March 13, 2018
Market Update: Twin Cities Real Estate
The housing market is in full swing and Twin Cities home sellers have a great opportunity to get ahead of the game and capitalize on the hot Minnesota spring real estate market that is just around the corner. This is sure to be a seller’s market with low supply and increased sale prices. The number of homes for sale in February 2018 was down significantly from February 2017, 7,530 vs. 9,828, respectively. Not only was supply low, but median sales price did not see its typical seasonal dip. The median home sale price in February 2018 was $250,000, up over 12% from February 2017. Great news for sellers we predict this February trend will continue on through March! This creates a market where buyers are eager for new homes to come on the market and have incentive to act quickly to secure their new home.
The supply and demand characteristics in the Twin Cities market will change month by month, but the current median sales price should provide a solid foundation for home prices even as more homes go on the market. We wouldn’t be surprised to see monthly supply numbers trend lower throughout the year which should make it a competitive market for buyers and keep home sale prices higher than the previous year. Now imagine how much value you can unlock from within your home when market trends are favoring the seller and you have an expert realtor who can help you stage your home, market your home, and negotiate with eager home buyers.