Page 1

The

Report

LOCAL

hidden gems

HOT

food + libation spots

REAL

ESTATE

market snapshots Community

GIVING

BACK

HOME

green living


©Spacecrafting


WELCOME

to the premiere of The BRIX Report.

From market reports to our favorite restaurants to green living tips, we have curated a collection of interesting and entertaining articles. MARKET ANALYSIS: IT’S ALL ABOUT SUPPLY AND DEMAND The Twin Cities has been a "seller's market" for the past several years. The term "seller's market" refers to low inventory coupled with high buyer demand. When the inventory is low, the laws of supply and demand dictate that prices will rise. This means multiple offers on many listings, which frequently results in sale prices that are well above the original asking price. At BRIX Real Estate, we believe that home prices will continue to rise with the seasonal push of the Spring market and then stabilize in the second half of 2017. LIFE IS GOOD IN THE TWIN CITIES In this issue we explore some of the neighborhoods, restaurants and near-by getaway destinations that make living in the Twin Cities a vibrant experience. We also found some fabulous hidden gems that local residents treasure. We are passionate about sustainable living, and so we share great ideas for eco-friendly home design and decor. We can all enjoy a wonderful quality of life and improve our environment by making great choices. Finally, we want to share our community with you. At BRIX, we all volunteer at local organizations and give back to the communities that give so much to us, so we’ve shared a list of some of our favorites.

Danny Dietl

Adam Duckwall


table of CONTENTS

04 GETAWAYS HIDDEN GEMS

08

GREEN LIVING FOOD + DRINK GIVING BACK

20

SOMMELIER SPOTLIGHT

22

BRIX EVENTS

26

LOCAL MARKET SNAPSHOTS


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PACK

your bags and go

WORK + PLAY IN ONE DAY If your company is looking for a scenic work retreat, head to Sugar Lake Lodge and spend a few days at the Leadership Lodge. Their iconic Adirondack chair - aka The Smart Chair - provides the ideal environment for those “aha!” moments. No better place to jumpstart creativity and revive your work spirit.

Whether it’s for a special occasion or a last-minute trip, the Twin Cities is within driving distance from some of the Midwest’s best getaways. Venture to a place with no cell service or live it up in a downtown hotel to refresh and recharge.


The BRIX Report | getaways | 5

EMBRACE THE SMALL TOWN LIFE

Less than 30 miles from downtown Minneapolis, Stillwater is located along the St. Croix River and is known as the birthplace of Minnesota. It’s a great place for foodies, wine aficionados, cyclists, history buffs and ski bunnies. With its endless charm and four seasons activities, this nearby town is a blast from the past worth visiting.

Hewing Hotel

Grand Marais

PARADISE FOR OUTDOOR ENTHUSIASTS

UNWIND, UNPLUG AND DISCONNECT

In quintessential North Woods Wisconsin, sits Bucktail Lodge. Fishing, hunting, snowmobiling and hiking make it an ideal oasis for any outdoor enthusiast looking for a no-frills escape from city living.

The scenic Grand Marais is perfect for a romantic getaway with your better half. With a chance to catch a glimpse of the Northern Lights along the shores of Lake Superior, Grand Marais has loads to offer each season of the year and has been named America’s Coolest Small Town.

Hewing Hotel

STAY HOME (KIND OF) Need a vacation, but don’t want the stress of leaving the city? Check out the Hewing Hotel. Located in the North Loop neighborhood, it’s Midwestern chic at its finest. Make sure to order an Old Fashioned at the bar - one of the best in the city!


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HIDDEN GEMS

Throughout the area, tourists and locals alike venture to the hottest spots for drinks, afternoon walks and more. And then there are the hidden gems that only the most in the know visit quietly and regularly.

MINNEHAHA OFF-LEASH DOG PARK

When your dog needs some freedom and you need to take in some fresh air, head to the Minnehaha Off-Leash Dog Park. With over six acres, the dog park features seven designated ‘leash-free’ zones.

HIDDEN BEACH

Although it’s not so hidden anymore, Hidden Beach is still one of the best places to unwind and catch some sun during the summer months. Follow the winding paths to the shoreline of Cedar Lake to find this local hideaway where adults, kids and four-legged friends are welcome.


The BRIX Report | hidden gems | 7

HUNT AND GATHER

If your idea of a good time is sifting through vintage goods and someone else’s ‘junk,’ Hunt and Gather is the place to go. Records, textiles, jewelry, furniture and much more can be dug up in this one-of-a-kind shop.

Hunt and Gather

Hidden Beach

VOLSTEAD HOUSE

It’s such a blast from the past you may just think you’ve stepped into a time machine. Volstead House is a modern take on the 1920s speakeasy and whiskey bar. Serving up cocktails from the 1800s and early 1900s, this bar is classically cool and sleek with modern bar food and a cozy interior.


