May 2016 Housing Update for the 7 County Metro Area of Minneapolis and Saint Paul
The 2016 spring market started with a bang, continues to be hot, and shows no sign of abating. With the inventory of homes at a low 3 month supply, homes priced correctly for condition are flying off the market in days, if not hours. It is indeed a great time to be a seller! If you don't have a home to sell, don't feel left out! It's also a great time to be a buyer as we continue to enjoy historically low interest rates. A word of caution: Buyers do have to be ready to pull the trigger and make an offer quickly on homes that they feel fit their needs - they no longer have the luxury of touring several properties prior to making an offer on a home they believe to be the "pick of the litter." Multiple offers are again commonplace and buyers need to be educated, and aware, of the strategy veteran realtors employ when competing offers drive home prices up to at least list price.
The graph below represents the 7 County Metro Area of Minneapolis and St Paul. Hover over the graph to find out how the median sales price for homes has changed over the past 10 years. This useful information includes all dwellings - single family homes and condo/townhouses - regardless of price and size. Currently, the metro area has only a 1.8 month supply of previously owned inventory - a seller's market to be sure!
If you are wondering what your home may be worth in today's marketplace, fill out the form below to receive a FREE Home Valuation Report.
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