Money Monday: State of the Market

You may have heard it on the news, read it in the paper, or heard it on the street.  The real estate market is coming back.  It really is!  I just got a beautiful set of graphs in my email and I would like to share the overview. 

Key Points:

• Prices are going up.  Average house prices are rising, this is good news for sellers
• Inventory is low.  Again, this is good news if you want to sell, there is less competition
• Percentage of sale to list price is going up.  With fewer homes on the market, buyers are having to put in more competitive bids
• Now is a great time to sell! 

Jennifer

Here are the remarks from the experts:

Here are some quick observations from the 10K Research and Marketing team about our region as a whole…

Days are getting longer, snow is turning to rain and homes start to look less like emergency shelters and more like barbeque hot spots. As well, the CRIS-MLS housing market seems to be awakening according to historical pre-spring trends.

New Listings posted a modest gain compared to last year, making both months in 2013 so far showing improvement over last year. Following suit, Pending Sales rose 9.1% over last year. And at 1,351, Pending Sales is the highest since October of 2012. Days on Market drooped 12.4% compared to last year—a slight uptick from last month, but still better than where 2012 ended.

Prices have begun to trot towards what we hope is a spring gallop. Even though at $87,000 prices are lower than last month, they’re 8.7% higher than last year. All of this results in 16.6% less inventory than last year, proving to be the sixth month of steady declines. And at 6.1, Months Supply is as closer to balanced than we were at 8.1 from this time last year.

Francis Skamser | 952.988.3141
Production Coordinator
10K Research and Marketing | 10Kresearch.com
a division of the Minneapolis Area Association of REALTORS®