of 2014. Inventory levels were still lower, down 2.0 percent to 12,700 homes, but that trend is unlikely to continue.

The median sales price rose 10.4 percent to $202,000, the strongest gain since last February. This increase officially marks 36 consecutive months or three full years of year-over-year median price gains. Price per square foot—which adjusts for the square footage of homes selling—rose 6.6 percent to $120. Absorption rates remained flat at 3.0 months, and still technically favor sellers. That said, today’s market environment is slightly less competitive than in 2013. Days on market rose 7.1 percent to 106 days.

The market share of foreclosures and short sales continued to shrink on both the supply and demand side. Traditional new listings rose a substantial 33.8 percent, while foreclosure and short sale new listings each fell between 25 and 30 percent. Traditional pending sales rose a massive 41.5 percent, while foreclosure and short sale pendings each fell between 32 and 36 percent. This dynamic has partly enabled three consecutive years of rising prices.

“If February is any indication, this spring is shaping up to be everything that spring markets should be,” said Mike Hoffman, President of the Minneapolis Area Association of REALTORS® (MAAR). “The fact that we’re seeing large gains in buyer and seller activity mostly driven by traditional properties bodes quite well for consumer confidence at a critical time.”

The finance environment remains enormously attractive. Mortgage rates continue to hover between 3.5 and 4.0 percent. The long-term average is roughly 7.0 percent. This appealing affordability picture can potentially offset recent home price increases and also encourages renters to consider homeownership. The Twin Cities housing affordability index of 210 has actually increased 2.4 percent from last February.

A highly diverse and robust economy has served the Twin Cities housing market well throughout various cycles. According to the Bureau of Labor Statistics, the Twin Cities has the lowest unemployment rate of any major metro in the nation at 3.3 percent. Recently, national private job creation has accelerated toward 300,000 jobs per month.

“Even though every area and market segment is unique, what we’re seeing in the numbers is definitely reflected out in the community,” said Judy Shields, MAAR President-Elect. “After being cooped up all winter, people are eager to get out there and find their dream home.”

  1. Photo of 4 Catbird Circle, North Oaks, MN 55127 (MLS # 4899755)
    6 beds, 7 baths
    Home size: 11,190 sq ft
    Lot size: 2.37 ac
    Year built: 2010
    Listed with Lakes Sotheby’s International Realty

    Broker reciprocity icon

  2. Photo of 828 Summit Avenue, Saint Paul, MN 55105 (MLS # 4876002)
    4 beds, 6 baths
    Home size: 8,958 sq ft
    Lot size: 16,247 sqft
    Year built: 2001
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  3. Photo of 1590 Edgcumbe Road, Saint Paul, MN 55116 (MLS # 4833079)
    6 beds, 8 baths
    Home size: 9,248 sq ft
    Lot size: 4.18 ac
    Year built: 1937
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  4. Photo of 710 Linwood Avenue, Saint Paul, MN 55105 (MLS # 4774373)
    7 beds, 9 baths
    Home size: 7,494 sq ft
    Lot size: 24,829 sqft
    Year built: 1913
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  5. Photo of 633 Fairmount Avenue, Saint Paul, MN 55105 (MLS # 4700584)
    4 beds, 5 baths
    Home size: 9,356 sq ft
    Lot size: 22,215 sqft
    Year built: 1889
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  6. Photo of 470 Mississippi River Boulevard N, Saint Paul, MN 55104 (MLS # 4891060)
    7 beds, 8 baths
    Home size: 8,383 sq ft
    Lot size: 22,825 sqft
    Year built: 1933
    Listed with Colliers International

    Broker reciprocity icon

  7. Photo of 136 Mississippi River Boulevard S, Saint Paul, MN 55105 (MLS # 4942735)
    5 beds, 4 baths
    Home size: 5,719 sq ft
    Lot size: 12,022 sqft
    Year built: 2002
    Listed with HomeAvenue – Agent

