Twin Cities Real Estate Market Update – May 2017
Weather-wise it’s been an interesting spring – beautiful sunny days, and a number of wet ones too! It’s been no-less interesting in the Twin Cities Real Estate market and records are being broken in a few areas.
Let’s take a look at some key statistics and see what is going on.
Median Sales Price
Over the past 12 months, the Twin Cities region has seen a 5.4% increase in the median sales price of traditional homes, ending at $235,000 at the end of April 2017.
Housing Inventory
Currently, the inventory of houses on the market is a little over a 2-month supply. This is down 21.5% year-over-year and, incidentally, the lowest it has been in more than 13 years. This has buyers often competing to purchase listings, and has resulted in shortening the time on market for homes (down 15.3% to 72),
Average Sale Price
With the average sale price currently 99.2% of last list price, sellers are generally getting what they ask for when a property is priced appropriately. There are still chances to get deals, but by and large, houses are selling quickly, and VERY near (sometimes above) asking price.
twin cities market Trends
Buyers
If you’re looking to buy a home in 2017, it helps to be ready – being pre-qualified for a mortgage shortens the time to make an offer and can greatly increase your chances of getting a home. If you find yourself in a multiple offer situation, having the advice of an experienced agent can put you in the best position of getting your home and getting it at a fair price. Stretch your buying potential with down payment assistance programs whenever possible.
Sellers
If you’re on the fence about selling in 2017, a Creek Realty agent can help you make sure you’re ready. It is still important to have a clear idea of pricing trends in your market, and making sure your home is showing-ready to impress potential buyers still matters even in a hot market.
Call Today
If you’re considering buying or selling, talk to one of our agents today for the guidance you need. You can always expect personalized service from the team at Creek Realty tailored to your specific needs.