The Minneapolis Area Association has released the Twin Cities market statistics for the week ending February 23. The spring market is upon us and the buyers are coming out of the woodwork at a fast pace but the homes for sale are not coming onto the market causing a very serious shortage of homes for buyers to choose from. Right now it has changed from a buyers to a sellers market. With such a low inventory of homes for sale, homes priced correctly are selling fast and often end up in multiple offer situations.
In the Twin Cities region, for the week ending February 23:
• New Listings decreased 6.1% to 1,176
• Pending Sales increased 3.1% to 927
• Inventory decreased 30.9% to 12,341
For the month of January:
• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 40.0% to 3.0
The 55+ home buyers group is becoming larger and more influential in real estate every day. Just because they are from a certain generation we cannot assume that they are not keeping up with the times and with technology! How is this group of the population searching for its new homes? According to the 2012 Profile of Home Buyers and Sellers, they are searching online.
So, it is not just the young crowd that is searching online which is a good reminder that if you want to sell your home, make sure you are marketing it online.
Who will be buying homes in 2013? You are selling your home and hear that there are so many buyers out there on the market but not enough homes, you may be wondering who are these people that are out there buying homes. According to the Business Insider, there will be 5 different types of buyers:
Take a look at the home buyer statistics for Minnesota vs. the Nation provided by the Minnesota Association of Realtors. Who are the buyers, what types of homes are they buying and where are they searching?
Characteristics of Minnesota Home Buyers