    Broker reciprocity icon

  8. Photo of 955 Summit Avenue, Saint Paul, MN 55105 (MLS # 4875589)
    8 beds, 6 baths
    Home size: 8,977 sq ft
    Lot size: 36,590 sqft
    Year built: 1904
    Listed with Keller Williams Premier Realty Lake Minnetonka

    Broker reciprocity icon

  9. Photo of 2117 Upper Saint Dennis Road, Saint Paul, MN 55116 (MLS # 4825966)
    4 beds, 4 baths
    Home size: 4,955 sq ft
    Lot size: 16,988 sqft
    Year built: 1954
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  10. Photo of 3 Evergreen Court, North Oaks, MN 55127 (MLS # 4881507)
    4 beds, 6 baths
    Home size: 6,761 sq ft
    Lot size: 1.71 ac
    Year built: 1988
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  11. Photo of 350 Saint Peter Street #1300, Saint Paul, MN 55102 (MLS # 4908442)
    2 beds, 4 baths
    Home size: 5,100 sq ft
    Lot size: 12,196 sqft
    Year built: 2009
    Listed with BRIX Real Estate

    Broker reciprocity icon

  12. Photo of 804 Lincoln Avenue, Saint Paul, MN 55105 (MLS # 4934491)
    6 beds, 6 baths
    Home size: 5,756 sq ft
    Lot size: 27,007 sqft
    Year built: 1900
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  13. Photo of 4 Long Marsh Lane, North Oaks, MN 55127 (MLS # 4919957)
    3 beds, 4 baths
    Home size: 5,300 sq ft
    Lot size: 1.68 ac
    Year built: 2008
    Listed with Krebsbach and Associates

    Broker reciprocity icon

  14. Photo of 1017 Summit Avenue, Saint Paul, MN 55105 (MLS # 4916189)
    6 beds, 5 baths
    Home size: 6,945 sq ft
    Lot size: 22,215 sqft
    Year built: 1915
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  15. Photo of 828 Fairmount Avenue, Saint Paul, MN 55105 (MLS # 4911924)
    5 beds, 5 baths
    Home size: 4,494 sq ft
    Lot size: 6,011 sqft
    Year built: 2018
    Listed with David Hovda Realty

    Broker reciprocity icon

  16. Photo of 6 Red Forest Lane, North Oaks, MN 55127 (MLS # 4896338)
    4 beds, 5 baths
    Home size: 6,608 sq ft
    Lot size: 3.12 ac
    Year built: 2003
    Listed with Keller Williams Premier Realty

    Broker reciprocity icon

  17. Photo of 4151 Rice Street, Shoreview, MN 55126 (MLS # 4949428)
    3 beds, 4 baths
    Home size: 6,376 sq ft
    Lot size: 1.87 ac
    Year built: 2002
    Listed with Exp Realty, LLC.

    Broker reciprocity icon

  18. Photo of 5171 Saint Albans Street N, Shoreview, MN 55126 (MLS # 4900398)
    2 beds, 4 baths
    Home size: 3,952 sq ft
    Lot size: 26,876 sqft
    Year built: 1937
    Listed with Keller Williams Integrity RE

    Broker reciprocity icon

  19. Photo of 180 Mississippi River Boulevard S, Saint Paul, MN 55105 (MLS # 4937783)
    3 beds, 4 baths
    Home size: 4,912 sq ft
    Lot size: 17,990 sqft
    Year built: 1960
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  20. Photo of 1 Catbird Circle, North Oaks, MN 55127 (MLS # 4910940)
    4 beds, 3 baths
    Home size: 5,897 sq ft
    Lot size: 2.29 ac
    Year built: 2005
    Listed with RE/MAX Results

    Broker reciprocity icon

  21. Photo of 1330 Edgcumbe Road, Saint Paul, MN 55116 (MLS # 4868737)
    6 beds, 6 baths
    Home size: 5,312 sq ft
    Lot size: 12,196 sqft
    Year built: 1941
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  22. Photo of 11 N Mallard Road, North Oaks, MN 55127 (MLS # 4831200)
    3 beds, 4 baths
    Home size: 7,274 sq ft
    Lot size: 2.02 ac
    Year built: 1997
    Listed with Keller Williams Premier Realty