INCORPORATE

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SOME GREEN INTO YOUR HOME

Green. It’s not only the 2017 Pantone color of the year, but it’s also a consistent hot topic for homeowners. Years ago, eco-friendly home design and decor options were limited, but things have changed thanks to companies, designers and builders who have joined the movement to create ideas that are not only sustainable, but also pleasing to the eye. Here is a quick rundown of some of our favorites.


The BRIX Report | green living | 9

LIVEN UP YOUR WALLS Want to add style to a wall without paint or wallpaper? Cork is the way to go. It’s not only a sustainable material, but is functional too! Ditch picture frames and start pinning away with help from Cali Bamboo.

LIGHTEN UP FLUXO is the first smart lamp that allows you to ‘paint your light.’ From its app, move your fingers on a phone or tablet and select where you want light and how bright you want it.


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RECYCLE EXPERIENCES Have empty bottles of wine that bring back good memories or cleverly designed beer bottles? Don’t throw them into the recycling bin. Integrate them into your kitchen countertop materials. Dakota Surfaces can help!


The BRIX Report | green living | 11

WATCH YOUR STEP Skip boring tile and look into cork, bamboo or reclaimed wood flooring. They all are eco-friendly, eliminate waste and add a unique aesthetic to any home. Check out Sustainable Flooring.

FIND YOUR INNER GARDENER Tired of paying for veggies? Grow your own. OPCOM Farm indoor gardening systems are gaining massive popularity. Don’t worry about space (they fit on a kitchen table), pests or weather with this innovative approach to gardening.


LOC AL

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food + libation spots

The food and beverage scene in Minneapolis-St. Paul is thriving, and we’re reaping the benefits. From sweet treats to delicious brews, the metro area offers cuisine to please every palate. Check out a few of our favorites.


The BRIX Report | food + drink | 13

LYN 65 With a rotating, seasonal menu with locally sourced ingredients, Lyn 65 is known for its fried chicken sandwich and newly opened patio that’s a sure hit during the summer months. Keep an eye out for the opening of their Mexican restaurant this year. Insider tip: Don’t worry about ordering dessert. Everyone gets a complimentary ice cream cone!

WORLD STREET KITCHEN WSK is the bright and fun brainchild of brothers Sameh and Saed Wadi that was built from the popularity of their WSK food truck. Featuring flavors from across the globe, the restaurant serves popular staples, specials and cocktails in one friendly spot. Insider tip: Happy hour! Try out the Surly seasonal for $3 and pickle plate for $1.50!

MILKJAM CREAMERY One late afternoon, Sameh and Saed Wadi talked business—about a cooler space for WSK. After bouncing around some ideas off one another, Milkjam Creamery was born. There’s a constantly rotating list of innovative flavors and at least six vegan flavors—from the creamiest vegan chocolates to refreshing fruity sorbets. Insider tip: Try out their ‘adult floats!’


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LAKE & IRVING You’ll find a large selection of craft beers and a modern take on pub cuisine via a convergence of American, European and Asian cooking blended with Midwest comfort food. Owner and executive chef Chris Ikeda has found a way to blend a neighborhood vibe with outstanding food at Lake & Irving. Insider tip: For brunch, order the chicken and waffles and pair with the seasonal beer syrup!

NUTMEG BREWHOUSE It’s no surprise Nutmeg is ramping up to open another location in Arden Hills this year and has gained the attention of craft beer lovers around the country. Check out their rotating beer menu and their unrivaled burger. Insider Tip: Tuesday’s are New Cask Release days. Guests can submit requests for beers/beer names that they would like to try and our brewers will pick one weekly to make.

RED COW + RED RABBIT Whether you’re looking for an award-winning burger or perfectly crafted Italian food, the team behind the Red Cow and Red Rabbit outposts knows how to make your mouth water. Both restaurants are locally, family owned (lived in St. Louis Park their entire lives!). Besides having amazing food options, both restaurants strive to be the best program in town, with a massive number of craft beer. They also have wine preservation systems that allow them to pour 30+ very good wines by the glass. Red Cow Insider Tip: Order the Double Barrel Burger. Red Rabbit Insider Tip: Get the Bolognese Pappardelle. All pasta is made in-house!


The BRIX Report | food + drink | 15

Lake & Irving


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CONNECT with the community

A community with strong non-profit organizations is one with a strong connection to its residents. All throughout the Twin Cities, these groups are improving lives and providing opportunity. If you’re interested in giving back, these wonderful organizations could use your help!

1

2


The BRIX Report | giving back | 17

3 1

UNITED HEROES

LEAGUE

Providing more than $3 million in sports games tickets, equipment and training to military kids throughout the nation, UHL helps military kids stay healthy and happy. What you can do to help: donate equipment, offer training or help at events.

