The big story in the Twin Cities real estate market has been a continuing tale of falling inventory since its peak in 2007, and January 2014 marked a new low… with 11,690 properties actively listed for sale, about 5,000 below January inventory 10 years ago in 2004.
The market continues to stabilize. But continued improvement is up to you, sellers… buyers can't buy if there aren't homes available for sale! This is your year, sellers… the best time to be a seller in a long time.
Of course, our January deep freeze didn't help the situation. I can feel the market is starting to thaw… both with increased showings and with sellers getting ready to list their homes for sale. This could be a record year for both buyers and sellers.
Closed and pending sales were both down in January this year… likely a reaction to both the low supply of homes available for sale and the frigid temperatures that just wouldn't quit.
Another important factor in our Twin Cities real estate market impacting both inventory and prices is the decline in foreclosures and short sales… resulting in higher median prices as traditional sales increasingly dominate the market.
If you have been hesitant to sell because of the market, it's time to re-assess your situation. Home values are rising and interest rates are still low but expected to rise in 2014, creating a perfect storm for both buyers and sellers.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
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Sharlene Hensrud, RE/MAX Results – Email – Minneapolis – St. Paul Real Estate Market
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