This fall and winter I shared several of the Minneapolis Association of Realtors Market Updates. Each time I urged buyers to buy know because it would be a buying frenzy in the Spring. So far that prediction has been on target. Almost every time I go to make an offer there is another offer. Homes are getting bid up over list price in several cases.
Has you can see below the pending sales have increased and new listings have decreased. The good sign this Spring is the median sale price has started to increase over last year! Good news for home sellers. For buyers there are still good interest rates and good deals but there is a lot of competition so you need to be ready to pay at or above asking price on most properties.
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In the Twin Cities region, for the week ending April 14:
• New Listings decreased 9.5% to 1,637
• Pending Sales increased 25.5% to 1,170
• Inventory decreased 27.8% to 17,384
For the month of March:
• Median Sales Price increased 7.1% to $149,900
• Days on Market decreased 9.6% to 145
• Percent of Original List Price Received increased 3.8% to 92.1%
• Months Supply of Inventory decreased 38.0% to 4.7
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