Construction in the Twin Cities is continuing its upward trend with a 110% increase in new construction in April 2013! Inventory of existing homes for sale continued to fall another 4.5% putting inventory levels at a low not seen in over a decade! Building permits for single family homes in the Twin Cities were up 27%. With the low rental vacancy rates, less than 3%, permits for building apartments in Minneapolis were way up once again. Because of permits for apartment buildings, Minneapolis led the new construction permits in April with 408 units, Lakeville was second with 32 units, Chanhassen had 29 and Woodbury 24. Blaine had the most single family construction permits with 20. This information comes from the Minneapolis Area Association of Realtors and the Builders Association of the Twin Cities.
I closed on my relocation listing at 20908 Independence Avenue in Lakeville on Friday. Despite going on the market at the slowest time of year – right during the holiday season and then the dead of winter – this home sold fairly quickly! The sellers are relocating for a new job and did not really want to leave MN but the weather this spring made the move southward a bit more enticing! I wish my sellers the best of luck in their new endeavor!
Other cities with a good number of building permits were Mendota Heights with 37, Eagan with 29, Rosemount with 23, Farmington with 21, Apple Valley with 13, Burnsville with 8 and Inver Grove Heights with 5.
In the Twin Cities Woodbury topped the building permit list for the first quarter of the year with 88, Prior Lake had 41 and Savage had 27.
The statistics are from the Builders Association of the Twin Cities.
According to statistics from the Builders Association of the Twin Cities and the Minneapolis Area Association of Realtors, Lakeville is building the most of the south metro cities! In January 2013, Lakeville had 31 building permits up from just 6 in January 2012. Lakeville was also in the top 5 Twin Cities communities for the number of permitted units, coming in 3rd with 33 (this included multi-family units).
See the table below for several other cities in the south metro.