People are always asking is it a buyer or seller market. In a buyers market prices are low and there is a lot of inventory to choose from. In a sellers market the prices are on the rise and the inventory is limited. Since the housing crisis, the Twin Cities has been a buyers market but it now appears that things are switching over to a sellers market. According to the Minneapolis Area Association of Realtors, right now we have a 4.1 months supply of inventory of homes for sale. This means that in the current market it would take 4.1 months to sell all the homes that are listed as active today. As a rule of thumb the following numbers of months supply of inventory dictate the type of market we are in:
So, judging by the August numbers and these figures, if you ask if it is a buyer or seller market I would say we are heading into a seller market but the slow time of year is approaching so the numbers may swing back more to the balanced market.