Here at Acuity Group, we are frequently asked where the real estate market is headed and when we may see a more balanced market. Truthfully, it is difficult to accurately predict the future, but based on current market statistics, we are presently experiencing one of the strongest seller’s markets since the “great recession”. The reason is simple, we have much more demand for homes (buyers) than we have supply of homes (sellers)!
Check out the housing market stats for Minnesota’s Twin Cities region for the 12-month period spanning November 2014 to November 2015: (Data source Northstar MLS provided by St. Paul Area Assoc. of Realtors)
- Pending sales in the Twin Cities region were up 15.5%.
- The price range with the highest number of closed sales was $189,000 - $289,000, where sales increased 25.6 percent.
- The median sales price was $219,000, up 7.3%.
- The median days on market to contract was 42 days, down 7 percent.
This same period ended with a 3.6 months supply of single family homes – down 12.2% and 2.7 months supply of townhomes and condos - down 12.9%. This equates to an extremely low supply of housing inventory.
As you can see, selling a home in the current market positions homeowners to sell at top dollar in a very short period of time. From what we can see, this strong seller’s market is not going to change any time soon, at least not until we get back to some kind of balance in the market between buyers and sellers, and we don’t see that happening in the near future.
In the meantime, if you’ve thought about selling your home, now might be a great time to find out what the market is like in your neighborhood and see what your home is worth. It’s almost certainly worth more than it was just a few years ago!
Click HERE to Schedule Your Free Market Analysis so you have the correct data to make the right decision!
One last note, home buyers are still out shopping, despite the winter months and holiday season. List NOW and get a jump start!
Acuity Group Real Estate Professionals
564 Dodge Ave Suite A - Elk River MN 55330
Click HERE to visit us on Facebook
Want to know what is selling your neighborhood? Click HERE for your free report!
SPECIALTIES: Property Management and Residential Rentals, Listing & Buyer Specialists, golf course properties, water front properties, acreage & hobby farms, condos & townhomes, association maintained properties, senior housing, luxury homes, vacation & secondary housing, CDPE (Certified Distressed Property Expert), Short Sale Specialist and REO sales & Investment property.
Serving the following Minneapolis Cities & Suburbs: Elk River MN, Zimmerman MN, Big Lake MN, Rogers MN, Otsego MN, St. Michael MN, Albertville MN, Princeton MN, Ramsey MN, Anoka MN, Nowthen MN, Monticello MN, Oak Grove MN, Burns Township MN, Champlin MN, Dayton MN, Hassen Township MN, Coon Rapids MN, Blaine MN, Fridley MN, St. Francis MN, Livonia Township, Andover MN, Becker MN, Baldwin Township, Orrock Township, Plymouth MN, Maple Grove MN, Osseo MN.
Serving the following Minnesota Counties: Sherburne, Anoka, Wright, Hennepin and portions of Isanti County