QUARTERLY NOTE: 3rd QUARTER 2022
“Don’t Wait to Buy
Real Estate, Buy Real Estate and
Wait” - Will Rogers
The 3rd Quarter 2022, million dollar plus market continues to show a cooling from the” hyper active” days of 2020 and 2021. The Twin Cities market continues to show promising results in both units and volume while prices have flattened. The Florida results show a negative trend in units and volume as well as some pressure on pricing – more typical of National results.
So while interest rates are up and the stock market is down, inventory of available listings is still quite a bit below historical norms. This along with the underlying strength in employment and higher wages are helping offset the interest rate hikes which so far is resulting in flat or a modest decline in prices.
Florida’s numbers are more dramatic than Minnesota’s on this slowdown partially due to the fact that no state saw as dramatic of an upturn in real estate as did Florida.
We are also seeing the market return to more of a traditional “seasonal” flow than we have in the last 2 years. In the luxury market we are still experiencing properties selling in multiple offers that are in the right location and priced at market value. The takeaway is that real estate pricing has become “hyper local”. But in general, while the frenzied buying is no longer with us, there are still opportunities for sellers as long as their properties meet market value.
In The News
Above Ground Pool is Chic Now
Personal Note
We Have a New Addition!
Sales Associates, Charles Hensel and Kat McMillan announce the birth of Hart Ives Hensel, born July 29th, 2022!
Victoria, MN
Lake Virginia
Price: $1,449,000
Seven minutes from Excelsior, 110 acres in size, with 3 miles of shoreline make this one of the prettiest locations in Carver and Hennepin County. The private drive leads to 2.75 acres of dry land gently sloping down to 664 feet of lakeshore looking westward across the water toward Smithtown Bay and amber sunsets.
If you’d like to discuss anything about real estate:
Decker.velie@cbburnet.com
Bjvelie@cbburnet.com