Description: Acres: .75 | Beds: 5 | Baths: 4 | Sq Ft: 4,300+ | Garage: 3 | This stunning walkout two-story has been meticulously cared for and periodically updated by the original owner. The home is set on a private, 3/4 acre, maturely wooded lot with a pond in Rum River Elementary schools. The main floor is bright and open with refinished hardwood floors and private views of the backyard. The gourmet kitchen features updated granite countertops, a double oven, abundant countertop space and a large island with seating. There are 4 large bedrooms up including a luxurious master suite and upper level laundry. The lower level features a spacious family room and another generous bedroom and bathroom. The oversized, 3-car garage offers a separate workroom space, a sink tub and is roughed-in for a heater. Almost all appliances have been replaced within the past 10 years. Additional features include an Aprilaire humidifier, air exchanger, upgraded trim and baseboards, solid oak doors, 9’ ceilings, in-ground irrigation, maintenance-free siding & decking and more!
Description: Acres: .32 | Beds: 5 | Baths: 4 | Sq Ft: 3,600+ | Garage: 3 | This 2006 built 2-story is set on a flat, useable, rectangular lot on a cul-de-sac in a maturely wooded neighborhood very close to shopping, restaurants and within walking distance of Rice Lake. The floor plan is bright and open with high ceilings and features recessed lighting, hardwood floors, solid 6 panel doors, ceramic tile, granite counters, a stone fireplace and other higher end finishes. Main floor living is an option here with a bedroom, a full walk-through bathroom and laundry all on the main floor. The large, eat-in kitchen has views from multiple windows, a gas cook-top that faces dining and living and flows through to the backyard. There are 3 bedrooms up including a master en-suite with large walk-in closet and private bath with double vanity, separate walk-in shower and tub. The lower level is set up for entertaining with a full wet bar, a family room and a theater room. The 3-stall garage is insulated, heated and features a water spigot and a drain.
Description: Acres: .18 | Beds: 2 | Baths: 1 | Sq Ft: 1,000+ | Garage: 1 | This charming rambler sits on a beautifully landscaped lot in a maturely wooded neighborhood. This property has been very well maintained throughout the years by one owner including updates to all electrical, appliances, windows, maintenance – free exterior, the roof, a new sewer line from the home to the street and more. Spacious, vaulted ceilings and abundant windows allow natural light to flow through the open layout of the kitchen, dining and living room. The lower level offers a large laundry room and open spaces for plenty of storage or amusement space. The yard has been beautifully landscaped with abundant perennial gardens as well as a flat, private space between the home and detached garage. Enjoy the multiple parks, community center and Crystal Cove Aquatic Center all located within walking distance of this home.
The median home price in the Twin Cities moved past $300K for the first time ever in April setting a new all-time high of $305,000. What started out the year as a low inventory level was exacerbated by COVID-19’s impact on new listings.
The lower price brackets continued to lead the way with much of the single-family price inflation coming in price segments under $350K but higher end and luxury segments where new construction inventory is not a primary competitor also performed well.
Mortgage Forbearance in the US: As of June 2nd, 2020, 4.73 million homeowners, representing 8.9% of all mortgages in the U.S. are in COVID-19 mortgage forbearance plans. If you add in the 2.5% default rate that we had heading into the COVID-19 crisis a total of 11.4% of all mortgages in the US are not currently being paid. The last time we had that many Americans behind on their mortgage was back in 2010 during the height of the last financial crisis. It is of course widely believed that most of the 4.73 mortgages in forbearance will be brought current once the COVID-19 related economic crisis ends but this is something that we will be keeping an eye on.
COVID-19’s Impact on Showing Activity: After other states had announced official lock downs prior to Minnesota’s lockdown, there was a two-week period from about March 13th until April 2nd where a significant number of home buyers and sellers were in limbo waiting on Minnesota’s executive order and on clarity about how the order was to be interpreted which lead to a significant but temporary contraction showing activity. Since April 2nd, showing activity has recovered and is now mirroring year over year showing trends which leads me to believe that COVID-19’s impact on showing activity has largely resolved.
Mortgage Rates: Mortgage rates have been falling in May and currently sit at a new record low of 3.18% for the average 30-year fixed mortgage.
Home Builder Confidence: The NAHB housing market index in the US rose to 37 in May of 2020 rebounding slightly from 30 in April which was the lowest read since June of 2012 and above market forecasts of 35. Still, the sentiment remained in the negative territory as the reading came below 50. The index stood at 66 in May 2019 and hit a high of 76 in December.
Closed Sales: We had 4,626 residential closings take place during April. That was up 10%, month over month as expected and up 4% year over year.
The Median Home Price: The Twin Cities’ median home price moved up 3% in May to $305,000. That is up 9% year over year and as stated earlier, is a new record high.
New Listings: This is where we start to see COVID-19 showing up in the data. 5,992 residential properties were listed in April. In a month which typically experiences a strong increase in new listings, that is down 19% month over month and down 23% year over year.
Homes for Sale: The home inventory level remained completely flat in April with 9,401 units. That is down 12% year over year and is the lowest inventory level on record for the month of April.
Pending Sales: Only 4,619 single family homes and condos went under contract in April. In a month where home sales are typically rising dramatically, that is down 10% month over month and down 20% year over year.
