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May 2022 Housing Report

Median sales price of a home climbs as inventory increases
MINNEAPOLIS (June 10, 2022)
 — The supply of homes coming on the market rose in May, with new listings up 3.6% compared to a year ago. Across the state, there were 10,408 homes for sale, a 4.8% rise over May 2021. Even so, closed sales were down 6.5% compared to last year as the median sales price increased 10.2% to $341,500. Overall, there was a 1.4-month supply of homes on the market, up almost 17% from the year before. Even though sales were down, competition for properties was heated. Sellers received an average 103.2% of the asking price, a 0.3% increase over last year.“The increase in new listings and higher levels of inventory is encouraging for buyers coming into the market,” said Chris Galler, CEO of Minnesota Realtors. “We should remember that the decline in closed sales compares to the unusually heated environment of 2021. What we’re seeing is aligned with historical norms for this time of year. However, it is still difficult for first-time homebuyers to break in. Higher interest rates, and inflationary pressures in the wider economy are taking a toll on this group. Buyers who are successfully closing on properties can leverage more financial resources to compete. The fact that homes regularly sell for more than the asking price is drawing more sellers into the market. This trend is likely to continue playing out for the remainder of the 2022 selling season.”

May year-over-year summary of key market indicators:

  • Closed sales decreased 6.5% to 7,622
  • Median sales price increased 10.2% to $341,500
  • Average sales price increased 8.8% to $393,572
  • New listings increased 3.6% to 11,380
  • Pending sales decreased 12.0% to 8,577
  • Days on the market decreased 10.3% to 26 days
  • Homes for sale increased 4.8% to 10,408

May be an image of text that says '10,408 Homes for Sale $341,500 Median Sales Price 4.8% vs May 2021 Minnesota Realtors® +10.2% vS May 2021 May 2022 Housing Report 26 7,622 Closed Sales Days on Market -6.5% vs May 2021 10.3% vs May 2021'

Closed Home Sales Across Minnesota by Region

In May, closed sales declined in 11 out of 13 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 6.5% year over year. Two regions reported increases: Northwest at 19.4%, and Southeast at 3.5%. The smallest declines were seen in Upper MN Valley at 2.4%, Headwaters at 3.2%, and Southwest at 8.9%. The largest declines were reported in Arrowhead at 20.3%, West Central at 22.0%, and Southwest Central at 25.7%. See the chart below for more details comparing closed home sales for May 2022 to May 2021.

The seven-county Twin Cities region comprises Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington counties. The official Minneapolis-St. Paul-Bloomington metropolitan statistical area recognized by the Census Bureau consists of 16 counties, onwhich MAR & SPAAR local associations report.

View full regional and county reports here.

View statewide report here.

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Determining the Right Price For Your House


If your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s sellers’ market might be just the answer for your summer plans. With homes continuing to get multiple offers,  this could be your moment to get the contract you’re looking for on your house if you’re ready to sell.

And here’s the thing – you need an expert on your side to ensure you make all the right moves when you do, especially when it comes to pricing your house. Even in this competitive market, you can’t stick just any price tag on your home and get the deal you want. A key piece of the puzzle is setting the right asking price so you can help buyers notice your home (and get excited about it) from the very first time they view the listing. That’s where a real estate professional comes in.

Why Pricing Your House Right Is Important

The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, if you undervalue your house, you could leave money on the table which decreases your future buying power.

On the other hand, price it too high, and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.

In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers, too. And if a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.

To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:

Why You Need an Expert To Determine the Right Price for Your House | Keeping Current Matters

Lean on a Professional’s Expertise

There are several factors that go into pricing your house, and balancing them is the key. That’s why it’s important to lean on an expert when you’re ready to move. A local real estate advisor is knowledgeable about:

  • The value of homes in your neighborhood
  • The current demand for houses in today’s market
  • The condition of your house and how it affects the value

A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.

Bottom Line

If you’re thinking about selling, pricing your house appropriately is key. Work with a trusted real estate advisor to make sure your house is priced right for the local market, your home’s condition, and to stand out from the competition.

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Cold Zone Gardening in Minnesota

The growing season is short, but with a little planning you can create a thriving garden
As the weather warms and the snow melts, Minnesotans rush out to their gardens and coax botanical miracles from muddy earth. Flower beds burst with color. Vegetable patches yield bushels of beans, peas, tomatoes, and zucchini. And fruit trees drip with apples and pears. 

Of course, not everyone is blessed with green thumbs. In fact, more than a few of us are all thumbs when it comes to getting a garden to produce much more than weeds. How do those prolific gardeners do it? What’s their secret sauce? The answer is more science than “saucery,” and deeply rooted in our state’s “plant hardiness zones.” If you don’t know what that is, read on, and get ready to have your best season in the soil yet.

Get to Know Your Zone

Plant hardiness zones were created by the United States Department of Agriculture (USDA) to help farmers and gardeners select plants that thrive in their region of the country. Based on seasonal temperature cycles, each zone is defined by how cold it gets in the winter. There are 13 zones in the United States, from Alaska to Florida, including Hawaii and Puerto Rico. Every zone covers a 10-F range.  

The lower the number, the colder the zone. Minnesota has five zones and they’re all pretty chill. The northern-most zone—3a—ranges from Brainerd to International Falls with average temperatures plunging -35 to – 40 F in the winter. By contrast, Fairmont, on the state’s southern border, sits in balmy Zone 5a where winter temperatures rarely dip under -15 to -20 F.

If you’re not sure what zone you’re in, visit the USDA’s Plant Hardiness Zone Map page and enter your zip code in the search bar. 

Choose Your Plants, Check for Frost, and Get Digging

Once you know your zone, you can determine which plants will thrive in your area and calculate the optimal time to get them in the ground. As a rule, you should plant after the last frost of the season. This frost-freeze calculator tells you about the average frost-free dates for your zip code. For example, in the Twin Cities area (zone 4b), there’s little chance of frost occurring after May 14. Up along the Canadian border (zone 3a), however, the last frost can come well into late May and even early June.

Whether you’re starting vegetables from seed, or shopping for perennials at the local nursey, most seeds and plants come with information about the hardiness zones where they will thrive. They also tell you about the optimal temperature ranges for healthy growth. For instance, kale and broccoli are very hardy and can go in the ground right after the last frost. But tomatoes require long, warm days, so planting might have to wait a couple weeks more until the conditions are just right.

For an exhaustive list of deciduous trees, fruit, vegetables, perennials, roses, shrubs, and other plants that can grow in each of Minnesota’s hardiness zones, visit the Minnesota Department of Agriculture’s Cold Hardiness List. 

Expand Your Zone of Learning

Of course, knowing your zone and which plants are best adapted to it is only the beginning. Each plant has unique needs for sunlight, water, soil type and fertilization. You also need to know about the various pests, blights, and diseases that can afflict your garden. Fortunately, a world of resources is only a click away. The University of Minnesota Extension has an exhaustive website covering every aspect of your Yard and Garden, from primers on trees, shrubs, vegetables, and native plants to guides on soil and nutrients, landscaping, and creating pollinator gardens. There is also an excellent resource that connects you with Master Gardeners who can answer all your questions about garden issues. The service is free, and most questions are answered within 48 hours. 

Whether you have a few potted tomatoes on the veranda, or a yard filled with carefully cultivated flowers, your garden can be a zone of peace, fun, and fulfillment. As the English poet Alfred Austin said, “the glory of gardening is hands in dirt, head in the sun, and heart with nature. To nurture a garden is to feed not just on the body, but the soul.”