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The 2017 Midyear Report SUMMER 2017
The 2017 Midyear Report
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MARKET WILL REMAIN STRONG THROUGH 2017
KEY TERM
LIMITED INVENTORYWhile historically the market slows down in the second half of the year, we expect the pace of home sales to continue to be strong. With such limited inventory, buyers are having to stretch out the time period they
spend looking for homes.
KEY GRAPH
MEDIAN HOME VALUE$240K
$220K
$200K
$180K
$160K
$140K1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
KEY NUMBERS
WHAT WE’RE WATCHING
$230K+All-time record median sale value, surpassing
December 2006.
5.77% .Median sales prices are up YOY 5.77% in the 16
county metro area.
29 DAYSHomes are selling in a
record median average of 29 days.
12,342The total number of homes for sale, an
all-time low.
99%Sellers are getting an
incredible 99% of their original listing price.
>49 DAYSThe $250k and under
market has a 1.6 months supply of houses.*
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QUESTIONS?
GET IN CONTACTMINNEAPOLIS
748 N 3rd Street Minneapolis, MN 55401
612-927-2749
BURNSVILLE201 W Burnsville Parkway
Burnsville, MN 55337612-927-2749
ST. PAUL1390 7th Street WestSt. Paul, MN 55102
612-927-2749
brixtwincities.com
KEY TAKEAWAYS
WHO SHOULD SELL?Sellers who plan on moving up a price point.
If you are selling at $250k and buying at $500k and the market increases 10% in the next year the home you’re
selling will be worth $275k and the home you want to buy will be worth $550k so you’ll realize a net loss of $25k.
The opposite is true if you are downsizing to a less expensive home. Waiting can be beneficial if the market
increases.
It really depends. Renting is not a dirty word and provides a lot of flexibility. If you are planning on being in a home at least 3 years or longer then buying could be economically advantageous. Buying a home though should not just be
looked at as an investment and you have to make sure it fits in with your lifestyle.
WHO SHOULD BUY?
