If you like analyzing numbers, you’re gonna love this post!!
I picked up a copy of the Regional MLS board’s 3rd Quarter Economic and Market Watch Report and wanted to share some interesting stats with you if you’re thinking about making the jump into home-ownership.
Obviously the Twin Cities metro area expands well past just these two counties, but since a large number of homes are located in Hennepin and Ramsey County, I felt this would be sufficient to sum up what’s going on in the housing market. Again, these are just numbers comparing the 2nd and 3rd quarters of 2010. So that includes April, May and June in the 2nd Quarter and July, August and September in the 3rd Quarter. Keep in mind the fact that the First Time Home Buyer Tax Credits that expired in April of 2010 had a pretty significant effect on property sales in MN, causing more buyers to purchase sooner in 2010 than they probably would have under normal circumstances.
Both counties are also rated as a “2” on a 1-5 point scale with 1 being a very strong buyer’s market, 2 being a moderate buyer’s market, 3 being a neutral market, 4 being a moderate seller’s market, and 5 being a very strong seller’s market. So we are still in a decent buyer’s market which means that buyers have more purchasing and negotiating power than sellers. (If you’re a buyer, you WANT there to be a buyer’s market! It means you’re getting the better end of the deal.)
Hennepin County – 2010
Average Price: 2nd Qt-$242,400 | 3rd Qt-$265,700
Homes on the Market: 2nd Qt-10,118 | 3rd Qt-9,804
Homes Sold: 2nd Qt-4,852 | 3rd Qt-3124
Average Days on Market: 2nd Qt-70 | 3rd Qt-76
Ramsey County – 2010
Average Price: 2nd Qt-$178,200 | 3rd Qt-$173,400
Homes on the Market: 2nd Qt-3,494 | 3rd Qt-3,408
Homes Sold: 2nd Qt-1,760 | 3rd Qt-1,105
Average Days on Market: 2nd Qt-70 | 3rd Qt-81
As you can see in the numbers, sales were definitely down in the 3rd Quarter of 2010, caused by a few factors such as the tax credit hangover and other weak economic news around the region. We’re certainly not out of the woods yet as a housing market, but if you’re a first time buyer in Minnesota you can be sure that you’re still going to be getting a very good deal on your home purchase!
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