TWIN CITIES AREA
It’s a truth (almost) universally acknowledged that the spring real estate market begins the week following the Super Bowl. We’re already starting to see activity stirring in the 13-county Twin Cities area, according to data from the Minneapolis Area Association of REALTORS®.
New listings coming to market jumped from 2,677 in December to 4,247 in January, signaling sellers are ready for the spring thaw.
Year-over-year figures show that new listings are still down 11.5 percent from January 2013, but this decline is not necessarily a bad thing. Traditional new listings were up nearly 8 percent while foreclosure and short sales listings were down about 50 percent each, another sign of a stronger, healing market.
The number of pending sales in January was down 16 percent from last January, but the median sales price was up 12.4 percent to $179,900, making January the 23rd straight month of year-over-year price gains. This is great news for homeowners who are hoping to come back into positive equity this year.
Buyers can expect continued low inventory of homes for sale. Well-priced homes in certain markets will probably draw plenty of competing buyers and some listings are already seeing multiple offers.
The good news for those wishing to buy a home is prices remain below their peaks and mortgage rates remain near historic lows, though they are expected to rise modestly.
Our local unemployment rate is about 35 percent below the national average and as job growth continues, more people will be in a good place to make a purchase.