What’s Happening With the Twin Cities Metro Market?
What do the numbers for spring real estate in the Twin Cities metro area tell us about our market? We’ll answer that for you today.
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What’s going on with the spring real estate market in the Twin Cities metro area?
The spring market is fully underway and buyers are very active in the marketplace. However, the number of listings coming on to the market isn’t great. There’s actually 3.5% less inventory compared to this time last year. The number of sales taking place, however, is similar to last year.
We’re seeing lower inventory and competitive buyers. In 2016 there were about 12,200 homes on the market and we’re around 10,000 right now. Last year we were talking about inventory being historically low and now, it’s even lower. That low inventory has caused a rise in the median sale price. A year ago the median price was $220,000, and right now it’s $237,400. That’s a 7% increase from last year.
The days on market have also gone down. A year ago the average days on market was at about 80 days and this year we’re down to 72.
Inventory levels are a bit lower than we predicted, so if you’re considering buying a home, it’s a good idea to get started on that process sooner rather than later.
If you are looking to buy or sell a home or if you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.