In today's real estate market, we know how difficult it can be to "win" the bidding war for that "perfect for you" home...keep at it. IT IS WORTH THE EFFORT!!Keep in mind the reason that you started
Quarter 1 of 2022 Real Estate Recap
Dated: April 13 2022
Q1 of 2022 Real Estate Recap
Well, we are already a couple weeks into April which means that 1st Quarter of 2022 is in the books - what did the Real Estate market look like for Q1? What are the current interest rates looking like? At the end of every quarter, I like to wade through the data and let you know what's what in the world of the local Real Estate market - let's dive in!
Lakeville, MN - The median sales price is now $450,000 vs $405,755 in March of 2021 - largely due to new construction. There are currently 1,732 homes in the city of Lakeville that are active on the market for sale, which means that there is a 1.1 month supply vs. a 1.7 month supply in March '21. Average days on the market is now 8 vs. 14 days last year. The median home value is now at $467,000 which has been an increase of 10.93% in the last 12 months and and increase of 21.78% in the last 24 months. Whoa!
Elko New Market, MN - The median sales price is now $415,000 vs. $360,000 in March 2021 - again largely due to the new construction in Boulder Heights and Pete's Hill. There are currently 189 homes for sale, which is 2.3 months supply vs. 2 months supply in March '21. Average days on the market are 12 vs. 18 days in March 2021. The median home value for ENM is now at $432,000 which is an increase of 15.52% in the last 12 months and an increase of 25.34% in the last 24 months.
Minneapolis, MN - The median sales price is $316,313 vs. $302,777 in March of 2021. There are currently 8,344 homes on the market for sale so there is a 1.8 month supply of homes vs. 2.3 months last year. Average days on the market is 17 vs. 18 days as well. The median home value is now $333,000 which is a 4.95% increase in the last 12 months and an 11.64% increase in the last 24 months.
I also wanted to add a new one in - Northfield as I know that there is an interest level for what's going on a bit further south...
Northfield, MN - The median sales price is $325,500 vs. $289,900 in March of 2021. There are currently 32 homes for sale which means that there is a 1.2 month supply vs. 1.7 months supply March of '21. Average days on the market is now 13 vs. 26 last year. The median home value is $336,000 which is an increase of 13.62% in the last 12 months and 25,94% in the last 24 months.
I believe that the reason for the larger increases in the median home values seen in Lakeville, ENM and Northfield much more than Minneapolis is due to the new construction that is going on in all 3 communities but also there continues to be a migration of people that are able to work from home so it no longer matters for commute time. What appears to matter more is the school systems (for families), the "right size" house with usable space such as maybe 2 offices if 2 people are working from home vs. the traditional 1 office in a home...all of these factors play a part in the increase.
Current interest rates (these do vary by credit score as well as lenders so please take that into account) for a 30-year conventional fixed rate is 5.49% (with a credit score of 780-799), a 30-year fixed FHA rate is 5.636% (again with 780-799 credit score). I was speaking with a lender earlier today and he felt like we will be seeing 30-year conventional at the 6% mark fairly soon...again to put this all into perspective, in October of 1981, the interest rate was at 18.63%!!! Wowza - that seems out of this world and hopefully never to return again!!
Hopefully you found some value in this information - if there is a specific area that you'd like to see the data for, please let me know! We will check it out and get the information to you asap!
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