2

COOKIE CART

Teens are provided with real-life work experience at the Cookie Cart, take part in the 360-degree program that prepares them to apply and secure jobs and attend financial literacy classes. What volunteers do: help teens in the kitchen baking or present valuable information in the form of a workshop for teens.

4

3

CAN DO CANINES

The New Hope charity provides programs for disabled residents who are in need of a trained dog to provide them with support. The charity adopts homeless dogs from shelters, trains them and pairs them with loving homes that are in need. You can help by fostering dogs or donating a dog!

VEAP

VEAP provides community members with access to healthy foods, positive resources for youth and transportation for low-income seniors. They distributed 3.5 million pounds of food in 2015, 4,000 rides home from the food pantry, 4,194-weekend food packets with students and 8,045 rides for low-income seniors. How you can help: volunteer to drive or donate food.


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The BRIX Report | sommelier spotlight | 19

SOMMELIER SPOTLIGHT:

tips for expanding your wine knowledge in 2017 Getting “into” wine can be a lot of fun, but it can also be overwhelming if you start getting bogged down by the nuances. To help out, we reached out to our good friend Taylor Stein.

COMMON QUESTIONS One of the most common questions I get asked about when people find out that I am in the wine business is “what wines should I be drinking?” My initial answer is to treat wine like you treat food and to drink what tastes good to you.

He’s been in the wine business for 15 years, is a certified sommelier, COMMON CHALLENGES One of the problems is we and works for The Wine Company - mainly have been eating food our entire lives and are very in specializing in working touch with what we enjoy with restaurants. We eating. No one has been asked Taylor to share drinking wine their entire lives, and with thousands of some expert tips with options and grapes you can’t those who are looking pronounce it can take some to expand their palettes time to get comfortable with and knowledge. identifying the wines you like. Here’s what he had to share…

You can also rack up quite a bill buying wine just trying to find the right one.


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THE SOLUTION

RIOJA

So, here are two wine regions to pay attention to, as they are great for beginners and advanced wine drinkers. I always tell people if you walk into just about any liquor store hoping to spend $9-$15 on a bottle head to the French section of the store and get a bottle from the Rhone Valley or the Spanish section and get a bottle from Rioja. Both regions produce great red and white wines, but I like to focus on the reds, as there are more options there.

Rioja in Spain produces some of my favorite wines in the world. Tempranillo is main grape used in Rioja. Riojas are great for people who like a little fuller bodied wines, but don’t want something to heavy. Unfortunately with wine it’s not always a slamdunk that the more you spend on a bottle the more you enjoy it. Rioja is an exception to that rule. There are four classifications: rioja ($7-$10/ btl), Crianza ($10-$20), reserva ($20-$45) and gran reserva ($50-$80).

THE RHONE VALLEY The Rhone Valley has many different regions and great wines at varying price points, but for the pure value, it’s hard to beat the Cote du Rhone. The reds are typically Syrah or Grenache-based blends, and they are great wines with food or great for crowd-pleasing at a party. For Pinot Noir drinkers looking for something with slightly more body, a red from the Cote du Rhone is great.

As you move through the classifications you will notice the difference in quality. I also really enjoy wine with some age on it and many producers of reserva and gran reserva will only release their wines when they are ready to drink, so don’t be alarmed when you see a vintage on a list or in a store that’s over 8-10 years old.

Cheers to exploring new bottles in 2017!


The BRIX Report | sommelier spotlight | 21


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BRIX events

Here at BRIX, we’re big fans of celebrating those who make what we do possible, and what better way to do that than to throw parties! This year we held two events and were surrounded by friends and clients who we are grateful for every day. Stay tuned in 2017, as we’ll be sharing more information about our ‘cannot be missed’ BRIX Client Appreciation Events. In the meantime, here are some highlights from 2016. MARCH 2016 What better place to host our first Client Appreciation Party than at Surly Brewery! Besides having outstanding beer, we love the Surly story. Did you know they actually rallied enough support to get the law overruled that said production facilities couldn’t sell their beer at their own brewery? Yep! It was a beyond fun evening with clients and friends. We talked, laughed, ate good food and drank excellent beer. Thank you to everyone who came out to our first event!


The BRIX Report | BRIX events | 23


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SEPTEMBER 2016 A boxing gym filled with over 300 of our favorite people and food and drink catered by one of our favorite restaurants - Lyn 65 and Wyn 65 - made for a wonderful night of great music and ping pong fun. We can’t think of any other way we would have wanted to spend a Saturday night than showing our clients gratitude over fried chicken, fried yams with sriracha maple and Old Fashioneds.


