Across Hennepin County new home listings are down two percent so far this year, according to the Minneapolis Area Association of Realtors. But that's not the case in Maple Grove, where new listings are up 11.5 percent year to date compared to 2016.
"The majority of that increase in inventory, or new listings has come from new development coming from new construction," said Nick Johnson, a real estate agent with Keller Williams Realty. "There is more choices for buyers."
According to Johnson the median price of a house in Maple Grove is $270,000, which is right in the wheelhouse of potential buyers.
"We've got a shortage of supply there," Johnson said. "We've got plenty of buyers that are looking to get into that range."
Johnson encourages residents in properties below $400,000 to put their homes on the market now. Interest rates are also lower than 10 years ago, which is potential motivation for some residents to sell.
"There was a big boom in new construction 10 years ago in Maple Grove," Johnson said. "Some of those families are maturing, maybe seeing the opportunity to sell their home and move on."
Johnson also says there is an abundance of new high-end homes on the market.
"When we get above that $400,000 mark, Johnson said, "we have a lot of new construction that's feeding into the new listings."
Maple Grove's new home construction has clearly picked up, something that was bound to happen.
"Builders have been a little bit slower to get into the Maple Grove market than some of the markets like Plymouth to the south," Johnson said. "But we are starting to see some of that inventory catch up."
Eric Nelson, email@example.com