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- Market Update - 5/24/2024
Market Update - 5/24/2024
David Wallace
May 27, 2024 • Estimated Reading Time: 7 minutes
RECENT TRANSACTIONS
1313 Como Ave SE
2103 Harriet Ave
326 Apartments
ON MARKET
There are 123 listed multifamily properties on the market for a total of 3,775 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 | 58 | 35 | 14 | 16 |
Units | 346 | 448 | 440 | 2,541 |
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: First half of 2024 property tax payments due May 15: LINK
Bloomington considers prevailing wage for city-assisted projects: LINK
Enclave plan for Edina Macy’s Furniture site clears planning commission: LINK
Northmarq merges with Oregon investment management group: LINK
Team Steady acquires eyesore at Franklin and Lyndale, looks to revitalize it: 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 | -0.3% |
Minneapolis MSA Inflation | 2.7% |
Change since Jan 2024 | +0.1% |
National Inflation | 3.5% |
Data as of April 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 |
|---|---|---|---|---|
5/24 | 5.21% | 4.53% | 4.46% | 4.57% |
5/17 | 5.14% | 4.44% | 4.42% | 4.56% |
Change | +0.07% | +0.09% | +0.04% | +0.01% |
Status: Yield curve continues to be inverted
Source: Treasury.gov
Source: Wall Street Journal
SOFR
Date | Rate |
|---|---|
5/23 | 5.31% |
5/17 | 5.31% |
Change | +0.00% |
Source: New York Fed
FINANCIAL MARKETS
Stock Indexes
Index | Quote | 5-Day Change |
|---|---|---|
Dow Jones | 39,070 | -2.33% |
S&P 500 | 5,305 | +0.03% |
Nasdaq | 16,921 | +1.14% |
Source: Wall Street Journal
Consumer Rates
Index | Quote | YoY Change |
|---|---|---|
Money Market | 0.51% | -0.02% |
5-Year CD | 2.87% | +0.03% |
30-Year Mortgage | 7.57% | +0.30% |
15-Year Mortgage | 6.92% | +0.27% |
5-Year ARM | 6.65% | +0.68% |
New-Car Loan | 7.83% | +0.82% |
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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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.
