Twin Cities Metro Home Sales Hit Record Highs

Carver County Real Estate Mid-year Update

Twin Cities Metro Home Sales Hit Record Highs

Carver County Real Estate Listings Up 16.4%;
Under Contract in 44 Days or Less

June 2017 home sales in the Twin Cities Metro are up 2.2 percent, hitting a record high. Home sales in Carver County are up 1.4 percent, with a median sales price increase of 7.3 percent at $311,000. Carver County real estate listings surpassed the metro with a 16.4 percent increase over listings a year ago, compared to a drop in listings of 0.5 percent in the metro. The Carver County real estate market remains vibrant for sellers and viable for buyers.

Carver County Real Estate News for Sellers:

  • Closed sales rose 1.4 percent in June 2017 over June 2016.
  • Home prices continue to rise – the median sales price is $311,000, up 7.3 percent from last year, a new record high, continuing the upward trend for the last 64 consecutive months.
  • With an average of 44 days on the market, homes are going under contract 31.3 percent faster than June 2016. Many of the homes for sale, however, are going under contract in less than 20 days throughout the Twin Cities Metro.
  • The median percent of original list price received at sale was 98.5 percent, compared to 99.5 percent in the metro. Nearly half of all sales are closing over list price.

Real Estate News for Buyers:

  • Buyers shouldn’t be discouraged due to relatively low mortgage rates.
  • While the average 30-year fixed mortgage rate declined recently, forecasters predict it is likely to increase at least once more this year.*
  • As home prices and mortgage rates inch upward, now is a good time to jump into the market before rates and prices continue to rise.

“I’ve never seen a real estate market this strong and healthy, and I’ve been in the industry for 27 years,” said real estate broker John Wichmann. “It truly is a sellers’ market due to the lack of available inventory. It’s a great time to sell ─ values are up and market times are short   Buyers still have opportunities, however, with new properties coming into the market daily.”

*www.mplsrealtor.com

 

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