The residential real estate market we currently find ourselves in in the Twin Cities is unusual to say the least. Some highlights:
Low listing inventory – there are approximately 12,500 active listings, whereas last year at the same time it was about 17,500.
There are lots and lots of buyers actively looking.
The market NEEDS more listing inventory!!
In recent weeks we are finally seeing new listing numbers that exceed those of last year for the same week. This is encouraging and we think this will continue.
As a result of the supply demand imbalance median sales price numbers are up about 18%.
The housing recovery in the Twin Cities is very much in progress, but people need to understand that all real estate values are strongly affected by location. This current recovery is also price range sensitive. The upper bracket property values are not recovering as robustly as the moderate price ranges.
This sounds self-serving, but it is critical to engage a residential real estate agent and the RIGHT residential agent who can assist navigating a very dynamic market.
Mortgage rates continue to remain very attractive!