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- Market Update - 4/26/2024
Market Update - 4/26/2024
David Wallace
April 26, 2024 • Estimated Reading Time: 6 minutes
RECENT TRANSACTIONS
Forest Street Apartments
910 Forest St, Saint Paul, MN 55106
Units | 18 |
Year of Construction | 1963 |
Sale Date | 4/18/2024 |
Price | $1,605,500 |
Price Per Unit | $89,194 |
eCRV ID |
North Shore Apartments
1167 N Shore Dr, Forest Lake, MN 55025
Units | 60 |
Year of Construction | 1969 |
Sale Date | 4/23/2024 |
Price | $6,425,000 |
Price Per Unit | $107,083 |
eCRV ID |
Forest Park II Apartments
1001 7th Ave SW, Forest Lake, MN 55025
Units | 60 |
Year of Construction | 1974 |
Sale Date | 4/23/2024 |
Price | $5,275,000 |
Price Per Unit | $87,917 |
eCRV ID |
ON MARKET
There are 103 listed multifamily properties on the market for a total of 2,852 units.
The table below shows a breakdown of the current on-market inventory by unit count.
Unit Count | < 10 | 10-19 | 20-49 | 50+ |
|---|---|---|---|---|
Assets | 41 | 32 | 14 | 16 |
Units | 238 | 399 | 424 | 1,791 |
Sources: We track on-market inventory through 3rd party listing services including Crexi, Loopnet, CoStar, Yardi, and RCM Marketplace. We also source data from NorthstarMLS and NAR RPR. Data are deemed to be reliable, but not guaranteed.
NEWS
REMINDER: Workforce Housing Development Program Request for Proposals Applications Are Due Tuesday, April 30: Link
Request for Proposals for Saint Paul Naturally Occurring Affordable Housing (NOAH) Preservation Fund: Link
Effort to revive Minneapolis 2040 plan moves forward in Minnesota House: Link
April 12, 2024 - Just Sold: Elk River apartments sell for $12.6M: Link
April 26, 2024 Multifamily market showing signs of recovering: Link
Sources: Link
TWIN CITIES ECONOMY
Minneapolis-St. Paul-Bloomington, MN-WI
Labor Force (thousands) | 2,023.4 |
Monthly Change | +0.7% |
Unemployment Rate | 3.3% |
Monthly Change | +0.3% |
Minneapolis MSA Inflation | 2.7% |
Change since Jan 2024 | +0.1% |
National Inflation | 3.5% |
Data as of Feb 2024
Source: U.S. Bureau of Labor Statistics
Housing Inventory
Metric | Number | YoY Change |
|---|---|---|
Sales Price | $445,823 | +2.1% |
Months Supply | 2.0 | +25.0% |
Days on Market | 17.0 | +21.4% |
Dollar Volume | $16.8B | -11.3% |
Showings/Listing | 5.8 | -7.9% |
Price/SF | $197 | +2.1% |
Data Based on 7-County MSP Metro: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington counties.
Dated March 2024
Source: InfoSparks
RATES AND STATS
Treasury Yield Curve
Date | 1 Year | 5 Year | 10 Year | 30 Year |
|---|---|---|---|---|
4/25 | 5.21% | 4.70% | 4.70% | 4.82% |
4/18 | 5.18% | 4.68% | 4.64% | 4.74% |
Change | +0.03% | +0.03% | +0.06% | +0.08% |
Status: Yield curve continues to be inverted
Source: Treasury.gov
Source: Wall Street Journal
SOFR
Date | Rate |
|---|---|
4/25 | 5.31% |
4/18 | 5.30% |
Change | +0.01% |
Source: New York Fed
FINANCIAL MARKETS
Stock Indexes
Index | Quote | 5-Day Change |
|---|---|---|
Dow Jones | 38,243 | +0.67% |
S&P 500 | 5,101 | +2.68% |
Nasdaq | 15,927 | +4.22% |
Source: Wall Street Journal
Consumer Rates
Index | Quote | YoY Change |
|---|---|---|
Money Market | 0.48% | -0.03% |
5-Year CD | 2.84% | +0.08% |
30-Year Mortgage | 7.68% | +0.77% |
15-Year Mortgage | 7.08% | +0.86% |
5-Year ARM | 6.74% | +0.99% |
New-Car Loan | 7.85% | +0.88% |
Source: Wall Street Journal
CONTACT US
I hope you enjoyed this update.
Have any questions?
Want to learn about our current listings?
Considering a sale of your property?
Drop us a line today.
Twitter: @David_J_Wallace
LinkedIn: @David-J-Wallace
Website: www.mfirealtyadvisors.com
Email: [email protected]
Phone: (612) 524-9483
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