New Homes for the Holidays in Twin Cities Real Estate Market Activity Rising as Leaves are Falling Its a good time in Twin Cities’ real estate. - New inventory is coming back to the market as prices are set to rise. Median sales prices already are moving up-ward, and this is with a days on the market decrease. When it comes to area Real Estate, nows the time. Inventory is shrinking, the average days on the market is lowering, deals made for the asking price are increasing, and with an increase of the starting price amount. Inventory is significantly lower than in years past, with average days ‘on the market’ very low. The market forces tie-in well with this time of year. If you want to sell your place before the first snowfall, your chances are looking quite strong. You even have a very high chance of selling it before Halloween, or Thanksgiving. If you’re looking to buy, this may be the last of the lowest prices. Sales prices have gone up compared to this time last year. This is good news for buyers especially fist-time buyers. New inventory is coming back to the market in anticipation of sale price increases. Neither a budget standoff in Washington, climbing higher interest rates, or rising prices hasn’t shaken consumer sentiment regarding Twin-Cities’ housing. Buyers continue to browse through existing inventory for options, while also on the watch for new listings. An over-all sense of normalcy is returning to the character of the real estate market after more than a decade of extreme ups and downs. Bottom-line: Home prices are still rising and rates have increased incrementally. As market balance begins to solidify, it has becomes more dependent on first-time home buyers. Seller activity has broadened, even with tightened lending regulations. The Minneapolis Area Association of Realtors report, “The government shutdown should not have a major impact on national and local market housing recovery. But as we get deeper into the –‘ber’ months [Oct., Nov., and Dec.], it will be interesting to see if the year-over-year trends hold true, simply lessen in drama or give reason for pause.” The statistical numbers going back to September and August of this year (2013): In the Twin Cities region, for the week ending September 28: • New Listings increased 10.3% • Pending Sales increased 12.2% • Inventory decreased 5.9% For the month of August: • Median Sales Price increased 16.8% • Days on Market decreased 34.0% • Percent of Original List Price Received increased 2.0% • Months Supply of Inventory decreased 15.9%
Posted on: Wed, 06 Nov 2013 10:58:38 +0000
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