The BRIX Report | BRIX events | 25


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BRIX MARKET

SNAPSHOTS:

What do the numbers mean?

When we analyze a market, we want to understand why home prices are going up or down, how fast a home will likely sell, and what home buyers are snapping up or skipping over. Consumers today are awash in data on the housing market, and that data is often inexplicable and even contradictory. We’re in the business of giving advice to our clients and we want that advice to be based on all the facts at our command. The Market Snapshots in The BRIX Report compare the data from 2016 to 2015 and uses these key market indicators:

TOTAL SALES This is a count of the actual sales that have closed in a given year. Calculations are based on sold data from the Northstar Multiple Listing Service and do not include off-market transactions. A decrease in Total Sales doesn’t necessarily mean that the market is declining, because if the Inventory is low there may simply not be enough houses to meet buyer demand. An increase in Total Sales from one year to the next may reflect a variety of conditions, such as the opening of a major new subdivision or condo building, or a dramatic change in interest rates.


The BRIX Report | market snapshots | 27

MEDIAN SALES PRICE Median represents the point at which half of the homes that sold in a given year were priced higher and half were priced lower. Calculations are based on Sold data and the prices do not account for seller concessions (e.g. a closing cost credit). We don’t use Average Sales Price because even just a small number of very high or very low priced transactions can distort our understanding of the market. A year-to-year decrease or increase in Median Sales Price needs to be carefully analyzed. In a market with a relatively small number of sales, it may mean that a number of much lower or much higher priced homes were sold in this year compared to the previous year.

DAYS ON MARKET This is the median number of days from the listing date to the day that the listing broker reports in the MLS that the seller has accepted a contract for purchase. We show Median Days on Market, which represents the point at which half the homes went under contract in fewer days and half went under contract in more days. When the total number of Days on Market decreases from one year to the next, this indicates that it is a “seller’s market” because buyers are quickly going under contract on homes. Homes at the upper end of the price range in nearly all communities have longer Days on Market, simply because there are fewer buyers of more expensive homes.

MONTHS INVENTORY We show this as the active inventory of homes for sale versus the previous twelve months of homes reported as Under Contract. Think of it this way: if the Months Inventory is two months, this means that at the rate of sales of the previous 12 months, the available number of houses for sale would be sold out in two months. A low Months Inventory shows that houses are selling quickly. There are fewer buyers for higher priced homes, so the higher end market usually has a greater Months Inventory.


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APPLE VALLEY Named one of the best places to live in the U.S. by Money Magazine on four separate occasions, over 50,000 people call Apple Valley home. Apple Valley boasts a great park system, recreational areas and the famous Minnesota Zoo. Properties sold in 2016 were just about evenly split between single family homes and townhomes/condos. Home buyers face tight inventory and many homes are on the market for less than a month.

2016

28 MEDIAN DAYS ON MARKET

22.2%

1,137 SOLD HOMES

$229,900 MEDIAN SALES PRICE

2.2%

1.9 MONTHS INVENTORY

32.1%

2017 PREDICTION High buyer demand will outstrip inventory; prices will slightly rise and market time will decrease.

16.1%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 29

BLOOMINGTON With 85,000 residents, Bloomington is Minnesota's fourth-largest city, quite a distinction for a community that is just 10 miles south of Minneapolis. Bloomington is home to the Mall of the Americas, and also serves as corporate headquarters or operations center for many successful companies. Home buyers are drawn to Bloomington by it’s affordable home prices and and range of property types. Sellers enjoy market times of less than one month and multiple offers on their homes.

2016

27 MEDIAN DAYS ON MARKET

20.6%

1,294 SOLD HOMES

$232,000 MEDIAN SALES PRICE

6.4%

1.7 MONTHS INVENTORY

32%

2017 PREDICTION Inventory will continue to be highly constrained; prices and sales will increase.

0.5%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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BURNSVILLE Burnsville is a southern suburb that offers easy access to both St. Paul and Minneapolis. Its numerous shopping and entertainment attractions have helped attract nearly 60,000 residents. The total number of property sales and the median sales price increased nearly 6% in 2016. Sales were split 50/50 between single family homes and townhomes and condos. Homes are affordable in Burnsville, and stay on the market just over one month, so buyers need to move quickly when they see the perfect home.

2016

35 MEDIAN DAYS ON MARKET NO CHANGE

1,040 SOLD HOMES

$234,950 MEDIAN SALES PRICE

5.8%

2.1 MONTHS INVENTORY

27.6%

2017 PREDICTION The number of closed sales will remain stable, prices and available inventory will slightly increase.

5.7%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 31

EDINA Edina is an affluent, close-in suburban city located just southwest of Minneapolis, with median family income and home prices well above the state norm. The real estate market showed strong performance in 2016 despite the relatively low available inventory. About 70% of the homes sold in 2016 were single family and 30% were townhomes and condos. In 2016 the median sales price of all homes increased nearly 10% to $436,000. Higher-end new construction pushed the price of single family homes to an average sold price of $540,000.

