Sellers, Your Time is Now!

Currently, the number of homes available for sale in the Twin Cities area is at a 14-year low. The homes on the market that are well-priced are often getting offers that are full priced or better in record time! Unfortunately, not enough sellers are taking advantage of this opportunity to have their home listing stand out. New listings declined 7.5 percent to 5,418, while buyers signed slightly more contracts this March compared to the last year. Pending sales also increased 0.5 percent from March 2016. The fact that contract signing hasn’t slowed down despite the supply constraints is testimony to the determination of Twin Cities home buyers.

New listings declined 7.5 percent to 5,418, while buyers signed just slightly more contracts this February compared to last. Pending sales increased 0.5 percent from February 2016. The fact that contract signing hasn’t slowed down despite the supply constraints is testimony to the determination of Twin Cities home buyers. Closed sales, on the other hand, fell 18 units shy of last year’s levels.

“The momentum in the market continues to favor sellers and higher prices—though not in every area nor at every price point,” said Kath Hammerseng, Minneapolis Area Association of Realtors President-Elect. “As we move into the spring market, more buyers will compete for limited inventory, making this environment quite attractive for sellers.