Southwest Minneapolis and Edina Real Estate Market Update
Our local market in Minneapolis and Edina, and the Twin Cities metro is typically a very cyclical market. We usually see a large slowdown between the months of November and the first week of February. Then, as winter usually does to people, they start to become anxious (cabin fever?) and once we are past the weekend of the Superbowl, our local market starts heating up.
Typically, the first Tuesday after the Superbowl (today) through the last weekend of May is a constantly-growing market. We usually see a continual increase in our inventory of homes building steadily week-after-week, until the middle of April. Then the inventory holds steady until the end of May.
What causes the market to slow by the first week of June is a combination of items: A) end of the school year, B) many people exit to vacationland (lakes etc.) or C) people leave the state altogether (off traveling). This does not mean that good homes and mini-surges don’t still occur, but it does point to the optimal time for buyers and sellers.
The point, now is the time that the large inventory and large buy-offs begin. It is the best time to list your home, and the best time to be a buyer. Right now we have (roughly) 5.0% interest rates, low pricing and motivation all-around.
In certain areas, I believe it will be a ‘normal’ spring. We are going to have to refer back to about 12 years ago for the reference point of ‘normal’.