2016

47 MEDIAN DAYS ON MARKET

16.1%

1,004 SOLD HOMES

$436,430 MEDIAN SALES PRICE

9.9%

4.0 MONTHS INVENTORY

14.9%

2017 PREDICTION Inventory will decrease for mid-price homes and increase for upper-end homes.

NO CHANGE

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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GOLDEN VALLEY The 20,000 residents of Golden Valley enjoy urban style combined with suburban tranquility. Major employers such as General Mills, Tennant, Honeywell, and United Health contribute to a healthy economic base which, in turn, supports investment in parks and recreation areas. Despite a decrease in the number of homes for sale, closed sales increased 9% and prices increased nearly 10%. 83% of homes sold were single family and 17% were townhomes and condos.

2016

36 MEDIAN DAYS ON MARKET

23.4%

456 SOLD HOMES

$290.650 MEDIAN SALES PRICE

9.7%

2.6 MONTHS INVENTORY

29.7%

2017 PREDICTION Slight increase in home prices, inventory, days on market and closed sales.

9.4%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 33

LAKE MINNETONKA The Lake Minnetonka area includes the towns of Minnetrista, Mound, Shorewood, Deephaven, Wayzata and Orono, plus a half dozen smaller towns. This area is known for its great natural beauty and protection of woodland, lake, and wildlife spaces. Many homes are located on large properties with beautiful views of parks, open spaces, and of course, Lake Minnetonka. This area has one of the highest median home prices in the Twin Cities. Homes sell, on average, in about two months, which is a decrease of nearly 12% in 2016.

2016

68 MEDIAN DAYS ON MARKET

11.7%

1,100 SOLD HOMES

$400,000 MEDIAN SALES PRICE

1.3%

5.5 MONTHS INVENTORY

21.4%

2017 PREDICTION Slight increase in home prices, inventory, days on market and closed sales.

7.7%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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LAKEVILLE Lakeville is a suburb about 20 miles south of both downtown Minneapolis and downtown St. Paul. Lakeville is one of the fastest-growing cities in the Twin Cities and is home to 55,000 people. About 70% of the homes sold in 2016 were single family homes, and of those, about 20% were new construction. Homes in Lakeville stay on the market for just about a month so buyers must move quickly when they see the home they want.

2016

31 MEDIAN DAYS ON MARKET

24.4%

1,349 SOLD HOMES

$322,732 MEDIAN SALES PRICE

2.7%

3.1 MONTHS INVENTORY

13.9%

2017 PREDICTION The number of closed sales will slightly increase, including the number of new construction homes.

16.6%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 35

MAHTOMEDI Mahtomedi is a quiet and peaceful enclave of homes located about 15 miles north of St. Paul. After experiencing significant increases in 2015 in the number of homes sold and median prices, the market eased in 2016, with a 15% drop in closed sales and a 5.6% drop in median price. The total number of homes available for sale decreased in 2016, which shows in the drop in inventory and the total number of days in market. In 2017, homebuyers who wish to live in a small community located on a beautiful lake will continue to seek out homes in Mahtomedi.

2016

40 MEDIAN DAYS ON MARKET

36.5%

118 SOLD HOMES

$306,910 MEDIAN SALES PRICE

5.6%

3.5 MONTHS INVENTORY

7.9%

2017 PREDICTION Home prices and the total number of sales will remain stable.

15.1%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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MAPLE GROVE Maple Grove is a rapidly growing community of 68,000 people and was named in 2014 as the second best place in the US to live by Money magazine. Maple Grove is home to more retail than nearly any other city in the state, second only to Bloomington. About 60% of the 1,462 homes sold in 2016 were single family homes and 40% were townhomes and condos. Market time is short - homes sell in just about a month and buyers scramble in a market that had a 26% decrease in homes available for sale in 2016.

2016

33 MEDIAN DAYS ON MARKET

17.5%

1,462 SOLD HOMES

$292,807 MEDIAN SALES PRICE

3.7%

2.2 MONTHS INVENTORY

26.7%

2017 PREDICTION High buyer demand will outstrip inventory; prices will slightly rise

5.3%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 37

MENDOTA HEIGHTS Mendota Heights is sometimes called the best-kept secret in the Twin Cities because it provides the feel of the country and all of the amenities of urban life. Mendota Heights is located in the first-ring of the southern suburbs of the Twin Cities. Mendota Heights has preserved an abundance of parks and open spaces and encourages spacious residential development. Housing turnover -- just over 200 homes sold in 2016 -- is low in this community of 11,000 people.

