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.
In Minneapolis in February 2013, there were 2,736 closed home sales, down 4.7% from a year earlier. The number of homes for sale dropped 31.6% to 12,202 active listings. This represents the lowest number since January 2003.
Listings of traditional sales is up and distressed properties is down which is great for the market. Traditional sales jumped 21.5% year-over-year, while foreclosures and short sales dropped 23.5% and 28.5%, respectively.
Buyers are out in force this spring and they are motivated, now we just need the sellers to get their homes on the market so there is something for these buyers to purchase!
Just Listed – 2538 Grand Street NE is located in the Marshall Terrace neighborhood and School District 1 in Minneapolis. This is a four bedroom, 2 bath home with 3 of the bedrooms and the full bath upstairs, hardwood floors, tile floors, and a 2 car garage, a spacious lot and numerous recent updates including a/c and furnace! A quick close is possible. Click here for more details!
Do you need some spring? Are you sick and tired of winter? Do you feel like it will never be warm again and the snow will last forever? Then you need to get down to the Home and Garden Show at the Minneapolis Convention Center starting on Wednesday this week. The show offers great tips, trends and ideas for all your home remodeling and decorating needs as well as landscaping. What could get you more in the mood to think spring than planning out some new landscaping or finding interesting plants and trees for your yard? Even if you own a condo, they have ideas to get your deck or balcony in shape this spring. There is an idea house with the latest and greatest for bathroom spas, gourmet kitchens and more. The show is open Wed. February 27 – Sun. March 3. The hours vary by day, so please check their website for complete details and to get discounted tickets and bus passes!