Market Update - 5/10/2024

Author

David Wallace
May 12, 2024 • Estimated Reading Time: 5 minutes

RECENT TRANSACTIONS

4546 Tyler Street NE

4546 Tyler Street Northeast, Minneapolis, MN 55421
Image Source: Apartments.com

Units

8

Year of Construction

1961

Sale Date

5/2/2024

Price

$639,000

Price Per Unit

$79,875

eCRV ID

1644599

ON MARKET

There are 110 listed multifamily properties on the market for a total of 2,956 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

49

34

15

12

Units

293

426

469

1,768

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

Brooklyn Park Project Could Be a Case Study for Prevailing Wage: LINK

Highland Bridge Housing Projects Open in St. Paul: LINK

Transformed Schurmeier Lofts in St. Paul sold for $9.3M: LINK

Property Taxes a Major Focus of Frey Address: LINK

Just Sold: Emergency Shelter Adds Apartments: LINK

TWIN CITIES ECONOMY

Minneapolis-St. Paul-Bloomington, MN-WI

Labor Force (thousands)

2,023.2

Monthly Change

+0.0%

Unemployment Rate

3.0%

Monthly Change

-0.4%

Minneapolis MSA Inflation

2.7%

Change since Jan 2024

+0.1%

National Inflation

3.5%

Data as of Mar 2024

Housing Inventory

Metric

Number

YoY Change

Sales Price

$375,000

+2.2%

Months Supply

2.0

+25.0%

Days on Market

17.0

+13.3%

Dollar Volume

$17.1B

-7.4%

Showings/Listing

5.7

-5.0%

Price/SF

$197

+2.1%

Data Based on 7-County MSP Metro: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington counties.

Dated April 2024

Source: InfoSparks

RATES AND STATS

Treasury Yield Curve

Date

1 Year

5 Year

10 Year

30 Year

5/10

5.17%

4.52%

4.50%

4.64%

5/3

5.12%

4.48%

4.50%

4.66%

Change

+0.05%

+0.04%

+0.00%

-0.02%

Status: Yield curve continues to be inverted

Source: Treasury.gov

SOFR

Date

Rate

5/9

5.31%

5/3

5.31%

Change

+0.00%

Source: New York Fed

FINANCIAL MARKETS

Stock Indexes

Index

Quote

5-Day Change

Dow Jones

39,513

+2.16%

S&P 500

5,223

+1.85%

Nasdaq

16,341

+1.14%

Consumer Rates

Index

Quote

YoY Change

Money Market

0.48%

-0.05%

5-Year CD

2.84%

+0.03%

30-Year Mortgage

7.54%

+0.54%

15-Year Mortgage

6.96%

+0.66%

5-Year ARM

6.69%

+0.96%

New-Car Loan

7.83%

+0.80%

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.

LinkedIn: @David-J-Wallace

Phone: (612) 524-9483

NOTICE

The content of this email is intended for the person or entity to which it is addressed only. This email may contain confidential information. If you are not the person to whom this message is addressed, you must not review, retransmit, print, copy, use or disseminate it. Please immediately notify us by return e-mail and delete it. If this e-mail contains a forwarded e-mail or is a reply to a prior email, the contents may not have been produced by the sender and therefore we are not responsible for its contents.

Data presented are deemed to be accurate, but not guaranteed. The information provided is not intended to replace or serve as a substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation, or service. The user of this information should consult with a professional in the respective legal, accounting, tax, or other professional area before making any decisions.