2016

46 MEDIAN DAYS ON MARKET

8.0%

202 SOLD HOMES

$360,000 MEDIAN SALES PRICE

6.0%

3.7 MONTHS INVENTORY

7.5%

2017 PREDICTION Month’s supply will slightly decrease and sales prices will slightly increase.

7.4%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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MINNEAPOLIS Townhouses + Condos Driven by a strong economy and low unemployment, the Minneapolis real estate market has grown more rapidly since the recession than other cities of similar size. The townhouse and condo market in Minneapolis was a banner year for sales in 2016. The total number of sales increased by 9% and the median sales price increased, while the time that a property was on the market decreased dramatically to 32 days. Perhaps most significant is that the total month supply of homes dropped nearly 18% to 2.3 months. Sellers of well-priced homes in top condition often went under contract in just days after receiving multiple offers.

2016 32 MEDIAN DAYS ON MARKET

22.0%

1447 SOLD HOMES

$235,500 MEDIAN SALES PRICE

4.4%

2.3 MONTHS INVENTORY

17.9%

2017 PREDICTION Restrictions on development will constrain inventory. Rising demand will drive prices up at all price points.

8.9% Data represents 2015 compared to 2016. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 39

MINNEAPOLIS Single Family Homes 2016 was clearly “the year of the seller” in the Minneapolis housing market. Due to a thriving local economy and favorable mortgage rates, the sale of existing single family homes set new records for price, time on market, and months of inventory. Buyer demand exceeded supply and so the total number of sales decreased in 2016. Buyers had to scramble when a new listing came on the market as homes went under contract in just a few weeks, often with multiple offers. We expect healthy appreciation.

2016 24 MEDIAN DAYS ON MARKET

27.3%

4255 SOLD HOMES

$229,900 MEDIAN SALES PRICE

5.5%

1.9 MONTHS INVENTORY

26.9%

2017 PREDICTION Buyer demand will remain high while inventory remain tight. Prices will rise slightly.

2.1% Data represents 2015 compared to 2016. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. ©2017 BRIX Real Estate.


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MINNETONKA Located just eight miles west of Minneapolis, Minnetonka is a fully developed suburban community of just over 51,000 residents. Minnetonka is a wonderful place to live with a range of housing opportunities and charming neighborhoods. The split between single family and townhome/condos is about 60/40. Single family homes sold for an average of $386,000 in 2016, and townhomes/comdos sold for an average of $186,000. All properties sold in about a month on the market.

2016

38 MEDIAN DAYS ON MARKET

17.4%

1017 SOLD HOMES

$307,500 MEDIAN SALES PRICE

5.6%

3.0 MONTHS INVENTORY

26.8%

2017 PREDICTION The number of homes for sale remains constrained and the total number of homes sold will remain flat.

14.5%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 41

OAKDALE Oakdale is a suburb of Saint Paul and is located on the eastern side of the Twin Cities. Homes in Oakdale are affordable for the Twin Cities area and sell quickly, in an average of just 28 days. About two-thirds of the properties sold were single family homes and one-third were townhomes and condos. Single family homes were built during the area’s suburban expansion in the 1980s and 1990s.

2016

28 MEDIAN DAYS ON MARKET

17.6%

553 SOLD HOMES

$210,250 MEDIAN SALES PRICE

11.3%

1.8 MONTHS INVENTORY

21.7%

2017 PREDICTION Prices will trend up as inventory is constrained and days on market remains low.

19.2%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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PLYMOUTH Plymouth is regularly recognized as one of the best places to live in the US. The 75,000 residents enjoy beautiful trails, parks, lakes, and open spaces. Nearly 1,000 single family homes sold in 2016 for an average of $405,000; 20% of these were new construction. 521 townhomes and condos sold for an average of $201,000. Months Inventory in both categories was under 3 months. Homes in Plymouth stay on the market for just 36 days so buyers must act fast when they see a home they love.

2016

36 MEDIAN DAYS ON MARKET

10.0%

1509 SOLD HOMES

$325,000 MEDIAN SALES PRICE

1.6%

2.8 MONTHS INVENTORY

22.2%

2017 PREDICTION Sales prices will remain stable while the total number of homes sold will slightly rise.

7.6%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 43

RICHFIELD Even though Richfield a first-ring suburb only 10 minutes from downtown Minneapolis, it retains a small town flavor and strong community spirit. Friendly residential neighborhoods offer great choices for affordable housing with ramblers, charming bungalows, and traditional colonial two-story homes. Home buyers in Richfield must act quickly: in 2016, homes sold in an average of just 20 days and the available inventory dropped to just over 1 month.