This concludes my housing market insight for the month of May. Please don’t hesitate to connect with me if you would like to have a more in-depth discussion regarding the conditions in your specific market segment or neighborhood and I thank you for taking the time to watch this video.
Description: Acres: .27 | Beds: 4 | Baths: 2 | Sq Ft: 2,000+ | Garage: 3 | This beautiful property has been meticulously cared for and continuously updated since construction. The home has a bright and open flow with spacious vaulted ceilings and tons of natural light. Upgrades include granite countertops, stainless steel appliances, engineered hardwood and tile flooring, a glass tile kitchen backsplash, updated tile surrounds in the bathrooms, new upper level bathroom plumbing fixtures, fresh paint throughout including enameled cabinets and trim, new carpet, a new water softener and heater, dishwasher, commercial grade sump pump and more. The home sits on a large corner lot of a quiet street, has maintenance-free siding, a newer gutter system and a spacious 3-car garage. Enjoy abundant outdoor entertainment space with a large, freshly stained deck and a new brick paver patio with built-in bench seating. The property is conveniently located near many restaurants, grocery stores, parks, playgrounds, walking trails and is walkable to Edinburgh Golf Course.
Description: Acres: .41 | Beds: 3 | Baths: 2 | TFSF: 2,100+ | Garage: 2 | This spacious rambler sits on a large, flat lot in a cul-de-sac. The home is in excellent condition, has modern finishes in the kitchen including white cabinetry, tile backsplashes, tile flooring and updated hardware throughout. The master bedroom has a large walk-in closet connected to the spacious, walk-through bathroom with a Jacuzzi bathtub. The lower level has a large family room with a gas fireplace, a laundry room with tons of storage space, a 2nd family room that could function as an office or amusement space, a 3rd bedroom with a walk in closet and is serviced by a ¾ bathroom. The home has newer windows and a brand new water softener and water heater. The exterior of the home has maintenance free steel siding, a wrap-around concrete driveway and a maintenance free deck and paver patio. The yard has been nicely landscaped and has a storage shed. The property has easy access to Hwy 169 and is a short walk to the Mississippi River, North River Park and other parks and trails.
Description: Acres: .19 | Beds: 3 | Baths: 1 | Sq Ft: 1,200+ | Garage: 1 | Welcome home to this charming, well maintained and updated rambler featuring tons of original charm and character. Natural light fills the home with large and plentiful windows throughout. Updates include a brand new, high efficiency furnace and A/C, refinished, original hardwood floors, white enameled woodwork, external insulation added to the outer foundation and an egress window installed to the lower level bedroom. The home has newer windows and maintenance-free vinyl siding and sits on a spacious, flat lot in a maturely wooded neighborhood. Enjoy the countless shops and restaurants within a five minute drive at the West End as well as quick access to many lakes, parks and walking trails nearby.
Description: Acres: .35 | Beds: 4 | Baths: 3 | Sq Ft: 2,000+ | Garage: 3 | This is a unique opportunity to own a maturely wooded, double lot (.35 acres) oasis, just a few blocks from downtown Osseo. The property has been well maintained and updated both inside and out by the current owners. The exterior features a spacious, fully fenced backyard, an oversized, single car, two-story barn with an attached 3 season porch, a chicken coop, fire pit, additional parking and brand new siding and roofing with a modern color scheme (which is not captured in this photography). The home itself has been updated while maintaining original charm featuring hardwood floors, fresh paint on walls and trim, main floor living, a massive breezeway that doubles as a mudroom, tons of storage and much more.
Description: The Lakes Community | Acres: .3 | Beds: 4 | Baths: 5 | Sq Ft: 4,300+ | Garage: 3 | This beautiful home is set on a premium, walkout lot on the edge of The Lakes Community with expansive backyard views of a wooded wetland filled with wild life. Enjoy all the shared amenities the association has to offer. The home is loaded with high end finishes and features (list available upon request) including a bright, spacious, open floor plan. The chef's kitchen includes windows, a double oven, a center island with gas cook-top and a walk-through butler's pantry. The 21' deep garage can accommodate the largest of trucks and walks in through the perfect mudroom. The entire exterior (roof, siding, gutters, soffit, fascia, garage doors) were re-done in 2018. The upper level features laundry and 4 bedrooms up that are all connected to bathrooms including a private master bath with a separate shower and tub. The lower level is designed for entertaining with a wet bar including a dishwasher, fridge and ice-maker and walks out to a charming paver patio and fully fenced backyard.
Description: Acres: .12 | Beds: 3 | Baths: 2 | Sq Ft: 1,600+ | Garage: 2 | Welcome home to this beautifully updated, turn-key property. The upper level underwent a complete renovation transforming the space into a luxurious master suite featuring custom bamboo flooring, a private ¾ bathroom with a large tile shower with a window and seating, a walk-in closet, an extensive built-in drawer system and more! Original, refinished hardwood floors span the main level which is bright with natural light and offers 2 bedrooms and a full bath. The lower level features plenty of space for an amusement room or storage. The entire interior of the property has fresh paint and newer windows throughout. Enjoy a large, flat yard that is completely fenced in (front and back), a sprawling new deck, a recently constructed 2-car garage, a new concrete sidewalk leading from the home to the garage and extra parking within the oversized driveway. NE restaurants and shops are just a 5-minute drive away or enjoy Hi-view Park just down the block along with many trails and lakes nearby.