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- Market Update - 5/17/2024
Market Update - 5/17/2024
David Wallace
May 20, 2024 • Estimated Reading Time: 7 minutes
RECENT TRANSACTIONS
420 E 73rd St
420 E 73rd St, Minneapolis, MN 55423
Image Source
Units | 11 |
Year of Construction | 1961 |
Sale Date | 5/10/2024 |
Price | $1,260,000 |
Price Per Unit | $114,545 |
eCRV ID |
Highview Manor
4650 Johnson Street Northeast, Minneapolis, MN 55421
Image Source
Units | 17 |
Year of Construction | 1968 |
Sale Date | 5/7/2024 |
Price | $1,853,000 |
Price Per Unit | $109,000 |
eCRV ID |
3124 12th Ave S
3124 12th Ave S, Minneapolis, MN 55407
Image Source
Units | 14 |
Year of Construction | 1928 |
Sale Date | 5/06/2024 |
Price | $1,500,000 |
Price Per Unit | $107,143 |
eCRV ID |
4Marq Apartments
400 South Marquette Avenue, Minneapolis, MN 55401
Image Source
Units | 261 |
Year of Construction | 2014 |
Sale Date | 5/14/2024 |
Price | $53,000,000 |
Price Per Unit | $203,065 |
eCRV ID |
ON MARKET
There are 119 listed multifamily properties on the market for a total of 2,720 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 | 53 | 35 | 15 | 16 |
Units | 316 | 448 | 469 | 1,487 |
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
First-Generation Homebuyer Loan Program Launches Today: Link
2024 Multifamily Consolidated RFP/2025 HTC Round 1 Application Dates: Link
Listings Rising Twice as Fast as Sales, but Buyer Demand Continues to Outpace Supply: Link
Developers Praise Court Ruling Restoring Minneapolis 2040 Plan: Link
Wiedner Buys Up 4Marq Apartments in $53 Million Deal: Link
Columbus Firm Pays $25M for Two Apartment Buildings: Link
Minnesota Housing Prices and Supply Increase: Link
TWIN CITIES ECONOMY
Minneapolis-St. Paul-Bloomington, MN-WI
Labor Force (thousands) | 2,023.2 |
Monthly Change | +0.00% |
Unemployment Rate | 3.0% |
Monthly Change | -0.3% |
Minneapolis MSA Inflation | 2.7% |
Change since Jan 2024 | +0.1% |
National Inflation | 3.5% |
Data as of Mar 2024
Source: U.S. Bureau of Labor Statistics
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 | -7.2% |
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 |
|---|---|---|---|---|
5/17 | 5.14% | 4.44% | 4.42% | 4.56% |
4/10 | 5.17% | 4.52% | 4.50% | 4.64% |
Change | -0.03% | -0.08% | -0.08% | -0.08% |
Status: Yield curve continues to be inverted
Source: Treasury.gov
Source: Wall Street Journal
SOFR
Date | Rate |
|---|---|
5/17 | 5.31% |
5/10 | 5.31% |
Change | +0.00% |
Source: New York Fed
FINANCIAL MARKETS
Stock Indexes
Index | Quote | 5-Day Change |
|---|---|---|
Dow Jones | 40,003 | +1.24% |
S&P 500 | 5,303 | +1.54% |
Nasdaq | 16,686 | +2.11% |
Source: Wall Street Journal
Consumer Rates
Index | Quote | YoY Change |
|---|---|---|
Money Market | 0.48% | -0.06% |
5-Year CD | 2.84% | +0.01% |
30-Year Mortgage | 7.47% | +0.30% |
15-Year Mortgage | 6.83% | +0.40% |
5-Year ARM | 6.65% | +0.84% |
New-Car Loan | 7.84% | +0.81% |
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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