MetroStudy reports the overall Twin Cities economy is in better shape than the national average.
Okay – I know, you have been following these metrics closely – but it is still a good source… There are also a few interesting points they make such as below:
The Twin Cities area started 1,199 homes, up +62% compared to 1Q12. “For the first time in almost three years the Twin Cities housing market surpassed 1,000 new home starts for the quarter,” said Jones.
…There are currently 26,291 vacant developed lots throughout the Twin Cities, representing a decline of 8% compared to last year. (13,290 vacant developed lots throughout the metro seven counties, a decline of 11.5% compared to last year).
Once these cheap lots are gone, prices are going right back up. These lots are being sold well below replacement costs, some even at or below raw land prices.