2016

20 MEDIAN DAYS ON MARKET

28.6%

624 SOLD HOMES

$221,625 MEDIAN SALES PRICE

8.1%

1.3 MONTHS INVENTORY

31.6%

2017 PREDICTION Number of sales and prices will remain stable; inventory will be highly constrained.

11.4%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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ROBBINSDALE Robbinsdale is a city of about 14,000 people located next to the northwest corner of Minneapolis. The City is over 100 years old and has maintained its small town feel. Only about 10% of the housing is townhomes or condos. At a median price of $185,000 the homes in Robbinsdale are among the most affordable in the Twin Cities area. This shows in 2016’s very low inventory of 1.7 months, a 37% decrease since 2015.

2016

32 MEDIAN DAYS ON MARKET

25.6%

332 SOLD HOMES

$185,000 MEDIAN SALES PRICE

5.7%

1.7 MONTHS INVENTORY

37.0%

2017 PREDICTION Historically low inventory will contribute to the number of home sales remaining flat.

2.8%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 45

ROSEVILLE Roseville is a suburban community of 33,660, located north of Minneapolis / St. Paul and is a short commute to either downtown area. Roseville’s established neighborhoods are about 56% single family homes and 44% townhomes, condos, and multi-family units. Roseville’s two school districts are consistently rated among the top in the state. Roseville continues to be a strong seller’s market with an average of only 2.3 months of inventory in 2016.

2016

32 MEDIAN DAYS ON MARKET

15.8%

516 SOLD HOMES

$225,213 MEDIAN SALES PRICE

4.7%

2.3 MONTHS INVENTORY

25.8%

2017 PREDICTION The supply of homes will continue to be very limited and prices will slightly increase.

6.6%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. ©2017 BRIX Real Estate.


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SHOREVIEW Shoreview is community of 26,000 residents who are committed to protecting the natural environment of 11 lakes, 1,400 acres of natural open spaces and an award-winning park system. Shoreview is known for it’s affordable houses, small town charm and the two public high schools which are rated in the top 10% in the US by Newsweek magazine. The total number of homes sold in Shoreview in 2016 dropped due to a constrained supply with more buyers than sellers.

2016

53 MEDIAN DAYS ON MARKET

17.2%

469 SOLD HOMES

$221,250 MEDIAN SALES PRICE

6.6%

1.9 MONTHS INVENTORY

29.6%

2017 PREDICTION The supply of homes will continue to be very limited and prices will slightly increase.

2.7%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 47

ST. ANTHONY St. Anthony, known as "The Village," is a suburban city only five miles northeast of both downtown Minneapolis and downtown St. Paul. With it’s shops, restaurants, and artist’s community the Village has retained a quaint flavor that separates it from the larger metropolitan areas. The Village of St. Anthony experienced a true seller's market in 2016. The total number of closed home sales dropped by nearly 25% in 2016 and prices declined slightly.

2016

40 MEDIAN DAYS ON MARKET

37.9%

118 SOLD HOMES

$240,000 MEDIAN SALES PRICE

3.4%

1.9 MONTHS INVENTORY

29.6%

2017 PREDICTION Very limited supply will cause the number of home sold to remain stable; prices will slightly increase.

23.4%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. ©2017 BRIX Real Estate.


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ST. PAUL Townhouses + Condos The condo and townhouse real estate market was quite stable in 2016. Despite high buyer demand, total sales decreased slightly in 2016. The inventory of townhouses and condos for sale dropped over 30% which helped feed the increase in median price by 6%. Home buyers looking for the advantages of maintenance-free living in St. Paul need to move quickly when a property comes on the market. Home sellers can expect their properties to be sold in just under a month and a half, but properties in great condition and competitively priced will sell in just a few days with multiple offers, and often over list price.

2016 44 MEDIAN DAYS ON MARKET

31.3%

546 SOLD HOMES

$178,000 MEDIAN SALES PRICE

6.6%

3.0 MONTHS INVENTORY

31.8%

2017 PREDICTION Prices will trend up as inventory is constrained and days on market remains low.

2.3% Data represents 2015 compared to 2016. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 49

ST. PAUL Single Family St. Paul, long considered the quieter and more culturally diverse of the Twin Cities, saw a record-breaking year in real estate sales. The story of real estate in St. Paul continues to be one of inventory. The number of single family homes for sale in St. Paul dropped 23% in 2016, which has led to a historically low market time of just 29 days. Despite the restricted inventory both the total number of sales and the median price increased in 2016 proving that buyer demand is high. 2016 saw an increase in the number of tear-down purchases and higher-end new construction homes built on those lots.

