These are some big time price increases. If you keep up on real estate trends in the local papers this comes as no surprise – the market still has low inventory levels and years of pent up demand to satisfy. What more is there to say? Many areas have reached historically high median prices, and those that have not are slowly climbing to that level. Interest rates remain low, unemployment remains low, and new construction prices are high. Without more previously owned inventory at lower price points, we can expect prices to continue to rise.
Months supply is clearly in the realm of a strong seller’s market for most of the metro. Even the Lake Minnetonka area looks like a seller’s market this year, which is a change from the balanced market we saw last year. Minneapolis and Saint Paul really could use some new inventory to balance out the market.
Houses are selling fast. If you’ve been looking to buy, you already know this, but the numbers are striking. In most markets homes sell in less than a month. Even the relatively slow moving Lake Minnetonka area is seeing sales in the 40 day range this year. It’s an easy time to sell your house!
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