It is time to look back and see how the Minneapolis / St Paul residential real estate market performed in 2013.
What did you read in the press? That the market is strong with double digit gains in median price? Every story I read in the news media said the same thing. Median prices are up. Take a look. The chart below shows a gain of 14.4%!!
But what does it mean to you? It depends on many factors. If you are a bank with foreclosure properties you would like to sell, the market has been very good. The next chart shows a gain of 12.7%.
If you are a rehabber who buys foreclosures, things may be getting tight because your acquisition costs are 12.7% higher, but the Traditional retail market is up by only 5.4%.
If you are a homeowner with equity, you need to know your price range to understand how you are doing. The third chart breaks out the numbers by quartile. The low end, below $140,000, had a gain of 4.8%. The high end, above $300,000, saw a slight decline.
If you are faced with decisions about Minneapolis / St Paul residential real estate, I would be happy help.
Happy New Year.