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Posted in: Market insights, New construction, Buying a home, Luxury homes

By the numbers - the Twin Cities new construction market

Twin Cities new construction market

After years of lagging, the Star Tribune reports that business is booming for home builders in Minnesota. Let the number speak for themselves - a recent report by Metrostudy showed that the supply of buildable lots in the seven-county Twin Cities metro area has fallen to pre-boom levels. This means that new construction could soon experience the same inventory shortage the rest of the market is facing.

Twin Cities home construction by the numbers:

  • In the second quarter of 2013, 1,730 homes were started in the seven-county Twin Cities metro. This is an increase of 54.3 percent over Q1, and a 46 percent jump over last year.
  • There were 2,765 new housing units in inventory at the end of June — this is an increase of 13 percent over last quarter. Of those units, 2,139 units are in construction, 395 are finished and vacant and 231 are model homes.
  • In the 13-county metro area, there are 22,882 vacant lots; this is a decrease of 12 percent from 2012.

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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.

Contingent and Pending statuses may not be available for all listings