Minnesota’s economy is booming! The Bureau of Labor Statistics says that at 4.7% in May, the Twin Cities has the lowest unemployment rate in the nation for metro areas with one million or more people. A study by Cassidy Turley ranked the Twin Cities as the ninth best job growth market from 2012 to 2013. Between February 2012 and February 2013 the Twin Cities added some 41,000 jobs.
The U.S. Commerce Department said Minnesota tied California for fifth place in growth of gross domestic product in 2012, based on data for durable-goods manufacturing, construction, mining, agriculture, wholesale trade, and finance and insurance. The total value of Minnesota’s gross domestic product was $253 billion, which ranked 17th nationally.
Minnesota is ahead of much of the rest of the nation in economic growth and recovery! A strong economy can only help the housing market.
The Minneapolis Area Association of Realtors has released the market statistics for the Twin Cities for the week ending June 22, 2013.
In the Twin Cities region, for the week ending June 22:
• New Listings increased 28.9% to 1,797
• Pending Sales increased 14.1% to 1,214
• Inventory decreased 18.2% to 15,195
Where has the Twin Cities Real Estate Market been and where is it headed. Take a look at the June monthly skinny for a summary of trends and projections for the real estate market in the Twin Cities.
The Minneapolis Area Association of Realtors has released the market statistics for the Twin Cities for the week ending June 1, 2013 and for May 2013.
In the Twin Cities region, for the week ending June 1:
• New Listings increased 23.6% to 1,713
• Pending Sales increased 22.8% to 1,180
• Inventory decreased 23.1% to 14,349
For the month of May:
• Median Sales Price increased 15.1% to $194,450
• Days on Market decreased 29.8% to 87
• Percent of Original List Price Received increased 2.5% to 97.0%
• Months Supply of Inventory decreased 30.6% to 3.4