Twin Cities Market Update Week Ending February1, 2014
As we emerge from the seemingly never ending polar vortex, the real estate market is beginning to show signs of life. The most recent market stats continue to favor home sellers with lower inventory and higher median sale prices. Here is a breakdown of the year over year stats for a few key categories:
- New Listings: DOWN 16.9% over last year.
- Homes for Sale (inventory): DOWN 9.1% over last year.
- Median Sale Price: UP 12.4% over last year.
To give a little more context to this information, there are just under 12,000 homes for sale in the Twin Cities right now and last year at this time there were just over 13,000 home listings and those following the real estate industry were noting at that time that the overall listing inventory was exceptionally low...and now it is even lower. The lack of available homes is causing median and average sale prices to increase. If you...