The twin Cities residential real estate market is, overall doing very well. There are many positive factors at work in the current market. We are seeing home values rising, but not too fast to cause alarm. We are seeing the number of homes for sale increasing which really needed to happen. We are seeing mortgage rates continue to be at very attractive levels. We are seeing the overall economy chugging alone in a positive direction and job numbers at nice levels. All of these factors are working to provide good opportunities for buyers, sellers and those of us that serve them.
As someone said recently, “Things are about as good as they were bad four years ago.” No doubt this is an industry that sees cycles, but the current cycle is a good one. The fact that the appreciation rate has slowed somewhat from double digit increases is healthy – we don’t need to get into another overheated, inflated market. The increase in listings is bringing us into a more balanced market – more good news!
Looking forward toward the next several months we see a very robust market continuing through October, then slowing as it usually does through the Holiday/winter season, then picking back up for the spring market starting in February 2015.