Spring market is officially underway in the Twin Cities metro area, and many sellers are celebrating fast sales and solid offers on their homes, but the number of home sales fell in February from the same time last year and the culprit continues to be a lack of homes available for sale.
Key insights for February 2018*
- New listings: -8%
- Median sales price: +13% — $250,000
- Pending sales (signed purchase agreements): -12%
- Average days on market: -16% — 69 days
- Number of homes for sale: -23%
Homeowner equity continues to climb
Rising home prices are leading to increased equity for homeowners, but still many owners are reluctant to sell. Homeowners who are ready to list their homes have seen fast and furious showing activity and strong (and often multiple) bids.
New construction sales are up
Some when existing inventory can’t meet their needs. Pending sales of newly-built homes were up 1.2 percent; sales for most other market segments fell.
Don’t forget: The Parade of Homes continues through March 25 and if you miss the Parade, a REALTOR® who specializes in new construction can help show you the ropes of building a home.
Economic check up
- Minneapolis-St. Paul area unemployment rate: 3.4%
- Average rates for 30-year conforming mortgage: 4.4%
- A strong local economy, job growth and rising wages are encouraging for homeownership.
The long and the short of it
Many homes in the Twin Cities are selling quickly and with strong offers—especially starter homes under $250,000.
If you’re ready to find out what you could get for your home, reach out to be connected with a market expert in your area. You can also download the Ultimate Guide to Selling Your Home for insider secrets and tips.
*All data courtesy NorthstarMLS for the 13-County Twin Cities metro area for February 2018.