Minnesota Real Estate Market Update
I am continuing to share the weekly market reports that I get emailed from the Minneapolis Realtors Assn. on the weekly market update. The numbers continue to look better as far as more activity and fewer listings.
If you are going to list your home for sale make sure you price it at or below market. Above market just does not work. Most of the homes that are for sale yet are simply above the current market price needed to sell.
If your buying a home know that there are a lot of multiple offer situations with prices getting bid up or at least the homes selling at or real close to full price. Again this is on homes that are priced right!
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"How's the Market?" (Elevator Edition): New listings remain subdued with 15 weeks in a row of year-over-year declines. Buyer activity is strong with 19 straight weeks of year-over-year gains. Inventory has posted 31 consecutive weeks of year-over-year decreases.
"How's the Market?" (Dinner Conversation Edition): New listings were down 22.5 percent to 1,311 and pending sales were up 40.6 percent to 883 contracts. The inventory bins contained 23,453 active listings at the start of last week – down 22.2 percent from last year. The Percent of Original List Price Received and Months Supply of Inventory metrics suggest a slowly improving landscape for sellers although they are still entrenched in buyer-favorable territory for the time being.
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