New listings are trending straight up as they should be at this time of year, with March 2016 almost the same as last year according to data recently released by the Minneapolis Area Association of Realtors.
Pending sales, however, are spiking up more strongly… up 12.6% compared to last year.
This resulted in a 20.6% decrease in inventory compared to last March. So far this year the total number of homes for sale is significantly below that of recent years, and even further below supply going back more than 10 years.
Buyers don't have to look at stats to know that the selection of homes for sale is very low… as is months supply of inventory and dropping days on market before sale. These all indicate a continued strong seller's market.
Prices and percent of list price received continue to rise. Just because average percent of list price received was 96.7%, don't expect that on new listings… the good ones tend to sell within days for full list price or more.
We are now moving into the second quarter of the year, typically the strongest months to list a home for sale. Hopefully we will get enough new listings to feed buyer demand. Right now that is the only things holding pending sales back from spiking up even higher.
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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