08 Jan 2024 September Housing Report
Each month the Minnesota Area Realtors puts out a housing report for the prior month! Matt, our broker, breaks them down and offers some insights on the report! Please check them out each month and reach out if you have questions!
Please soak in the September figures through your preferred method at your leisure. As always, the blog and stats report can be found through their standard links.
Sticking with a Halloween theme, some of the figures from this month are a tad startling. For example, statewide sales hit their lowest level since 2011. Anyone remember what 2011 looked like from a housing perspective? That was essentially near the bottom of the prior housing crisis if that helps paint the picture. Skipping down a bit from there, they discuss the fact that the difference in mortgage payments from 2021 to present day for a median priced home has jumped from $1,750 to $2,750 per month! Yikes! I mean…we have been talking about affordability for awhile now, but putting hard numbers in writing really spells out what is taking place.
That all being said, there are a few beacons of hope intermixed with the new brutal reality facing buyers. For starters, inventory does in fact continue to rise, which has resulted in pricing being a little squishier. Also, the buying “experience” is currently much more enjoyable. Not only do you have options to peruse (albeit not always the best), but you are no longer constantly competing against 5 other offers. I can’t guarantee this will be the case once spring rolls around (especially if rates soften), but for the moment, buyers have time to actually process a decision.
So…what’s your tip for this month? Keep laying the groundwork if you are considering a 2025 move now and if you are a passive buyer or buyer/seller, keep a watchful eye on the market over these next few months. This is the time for deals to be had and if you are on both sides of that equation, strategic planning is unbelievably key for a successful path forward.
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