Twin Cities Market Report For March 2024

Last month I mentioned that we were really starting to see interest in the market heating up. February showed just how intense that interest really was. Showings jumped from up about 4.7% over the previous year to an increase of 13.6% over the same time last year! And if we talk about how this data is a little bit lagging I can also say that next month I bet we break over a 15% increase.

We also saw a huge increase in the number of new listings starting to come online this past month as it was up 36% over the same period last year. With that many new listings I’m not surprised that the number of days on market ticked up a couple of days as well. I think this clearly shows that there were people waiting for the spring market and who have probably been waiting awhile to list their homes due to the higher interest rates the last 20 months.

Interest rates have leveled off for the most part and we’re not seeing huge swings up and down right now. This brings a level of certainty for buyers who might have been scared off by the constant roller coaster of rates we were on before.

If you are thinking about making a move this year you should be talking to a real estate professional and coming up with a strategy for exactly what you are going to do. Having a conversation and coming up with a strategy is not a commitment to doing anything…it’s just a solid plan based on your unique situation.

A Warm Brew and a Welcoming Store: VENDELLA Coffee Haus in Eagan, MN

Nestled amidst the bustling streets of Eagan, Minnesota, lies a haven that transcends the chain coffee shop experience. VENDELLA euro boutique & coffee haus isn’t just about caffeine fixes and quick bites — it’s a tapestry woven with warmth, community, and a touch of European charm. Stepping into VENDELLA feels like stepping into a friend’s living room, where the aroma of freshly brewed coffee mingles with the scent of homemade pastries, instantly inviting you to relax and unwind.

But VENDELLA’s magic lies beyond its inviting atmosphere. It’s the story etched into every detail, a story born from the passion of a family with diverse roots. The owners have poured their cultural heritage into every aspect of the cafe. The menu boasts a delightful array of European-inspired dishes, from the savory richness of Käsebrote (open-faced toasted sandwiches) to the delicate sweetness of Swedish pastries. Each bite is a journey across continents, prepared with fresh, local ingredients and a touch of family tradition.

But what truly sets VENDELLA apart is its heart. It’s a place where community thrives, where strangers become friends over steaming mugs and shared laughter. The owners, fueled by their passion for gathering people, have created a space that welcomes all. Whether you’re seeking a quiet corner to curl up with a book or a vibrant space to host a gathering, VENDELLA embraces you with open arms.

Here’s a glimpse into what awaits you at VENDELLA:

  • A culinary adventure: Embark on a taste bud trip with their diverse menu, featuring breakfast delights like toasted bagels and croissants, lunch options like Käsebrote and salads, and sweet treats like homemade pastries and smoothies. For the adventurous, there’s even a secret menu featuring unique items like the Black Forest Mocha, which I highly recommend for any chocolate and cherry lovers.
  • A haven of comfort: Immerse yourself in the warm and inviting atmosphere, perfect for unwinding with loved ones or enjoying a moment of solitude with a good book. The cafe exudes a sense of homeyness, with its wooden tables, cozy armchairs, and warm lighting.
  • A treasure trove of European delights: Discover unique gifts and home decor in the boutique section, each piece carefully curated to reflect the owners’ diverse backgrounds. You’ll find items from Germany, Sweden, and Kansas, all chosen with a focus on quality and craftsmanship.
  • A hub for connection: Find a sense of belonging in the community spirit that permeates VENDELLA. Strike up conversations with fellow patrons, participate in events or workshops, or simply bask in the feeling of belonging.

But to truly understand the magic of VENDELLA, you need to visit it yourself. Click the link below check out VENDELLA’s website and discover why this Eagan gem is a must-visit for anyone seeking delicious food, a warm atmosphere, and a sense of community.

Twin Cities Market Report For February 2024

January was a month of continued demand and interest in the market. Compared to a year ago we see are seeing a noticeable uptick in activity from buyers. We saw new listings increase 23% compared to a year ago and sold listings increase 4.2% compared to a year ago. This definitely seems to match up with what I was seeing when watching the market in my area on a daily basis.

The average days on market for a listing to go from active to pending was 54 days. When we look at January of 2019 and 2020 we see that the average time for a house to sell was 63 and 65 days respectively so 54 days is right in line with previous “normal” markets. It’s also important to look at median days on market because it tends to reduce the influence of outliers on the data. The median days on market was 37 days which is down from 42 days last year.

More recently I’ve been noticing homes going to pending status fairly quickly and homes sitting on the market for less time than a month ago. We’re also seeing the number of showings increase year over year by 10%. This is a pretty substantial increase and I think it demonstrates that there is in fact some pent up demand. In the last week or so though we’ve also seen interest rates increase and as a result we’ve seen mortgage applications fall.

