Good news for Twin Cities buyers… this past week had the highest number of new listings since the beginning of October last year. Number of price drops continued to rise this week, but then so did price increases after falling the last few weeks.
Showings followed the seasonal curve down, again dropping below last year. Competition for new listings is still intense, but not as crazy as January, February and the first part of March which were similar to last year’s frenzy. The influx of new listings is helping calm the madness.
Last year offers were often collected over the weekend, resulting in a dozen or more offers for sellers to review. This year it is not uncommon for sellers to accept offers in the first day or two, reviewing only 3-4 offers or even just accepting the first great offer. For example, I just read in a listing that they will be reviewing offers as they come in with no calls for highest and best. That means buyers must be ready to make an offer ASAP when they are seriously interested in a property.
It is nice to see new listings pop up this week… just wish coming soon listings were stronger to support more new listings in the coming weeks.
With rising interest rates and inflation in addition to everything else going on in the world, are you wondering what is going to happen with the housing market the rest of this year? See what experts predict in the infographic below from our blog at Keeping Current Matters.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
