There is no doubt that the Minneapolis-St. Paul housing market is hot, and the latest report is evidence of that.
According to the National Association of REALTORS®, home sales in the market increased from December 2011 to December 2012, with many cities showing double-digit gains.
"We are heading into 2013 with Twin Cities new home sales on the rebound, and January's numbers have shown added stability in the Minneapolis housing market ," read a report by the National Association of Realtors (NAR). "All signals point to a continued improvement in the fundamental underpinning the Twin Cities real estate housing recovery.
"Buyer traffic is continuing to pick up, while seller traffic is holding steady," said Lawrence Yun, NAR chief economist. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve home sales more strongly. We've transitioned into a seller's market in much of the country."
The Minneapolis-St. Paul housing market is no different. High buyer traffic and low inventory has created a seller's market in the Twin Cities right now, and many home sellers are reporting higher-than-expected offers as buyers are forced to compete over quality listings. Meanwhile, buyer traffic is expected to grow due to the continued low interest rates.
Overall, it's a good time to buy a home the Minneapolis-St. Paul area, but you'll need a good agent to help you find a listing in today's low inventory market. Whether you're looking for a downtown St. Paul condo or a start home in south Minneapolis near Lake Harriet, we can help. Contact us today.
Thinking of selling? Today's inventory means your property will get plenty of attention! Reach out today for a free home value estimate from one of our qualified Edina Realty Realtors.