Sellers who are in a position to time when they want to hit the market should be getting their homes ready and paying close attention to what interest rates, jobs data, and inflation numbers are doing. Why? Because we saw an influx of buyers and activity that was spurred on by good numbers last month but as that data changed this month the mortgage applications fell. So I think we’ve seen that when rates come down in the 6.5% range or lower there are buyers ready to go and seller’s should be ready to list their property.

I’m not saying you should try to time the market though. Trying to perfectly time anything like real estate is very tough and you should decide to make a move when the time is right for you and your situation.

Homshuk – A New Twist on Mexican Food In Apple Valley

Photo of the outside of Homshuk in apple valley minnesota

Homshuk, a Mexican culinary haven, boasts a vibrant and diverse menu that captures the essence of authentic Mexican street food with a modern twist. When I went I got the wet burrito which is just a fancy name for a chimichunga and it was amazing! I also had to try their Smoky Tamarind Margarita and it did not disappoint.

The appetizers showcase bold flavors, with dishes like carne asada fries and nachos featuring a medley of ingredients such as jalapeno queso, pico de gallo, and house aioli. For casual eats they have sopes, a traditional treat with thick masa topped with flavorful elements like refried beans and queso fresco. For tacos and burritos they offer a delightful journey through various proteins and inventive combinations, from classic traditional tacos to the mouthwatering wet burrito, a personal favorite at Homshuk. The main courses range from wood-fired options like pollo rostisado to tantalizing dishes like mole con pollo and tampiquena, showcasing Homshuk’s commitment to elevating Mexican culinary traditions.

Homshuk’s style of food caters to those who appreciate bold and authentic Mexican flavors presented in a modern, creative manner. It is an ideal choice for individuals seeking a lively dining experience with a menu that appeals to both traditionalists and those looking for innovative twists on classic dishes. From families enjoying kids quesadillas to food enthusiasts savoring unique specialties like pulpo tacos, Homshuk caters to a diverse audience. The rich variety of meats, flavorful salsas, and inventive combinations make Homshuk a go-to spot for anyone craving an exciting culinary journey through Mexican cuisine.

Twin Cities Market Report For January 2024

Twin Cities Market Report For January 2024 exp Realty | Pemberton Homes Time On Market Was 50 Days Median Sold Price Was $355,000 New Listings Were Up 7.0% Sold Listings Were Down 7.5% Showings Were Up 7.7%

December 2023 was a month where buyers and sellers were paying close attention to what was happening with mortgage interest rates. November 2023 delivered us the first big break in interest rates as we finally saw them start to tumble from the highs of 8%. Many buyers and sellers were very tentative about whether these drops would last and there was fantastic news that the Federal Reserve delivered at its meeting in December. They discussed not raising the rates that end up affecting mortgage rates and they went further indicating that cuts could start coming in 2024.

All of this good news led to mortgage applications increasing at a rapid rate. Many indications both personally and from my team at Pemberton Homes is that buyers who had been on the sidelines now started looking in earnest again. You can start to see this in the increase in showing activity. For the month of December we saw a 7.7% increase in showing activity compared to December 2022. I would expect that to continue because the Minneapolis Association of Realtors® is also showing that showings are up 29.9% for the week ending January 7, 2024 compared to the same week last year. This is a huge increase!

The average days on market for a listing to go from active to pending was 50 days. This sounds like a long time but this is where really looking into the numbers and pulling the data apart is important. The winter months traditionally means a house will take longer to sell. When we zoom out and look at December of 2018 and 2019 we see that the average time for a house to sell was 57 and 56 days respectively so 50 days is really right in line with where we might hope to be in a “normal” market.

We haven’t seen a drop in the sales price of homes in our market. Homes aren’t appreciating at the rate they were in previous years but they are still appreciating.

What I Expect Going Forward

There are numerous sellers who have been waiting to sell. I expect with interest rates leveling off, the start of the spring market, and sellers starting to feel impatient from having to wait that new listings will continue to increase and outpace last years numbers.

Even though we will see new listings increase that doesn’t mean that the available inventory of homes will increase. Most sellers are buyers and just like sellers were waiting on interest rates to sell, buyers were waiting on interest rates to fall to enter the market.

I would expect that the days on market to sell a house will continue to increase in January and February. When we look at historical trends January and February typically continue to increase in average days on the market. The one thing that could change this is a bunch of buyers jumping into the market to get a head start so they don’t have to compete with the rush of spring market buyers.