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TWIN CITIES AREA
Good news for the housing marketing continues to flow in this spring. Low inventory and rising prices coupled with continued low mortgage rates and high affordability levels for buyers are pointing towards a balanced market, rather than a heavily buyer- or seller- favored market.
For sellers, the median sales price for April was $163,000, up 12.4 percent over last year, and inventory of homes for sale was down 29.2 percent over April 2011. Buyers are hungry for quality, non-foreclosure homes; traditional sale transactions were up 58.8 percent over last April. A dearth in inventory of traditional homes has led to rising prices and multiple-offer scenarios.
For buyers, mortgage rates continue to hover near record lows, with some interest rates below 4 percent. Housing affordability crept down 4 percent over April 2011, but still remains above the 12-month average.
Whether you are thinking about buying, selling, or both, the opportunities available right now are exceptional.
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