Linden-hills.com

NEWS FLASH!  Multiple Offers:  

In every price range, appropriately-priced listings are selling in multiple offers.

 

• A $900,000 home in Edina received ten offers last weekend.  

• My recent $500,000 Linden Hills listing had five offers, and sold for more than $50,000 over the asking price.   

• A home priced $300,000 is likely to generate 20 offers or more.

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Why?  Here are two telling data points: 

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• January 2021 marked a 15-year low in “Number of Homes on the Market” in our area.* 

• Our “Number of Closed Sales” for January was almost double the previous year.*

  • Jan 2021 – 67 closed sales

  • Jan 2020 – 37 closed sales

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Homes are leaving the market at almost twice the rate of last year, and inventory is at a historic low.

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High Demand + Low Supply = Higher Prices

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So -- Are we in a housing bubble?  Will the higher values last?  

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If you’ve followed my blog, you know I believe Single Family Minneapolis Homes are woefully

UNDER-priced relative to other Culturally Advanced Metropolitan Areas.  People are moving here in droves, and they don’t want apartments, they want houses.

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But are the homes AFFORDABLE?  

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Houses may be more affordable this year than in any year since the turn of the century.  Note the size of a mortgage you get with a $1500 Principle and Interest payment.  (The PI of PITI)