Twin Cities Real Estate Numbers April 2012
Today I’m talking to sellers. Understanding your opportunity is about understanding the market.
“Opportunity?” you say, with both disdain and confusion in your voice. “What kind of opportunity does a seller have right now?!”
Well here’s the situation. Active listings in the Twin Cities have been steadily dropping for months and buyer activity has been wayyyyy up. I’m no economics major but it seems like a dwindling supply and dramatic increase in demand means good things for sellers.
Let’s get into real numbers here: We’re down to 4.5 months of inventory, which is a 45% decline from a year ago… WOW! As a matter of fact, we haven’t had this few active listings in Twin Cities Real Estate since 2004. Keep in mind that back in 2004 we hardly had any distressed property (bank owned and short sales) so we actually have fewer traditional listings than we had in 2004!
Combine that with the fact that we have a 28% increase in Pending listings (listings with a contract on the way to being sold) and we actually have opportunity for you the seller!
You say, “You want proof!” OK, OK, there’ve been many people trying to preach false recovery for a long time so I don’t blame you. Here’s your proof: Guess what?! The median sales price for both March AND April 2012 are up 7.1% and 12.1% respectively over the same months of 2011. Those numbers reflect a $9,000 increase and a whopping $17,500 increase over the same months a year ago!
Now, I know you’re too smart to think you can take your current home value and add $17,500 to it as a list price and expect to sell it, however you can price it a little higher than you could just a couple months ago and since there‘s not a lot of competition from other listings right now, you can expect success with proper marketing.
I’m not the only one who can give you the numbers; after all it’s pure fact. However it’s the interpretation of Twin Cities Real Estate Numbers for April 2012 and beyond that give you recommendations on how to profit from the numbers.
You also want a local interpretation since Twin Cities Real Estate is a local business. Give me a call. I would love to analyze the numbers for April for your neighborhood!