QUARTERLY NOTE: 1st QUARTER 2022
Quarterly Note
1st Quarter 2022
First quarter 2022 comparison to 2021 showed almost the same story in the Twin Cities as it did in South East Florida. Mainly that sales in number of homes and dollar volume grew, days on market were less and the sold prices moved up even closer to the asking prices, with the 2022 Twin City sold dollars landing at 102% of the listing prices! That in itself is quite extraordinary.
So the takeaway is that it still remains a seller’s market due to many of the same factors as the last 24 months with the elephant in the room being a lack of inventory. Simply put, more demand than supply.
Looking ahead; rising interest rates, volatile markets, Ukrainian Conflict and inflation will certainly have a slowing effect on the increase in prices and the almost frenzied demand but the low inventory of homes on the market will take time to adjust and so, yes, it will remain a seller’s market in the foreseeable future.
Learn More About the Seller’s Market
In the News
Bitcoin and Real Estate: The Trend Is Now
The two largest crypto real estate payments the US has to date were in May 2021 where a property sold for $22.5 million and more recently a New York Penthouse listed for $29 million specifying that offers could only be made in Bitcoin. Cryptocurrency has caught on in the real estate world and the trend is growing.
The sport has caught on like wildfire. It is the great equalizer where people of varying racquet skills, athletic ability and ages can play together and get a great workout. Selling a vacation home? It better have Pickle!
Featured Listing:
6613 Mohawk Trail, Edina, MN 55439 | $1,995,000
If you’d like to discuss anything about real estate:
Decker.velie@cbburnet.com
Bjvelie@cbburnet.com
-Decker Velie
Velie Real Estate Foundation’s focus has turned to helping specific Ukrainian Refugee families and loved ones get a new start in the Twin City Area. They will be arriving in the next 60 days. We will be here for them.
235 Lake Street East, Wayzata, MN 55391