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Home Inventory hits record low and demand stays strong

Real Estate Agent with RE/MAX Results

November 05, 2020 11:35 AM

The Hardest Working Agent in the Twin Cities

(Early Morning Sunrise over Glen Lake in Minnetonka, photo credit)

How Real Estate is Impacted by the Election

November is traditionally a slower month for Real Estate as the weather cools for the season. However, this year is different...

"The year after a presidential election is the best of the four-year cycle. This suggests demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year."
- Ali Wolf, Chief Economist, Meyers Research

(More data about elections and Real Estate can be found HERE)

DO YOU WANT TO SELL YOUR HOUSE NOW?
Call Stieg at 612-490-2121

When you are ready to start peeking ahead, or considering winter improvements just reply to this email and we can informally discuss a few options, and give you an update of what your home is currently worth.

Looking for the highest Yelp! ranked Realtor in Eden Prairie, Chanhassen and Chaska area?

There are currently 393 homes for sale in the area $61K - $989K which you can see HERE

1.5 months
...is the current inventory for homes in the Twin Cities in October 2020.

The Twin Cities has been in a seller's market since Nov 2014 when it hit 3.9 months of supply (The National Association of Realtors states that a "balanced market" is 4-6 months of supply). In November of 2019, inventory was at 2.1 months of supply in the Twin Cities.

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Eden Prairie Homes
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West Bloomington Homes
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Recently Sold Homes

Big Picture Outlook:
Inventory shortage continues to be the story for all of the Twin Cities and the Southwest Metro...lots of buyer demand (even during Coronavirus) and low inventory, which is driving up prices and lowering market time.