    Broker reciprocity icon

  23. Photo of 46 Crocus Place, Saint Paul, MN 55102 (MLS # 4950470)
    6 beds, 5 baths
    Home size: 5,960 sq ft
    Lot size: 11,325 sqft
    Year built: 1907
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  24. Photo of 5218 Bald Eagle Boulevard E, White Bear Township, MN 55110 (MLS # 4915608)
    4 beds, 4 baths
    Home size: 4,274 sq ft
    Lot size: 9,888 sqft
    Year built: 2012
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  25. Photo of 58 Monarch Way, North Oaks, MN 55127 (MLS # 4946091)
    5 beds, 6 baths
    Home size: 7,448 sq ft
    Lot size: 16,552 sqft
    Year built: 2013
    Listed with RE/MAX Synergy

    Broker reciprocity icon

  26. Photo of 21 Evergreen Road, North Oaks, MN 55127 (MLS # 4934892)
    6 beds, 5 baths
    Home size: 7,107 sq ft
    Lot size: 1.37 ac
    Year built: 1973
    Listed with Lakes Sotheby’s International Realty

    Broker reciprocity icon

  27. Photo of 4255 Snail Lake Boulevard, Shoreview, MN 55126 (MLS # 4940269)
    4 beds, 4 baths
    Home size: 4,198 sq ft
    Lot size: 9,278 sqft
    Year built: 2018
    Listed with Compass Realty Partners LLC

    Broker reciprocity icon

  28. Photo of 834 Summit Avenue #1, Saint Paul, MN 55105 (MLS # 4918173)
    3 beds, 2 baths
    Home size: 3,300 sq ft
    Lot size: 2,613 sqft
    Year built: 1912
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  29. Photo of 31 Benhill Road, Saint Paul, MN 55105 (MLS # 4907206)
    4 beds, 4 baths
    Home size: 3,797 sq ft
    Lot size: 29,620 sqft
    Year built: 1926
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  30. Photo of 175 Sherman Street #203, Saint Paul, MN 55102 (MLS # 4945404)
    3 beds, 2 baths
    Home size: 2,789 sq ft
    Lot size: 1.42 ac
    Year built: 2004
    Listed with Norton Realty, Inc

    Broker reciprocity icon

  31. Photo of 1969 Summit Avenue, Saint Paul, MN 55105 (MLS # 4948071)
    5 beds, 4 baths
    Home size: 3,574 sq ft
    Lot size: 16,335 sqft
    Year built: 1926
    Listed with Strata Real Estate Resources

    Broker reciprocity icon

  32. Photo of 4 Lake Court, North Oaks, MN 55127 (MLS # 4892075)
    5 beds, 5 baths
    Home size: 5,236 sq ft
    Lot size: 1.20 ac
    Year built: 2017
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  33. Photo of 211 Mount Curve Boulevard, Saint Paul, MN 55105 (MLS # 4930775)
    4 beds, 4 baths
    Home size: 4,973 sq ft
    Lot size: 11,761 sqft
    Year built: 1919
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  34. Photo of 17 Kestrel Court, North Oaks, MN 55127 (MLS # 4906960)
    4 beds, 3 baths
    Home size: 3,569 sq ft
    Lot size: 13,068 sqft
    Year built: 2016
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  35. Photo of 502 Grand Hill, Saint Paul, MN 55102 (MLS # 4888076)
    5 beds, 6 baths
    Home size: 6,000 sq ft
    Lot size: 6,534 sqft
    Year built: 1894
    Listed with Lakes Sotheby’s International Realty

