Minnesota's Frozen Winter Housing Market

Minnesota Winter Real Estate

frozen home on lake minnetonka

Let’s face it, if you live in Minnesota the last thing you would want to be doing this week is driving around the Twin Cities looking for a house to buy. Temperatures last week dipped to more than 20 degrees below zero which is the coldest we have had in more than 3 years. Between the cold weather are the Christmas holiday this week, it isn’t likely to be a big week for home sales in the Minneapolis/St. Paul area.

It is common for home sellers in the Twin Cities who put their house on the market during the summer or fall to temporarily take their home off the market if it hasn’t sold by late November. Most buyers don’t want to move during the cold, wet, slippery winter if they don’t have to. The housing inventory typically dries up during the winter and new homes get listed in the spring. This creates a problem for relocation clients or anyone who wants or needs to move during the winter. The housing inventory is light during December, January and February so you won’t get the same selection that you would have if you wait until Spring.

As of November 2016 the Minneapolis Association of REALTORS was reporting a 2.1 month supply of inventory. This is a new low and is approximately 34% below last year. Their report shows the holiday slide for new listings, however, pending sales are approximately 12% ahead of last year. Closed sales are also about 12% ahead of last year.  The report compiles active, pending and sold sales data for Hennepin County, Anoka County, Ramsey County, Dakota County, Washington County, Rice County, Goodhue County, St. Croix County, Chisago County, Isanti County, Sherburne County, Wright County, Mille Lacs County and Kanabec County.

Edina Realty agents are active throughout the winter and are always a great resource. Even if you want to see a house on one of those fridgit winter days, a real estate agent from Edina Realty would love to show you around. 

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