2016 29 MEDIAN DAYS ON MARKET

23.7%

3,348

SOLD HOMES

$180,147 MEDIAN SALES PRICE

6.7%

2.3 MONTHS INVENTORY

23.3%

2017 PREDICTION Extremely limited inventory will cause prices to rise, driving most listings into multiple offer.

7.3% Data represents 2015 compared to 2016. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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ST. LOUIS PARK St. Louis Park is close to everything: lakes, work, downtown. It has all the benefits of big city living, without the hassles. Home prices and home sales increased slightly in 2016 despite constrained inventory. The total days on market decreased by 34% in 2016, showing that buyers must act quickly when they find a house they like.

2016

25 MEDIAN DAYS ON MARKET

34.2%

1007 SOLD HOMES

245,000 MEDIAN SALES PRICE

2.5%

1.8 MONTHS INVENTORY

30.8%

2017 PREDICTION Home buyers will continue to seek homes to renovate; prices will increase.

4.5%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 51

STILLWATER Incorporated in 1854, Stillwater is a well-established, dynamic, growing community with a population of about 18,000 residents. Located about 20 miles east of downtown St. Paul, Stillwater offers the advantages of living near the Twin Cities plus a wide variety of recreation opportunities. Housing prices continued to increase in 2016 as the total supply of homes dropped by 17% to just 3 months of inventory.

2016

48 MEDIAN DAYS ON MARKET

12.7%

402 SOLD HOMES

$287,000 MEDIAN SALES PRICE

11.9%

3.3 MONTHS INVENTORY

17.5%

2017 PREDICTION Sales prices will slightly increase, while prices and inventory will remain stable.

1.2%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


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VADNAIS HEIGHTS Vadnais Heights sits between the Twin Cities' east metro area and western Wisconsin at the intersection of three interstate highways. Vadnais Heights offers a wide range of housing: starter homes, executive housing, condos and townhomes for maintenance-free living, and an active-senior living community. Vadnais Heights offers great choices for outdoor activities with well-maintained parks and a growing network of trails that offer recreational enjoyment.

2016

33

$214,550

2.2

MEDIAN DAYS ON MARKET

MEDIAN SALES PRICE

MONTHS INVENTORY

25.0%

11.8%

24.1%

212 SOLD HOMES

2017 PREDICTION Inventory, time on market, and the number of closed sales will remain stable, prices will slightly rise.

1.0%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


The BRIX Report | market snapshots | 53

WHITE BEAR LAKE White Bear Lake is located approximately 20 miles from the Minneapolis/ St. Paul Airport and has a population of about 25,000. White Bear Lake has a distinct, small-town character, and offers some of the most affordable housing in the Twin Cities area with an average sales price of $221,000 for single family homes. About 80% of the homes sold in 2016 were single family and 20% were townhomes or condos. Homes sold quickly in an average of just 24 days.

2016

24 MEDIAN DAYS ON MARKET

29.4%

396 SOLD HOMES

$215,550 MEDIAN SALES PRICE

8.6%

1.7 MONTHS INVENTORY

37.0%

2017 PREDICTION Historically low inventory will contribute to the number of home sales remaining flat.

NO CHANGE

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Š2017 BRIX Real Estate.


54 | brixtwincities.com

WOODBURY Woodbury continues to be one of the fastest growing communities in the Twin Cities. Woodbury has been recognized in “Best Places to Live” (Money Magazine), “Best Places to Raise your Kids” (Business Week), and “Best Places to Move in the U.S.” (Forbes online). Woodbury showed continued strength in 2016 with 1,539 properties sold and a 2.0% increase in sales price. Woodbury is popular with new home buyers as more than 10% of all sales were in new construction developments.

2016

31 MEDIAN DAYS ON MARKET

22.5%

1539 SOLD HOMES

$294,500 MEDIAN SALES PRICE

2.0%

2.5 MONTHS INVENTORY

13.8%

2017 PREDICTION Inventory will be tight and prices will rise, more new construction will be available.

11.7%

Data represents 2015 compared to 2016 and represents all properties types, including single family homes, townhouses and condos. Source of all data is the Minneapolis Area Association of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. ©2017 BRIX Real Estate.


We understand that buying or selling a home is a life-changing experience. That’s why our team of highly-seasoned real estate professionals is dedicated to providing exceptional service for all of our clients. We take great pride in the relationships we build and we always work tirelessly for our clients. Our philosophy is simple: clients come first. We believe that if you don’t have an amazing experience, we haven’t done our job. Do you want the same great experience in real estate? Give us a call. Let’s talk.


56 | brixtwincities.com

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BRIX REAL ESTATE | ST. PAUL 1390 W. 7TH ST. ST. PAUL, MN 55102

BRIXTWINCITIES.COM BRIX Real Estate believes that because life is complicated, buying or selling a home shouldn't have to be.

The BRIX Report  

Publication from BRIX Real Estate in the Twin Cities with lifestyle articles and 2016 real estate market reports.

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