    Broker reciprocity icon

  36. Photo of 3076 Shorewood Lane, Roseville, MN 55113 (MLS # 4939890)
    4 beds, 5 baths
    Home size: 4,274 sq ft
    Lot size: 26,484 sqft
    Year built: 1960
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  37. Photo of 18 Rapp Farm Boulevard, North Oaks, MN 55127 (MLS # 4794234)
    5 beds, 5 baths
    Home size: 5,422 sq ft
    Lot size: 26,136 sqft
    Year built: 2017
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  38. Photo of 3413 Snelling Avenue N, Arden Hills, MN 55112 (MLS # 4939489)
    3 beds, 3 baths
    Home size: 3,364 sq ft
    Lot size: 30,622 sqft
    Year built: 1961
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  39. Photo of 600 Mississippi River Boulevard S, Saint Paul, MN 55116 (MLS # 4918319)
    4 beds, 3 baths
    Home size: 3,782 sq ft
    Lot size: 24,306 sqft
    Year built: 1954
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  40. Photo of 5 Kestrel Court, North Oaks, MN 55127 (MLS # 4907035)
    3 beds, 3 baths
    Home size: 3,216 sq ft
    Lot size: 23.00 ac
    Year built: 2018
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  41. Photo of 54 Mississippi River Boulevard N, Saint Paul, MN 55104 (MLS # 4947110)
    6 beds, 5 baths
    Home size: 3,123 sq ft
    Lot size: 9,844 sqft
    Year built: 1926
    Listed with EXIT Realty Nexus

    Broker reciprocity icon

  42. Photo of 802 Fairmount Avenue, Saint Paul, MN 55105 (MLS # 4898154)
    5 beds, 4 baths
    Home size: 4,890 sq ft
    Lot size: 9,147 sqft
    Year built: 1893
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  43. Photo of 767 Goodrich Avenue, Saint Paul, MN 55105 (MLS # 4904919)
    9 beds, 7 baths
    Home size: 5,600 sq ft
    Lot size: 11,848 sqft
    Year built: 1900
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  44. Photo of 11 Kestrel Court, North Oaks, MN 55127 (MLS # 4953862)
    3 beds, 3 baths
    Home size: 3,391 sq ft
    Lot size: 9,147 sqft
    Year built: 2018
    Listed with Edina Realty, Inc.

    Broker reciprocity icon

  45. Photo of 297 Mount Curve Boulevard, Saint Paul, MN 55105 (MLS # 4944616)
    5 beds, 4 baths
    Home size: 3,349 sq ft
    Lot size: 8,537 sqft
    Year built: 1929
    Listed with RE/MAX Results

    Broker reciprocity icon

  46. Photo of 4 Leaf Wing Drive, North Oaks, MN 55127 (MLS # 4940059)
    6 beds, 5 baths
    Home size: 5,338 sq ft
    Lot size: 21,213 sqft
    Year built: 2012
    Listed with RE/MAX Synergy

    Broker reciprocity icon

  47. Photo of 485 Summit Avenue, Saint Paul, MN 55102 (MLS # 4819501)
    9 beds, 7 baths
    Home size: 7,910 sq ft
    Lot size: 10,890 sqft
    Year built: 1907
    Listed with Coldwell Banker Burnet

    Broker reciprocity icon

  48. Photo of 1791 beechwood Avenue, Saint Paul, MN 55116 (MLS # 4888570)
    5 beds, 5 baths
    Home size: 4,208 sq ft
    Lot size: 7,840 sqft
    Year built: 2017
    Listed with Homes USA Realty, Inc.

    Broker reciprocity icon

  49. Photo of 59 4th Street W #23D, Saint Paul, MN 55102 (MLS # 4790279)
    3 beds, 3 baths
    Home size: 2,750 sq ft
    Year built: 1983
    Listed with Verve Realty

    Broker reciprocity icon

  50. Photo of 628 Portland Avenue, Saint Paul, MN 55104 (MLS # 4951748)
    4 beds, 4 baths
    Home size: 3,000 sq ft
    Lot size: 7,187 sqft
    Year built: 2018
    Listed with BuyRentSell.com, LLC

    Broker reciprocity icon

See all Real estate matching your search.
(all data current as of 5/18/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

About the Author