Brief February 2017 Real Estate Market Update.
Here is a big picture overview of what the real estate markets are doing right now in the MN metro area.
Twin Cities Real Estate Graphs:
Inventory is the LOWEST it has been in the last 12 years.
The median sale price of homes is lingering around the peak prices we saw in 2005-2007.
However, it's interesting to see that the median price per sq foot doesn't tell the exact same story.
The Average Days a home is on the market hit record lows of 24 days May/June 2016. Seasonally, Twin Cities homes stay on the market longer in winter months each year.
The number of buyers that view a home before an offer is accepted is 6-7. This may sound low but photos, videos and floor plans on the internet are really a buyer's first viewing of the home.
With low inventory and pent up buyer demand, most sellers are receiving 100% of their current list price.
Wondering what these numbers mean for your home sale or purchase? CONTACT ME for a free consultation today!
Updated 2/7/17 to include this report from CNN:
