Sold! Home sales in Twin Cities area jump by almost 20 percent

Author:
Updated:
Original:

The much-discussed busy spring housing market was for real in the Twin Cities metro last month.

According to the monthly statistics released by the Minneapolis Area Association of Realtors on Thursday, it was a white knuckle May for buyers, with sales outpacing listings and bidding wars accompanying many sales.

There was a nearly 20 percent increase in pending sales last month, the most since 2005. The median price of those sales climbed 6.7 percent to $224,000. There was more than one offer on at least a quarter of last month's deals.

The Star Tribune's story notes, "Sellers are clearly in charge. They got an average of 97.5 percent of their original list price last month, the highest in nearly a decade."

There's a shortage of listings. The newspaper quoted Nevin Raghuveer of Re/Max Results, who finds the shortage is most pronounced in properties priced below $425,000.

More people are seeking housing in downtown Minneapolis. The national commercial real estate firm Marcus & Millichap's second quarter report shows 1,600 downtown apartments have been added in the state's largest city in the past two years, with 2,500 more condos and apartments slated to be built over the next several years.

Currently, 40,000 people now call downtown home. The city has set a goal of 70,000 downtown residents by 2025.

The report suggests the new residents will promote a stronger retail climate downtown. KARE 11 quoted Steve Cramer, President and CEO of the Minneapolis Downtown Council, who indicated that deals to bring additional large retailers downtown are in the works but still under wraps.

The story notes a new Sports Authority store is pending in City Center, and a lease has been signed for a new two-level Walgreens in the Gaviidae Common. The makeover of the Nicollet Mall will also enhance downtown's retail scene.

Next Up

Ian Cole

Wild trade Greg Pateryn to Avalanche for Ian Cole

Cole won a pair of Stanley Cups in Pittsburgh and is a former first-round pick.

1024px-Hudson,_Wisconsin_9

St. Croix County GOP chair resigns after incendiary post on official website

John Kraft sparked controversy with his 'Prepare for War' post on the party website earlier this month.

ann kim

Ann Kim's new restaurant, Sooki & Mimi, to open in February

The James Beard Award winner is the brains behind Young Joni, Pizzeria Lola, and Hello Pizza.

Screen Shot 2021-01-19 at 1.32.19 PM

Firefighters rescue worker after trench fall in Rochester

The construction worker fell about 15 feet.

gray wolf

Grand Marais mayor's dog survives attack by wolves

He heard his 65-pound dog "screaming bloody murder" and then saw the wolves chasing her.

Screen Shot 2021-01-19 at 12.04.55 PM

Minnesota's COVID vaccine appointment site goes live

Huge demand was expected when the site went live at noon.

emily ford

Duluth woman is hiking 1,000-plus miles on the Ice Age Trail this winter

She could be the second person ever to finish a winter-thru hike of the Wisconsin trail.

coronavirus, covid-19, icu

Here is Minnesota's COVID-19 update for Tuesday, January 19

Two days in a row with fewer than 1,000 new cases.

Screen Shot 2021-01-19 at 10.52.12 AM

After fire destroyed their house, couple forced to euthanize beloved dog

The couple's daughter has launched a fundraiser for her parents.

Screen Shot 2021-01-19 at 10.16.14 AM

Investigation after teacher accused of lewd act during distance learning

No charges have been filed yet and the staff member has not been identified.

Related