Follow this link to see the April 2016 Housing Update for the Minneapolis/St. Paul area, from MAAR (Minneapolis Area Association of Realtors) – called ‘The Skinny.’ https://www.wmtitle.com/blog/
Summarized; our local market remains strong, with inventory levels low, good buying activity, housing prices increasing, and mortgage rates remaining @ 3.6% on average.
The salient points;
– The number of homes for sale are @ 15%-20% lower than one year ago (April 2016 to April 2015).
– Pending sales (homes that have sold, but not yet closed) have risen by 1.6%, for a total of 6,373 when comparing April 2016 with April 2015.
– Closed sales are up by 6.1% (for a total of 5,128) when comparing April 2016 with April 2015.
– The median sales price increased by 7.7%, to $231,500.
– Our market has 2.6 months of inventory/supply, which is down 27.8% from this same time (April), last year.
– The percentage of list price received at sale is up 1%, to 98% – this is phenomenal.
– Mortgage rates remain @ 3.6% – which is historically low. This is causing lenders to be slightly backlogged with files.
Generally speaking, the local housing market outlook is very good.
Link to ‘The Skinny’ video: https://youtu.be/7CEaZ9aPMS0