Spring Market Season Has Arrived!

Spring is here, and with it comes the annual springtime seller’s market! The national trend of low inventory and high demand have dropped the number of days for homes staying on the market and driven prices higher. Interest rates have remained low, which also provides further incentives for buyers to bid high to get the best deal as soon as possible.

The Following statistics have been sourced from MAAR: (View the full report here)

In the Twin Cities, for the week ending March 26th:

• New Listings decreased 15.9% to 1,488
• Pending Sales increased 4.4% to 1,384
• Inventory decreased 17.9% to 12,214

For the month of February:

• Median Sales Price increased 3.5% to $207,000
• Days on Market decreased 9.4% to 96
• Percent of Original List Price Received increased 1.1% to 95.2%
• Months Supply of Homes For Sale decreased 25.0% to 2.4

Here we are getting ready for sub zero temperatures and we need to start thinking about the spring market. Spring is just around the corner and if you plan to have you home ready to sell when it starts you should most likely be getting ready now.  I would be happy to do a market for you so we can discuss the current, improved market conditions and how that may positively impact your ability to sell your home.

The following statistics are from the Minneapolis Area Association of Realtors:

In the Twin Cities region, for the week ending January 5:

• New Listings decreased 34.6% to 832
• Pending Sales increased 12.7% to 594
• Inventory decreased 31.1% to 12,000

For the month of December:

• Median Sales Price increased 16.2% to $168,452
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 42.0% to 2.9