Posted in: Buying a home, New construction

Lots are scarce in Minnesota, but buyers can find newly built homes

Minnesota home building lots scarce

Homebuyer demand is strong in the Twin Cities, and as a result, builders are doing what they can to keep up.

As of September 2013, single family housing construction was up 33 percent in the Twin Cities over 2012, according to Metrostudy. Of the 2,736 units started by September 2013, 75 percent are still under construction.

"We will likely end 2013 up right around 6,000 new home starts, 30 percent higher than 2012 and twice the amount from 2011," said Ryan Jones, director of Metrostudy's Twin Cities market.

What does this mean for buyers?

As existing inventory continues to sag, new construction is becoming more and more appealing to eager buyers. Buyers can expect high competition if they are looking to build, but may find that newly built homes are available in their price range come spring.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings